ENT Exam 1- Grumbles Questions with correct Answers

ENT Exam 1- Grumbles Questions with correct Answers How many small businesses are there? 27.8 million How many businesses are small? About 99.7% Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More How many people work in small businesses? 55 million people which is 49% of all employees How many small businesses represent us exporters? 97% What are the growth potential characteristics? Microbusiness Attractive Small Firms High Potential Ventures What is an entrepreneur? A person willing to create value, in either a new or existing business, while assuming both the risks and rewards. What is entrepreneurship? It is a 4 stage process that involves the relentless pursuit of an opportunity without regard to owning all the resources needed to capture the opportunity What are the four steps of entrepreneurship? Identify the opportunity, Acquire critical resources, Execute plan, harvest firm value What are the different types of entrepreneurs? Second-Stage Franchisees Social Entrepreneurs Intrapreneurs Entrepreneurial Teams What is a second stage entrepreneur? A family member or existing manager What is a franchisee? functions within the boundaries of a franchisor What are social entrepreneurs? provide products and services that improve lives What are intrapreneurs? people who work within corporations like PS4 What are entrepreneurial teams? 2 or more individuals that combine efforts to create value (bill and melinda gates foundation) What are the different motivations for owning a business? Personal Fulfillment Personal Satisfaction Independence Financial Rewards What is a technician personality? a person who focuses on an already developed skill and is concerned with the present What is a manager personality? likes order and planning operations What is an entrepreneur personality? focuses on the business and providing results What is a legitimacy lie? misrepresenting facts or creating false impressions What are the types of startup ideas? New market, new technology, new benefit What is a new market idea? new product or service provided within a particular market (in n out in waco) What is a new technology idea? unique technology, better than ones available (google, microsoft, amazon) What is a new benefit idea? improving existing products or services (doordash) What are sources of startup ideas? Personal/Work Experience, Hobbies/Personal Interests Characteristics of personal/work experience startup idea: modifying an existing product improving a service becoming a supplier duplicating a business concept in a different location Characteristics of Hobbies/Personal Interests startup idea: Passion and energy in enterprise research has shown that these startups are more likely to generate early sales How do you analyze the viability of new ideas? Outside-in analysis and inside-out analysis What is an outside-in analysis? looking for needs in the market and determining how to use their capabilities to pursue those opportunities What trends do you look at for outside-in analyses? economic, political, geographical, demographic, technological, global What is an inside-out analysis? Evaluating own capabilities then identifying new products or services they can offer to the market ex: tangible (money, building) and intangible resources (network) What strategies can be used? broad-based strategies (cost based/differentiation) focus strategies What is a cost-based strategy? best deal customers and long term loyalty (ex: cell phone services) What is a differentiation based strategy? uniqueness must be convincing (lush products) What are focus strategies? isolating an enterprise from competitors and other market forces by: -restricting target market -emphasizing a single product or service -limiting market to a single geographic region -concentrating on product/service's superiority What are the factors for screening new ideas? -strength of the business -targeted market and customers -industry and competitive advantage -capability of founders -venture performance and capital requirements What is in a feasibility analysis? Market Potential (buyers) and Industry Attractiveness (sellers) What is a business plan? A document that outlines the basic concept underlying a business and describes how that concept will be realized What are the three elements of a business plan? Logical statement of problem and solution significant amount of hard evidence honest about risks and gaps and assumptions