MGMT 335 || with Validated Solutions.
**Who are Entrepreneurs correct answers People who Drive, passion and Vision
Well educated people
people with significant industry experiance
Showing early interest early in life.
***(Article: What it takes: talked about a experiment with children. They attempted to teach a
group of young children to toss a ring on a pole. Some attempted to toss and some walked over
and dropped it on the poll. Those who repeatedly attempted to toss the poll were seen as the ones
who "like" challenges)
**What are entrepreneurs motivated by correct answers Wealth
Owning a company
Start up culture
An idea of Oppurtunity
Working for self
**What is Entrepreneurship correct answers 1.Managing People = Leadership; Communicating
skills, innovations, culture and teamwork, comfort with uncertainty, negotiation.
2. Leveraging Opportunities = Business; Strategy, Opportunity Evaluation, Marketing,
Organizational Behavior, Business Plan, Finance
***What are the 6 steps in the entrepreneurship process correct answers 1. Identify Oppurtuinty
2. Develop the oppurtintyy
3. Determine the Resources
4. Acquire the resources
5. Implement and Mangage
6. Harvast
Describe good and bad creativity correct answers Good: Interesting, funny, innovative
Bad: weird, nonsensical, impractival
Left Brain Vs. Right Brain correct answers left brain : more analytical
Right brain: more creative
Right Brain road blocks correct answers You.
Not thinking you can create
loathe criticism
a creature of habit
overconfident
** dont let your brain tie you in knots***
**Article: Brainstorming: what did you take away correct answers - Wild and divergent ideas are
welcome
- Defer judgemnet - no evaluations (wait till after)
,- Quantity takes precedence of over quality
- Build on or modify others ideas ---poor ideas that are modified often become good ideas
- Be Visual - --use words, pictures
- Hold one conversation at at time ----use headlines to summarize
**Article: Listening to your Inner Entrepreneur correct answers -Find the opportunities; don't
wallow in the problems
-Separate idea generation from idea evaluation
-Change lenses
-Avoid the trap of entrenched thinking
-Risk something big
** Apply what you know - experience, education, hobbies, etc.***
***Article: Finding the Real Opportunities correct answers -Do what you love.
-Turn old standbys into new products
-Explore mundane moneymakers
-Spin off a more lucrative business
-Look for avalanches
- Based upon understanding trends
Trends Driving the Global Economy correct answers Carbon Killers - going green
All Access Economy - open standards
People power - user-created content
Trends - Technological and Social
(from Ch 2 Reading) correct answers -Aging of baby boomers
-Increasing US diversity
-Two working parents / changing role of women
-Rising middle class in developing nations
-Changing role of religious organizations
-Pervasive influence of media (TV, Web, etc.)
-Life sciences - genomics, biometrics, etc.
-Info technologies - wireless, cloud, video gaming, robotics
-Really high tech - Nanotech, superconductors, designer enzymes
-Security - software, devices, clothes, airport/other
-Computing interfaces - cell phones, speech recognition, gaming
3DP: Lessons from this Example correct answers 1. Opportunities are in the eye of the beholder.
-None of those licensing the 3DP technology thought of any of the other applications.
-Each entrepreneur drew on his/her prior experience to recognize opportunity.
2. We notice opportunities in the neighborhood of our past experience.
- Past experience drives discovery (we usually notice opportunities in the neighborhood of our
past experiences)
, 3. What are the implications for building a team?
Whats the Point for brainstorming correct answers -Brain storming is great for coming up with
ideas, but dont evaluate them to early.
-Good ideas and opportunists are in the eye of the beholder --- based upon experience
- Understanding economic, technological, and social trends can help generate business ideas.
Takeaway from Zippy Project correct answers -Opportunities are everywhere!
-"Value" is in the eye of the beholder.
-Ideas are cheap and plentiful.
- Execution distinguishes entrepreneurs from dreamers.
What is the difference between an idea and an opportunity ? correct answers Ideas are not
durable. kinda like dreams every one has them
Opportunity are durable, have timeliness.
First, opportunities are driven by customer need. The entrepreneur has identified a set of
customers who can be served profitably. The economics of the business are favorable, and it has
the ability to generate significant cash flows in a relatively short period of time. Second, the
opportunity is closely aligned with the entrepreneur's personal interests and skill set. Third, the
entrepreneur is able to leverage proprietary knowledge or relationships to gain a competitive
advantage over rivals. Finally, the timing of the opportunity has to be right.
Three Core Concepts to evaluate: Idea and opportunity? correct answers 1. The "suckiness"
factor.
2. Scale and Scope
3. Fads vs. Trends.
What is the "suckiness" factor? correct answers Khosla states that any big problem is a big
opportunity. If there is no problem, there is no solution, and no reason for a company to exist. No
one will pay you to solve a a problem that doesn't exist, he explains.
What is Scale and Scope? correct answers Scale - (volume) As you produce more of a product or
service, the price per unit (per customer) decreases
Ex: Additional copies of a video game
Scope - (diversification) As you expand into more markets and/or introduce more distinct
products, the cost of expansion decreases
Ex: Once expanded sales in all western US states, moving into Midwest or south is easier
Fad vs. Trend? What's the difference and
why does it matter? ("Hit or Miss") correct answers So what is the difference between a trend
and a fad? Ask 30 people, and you'll probably get 30 different, yet similar, answers. A fad is a
**Who are Entrepreneurs correct answers People who Drive, passion and Vision
Well educated people
people with significant industry experiance
Showing early interest early in life.
***(Article: What it takes: talked about a experiment with children. They attempted to teach a
group of young children to toss a ring on a pole. Some attempted to toss and some walked over
and dropped it on the poll. Those who repeatedly attempted to toss the poll were seen as the ones
who "like" challenges)
**What are entrepreneurs motivated by correct answers Wealth
Owning a company
Start up culture
An idea of Oppurtunity
Working for self
**What is Entrepreneurship correct answers 1.Managing People = Leadership; Communicating
skills, innovations, culture and teamwork, comfort with uncertainty, negotiation.
2. Leveraging Opportunities = Business; Strategy, Opportunity Evaluation, Marketing,
Organizational Behavior, Business Plan, Finance
***What are the 6 steps in the entrepreneurship process correct answers 1. Identify Oppurtuinty
2. Develop the oppurtintyy
3. Determine the Resources
4. Acquire the resources
5. Implement and Mangage
6. Harvast
Describe good and bad creativity correct answers Good: Interesting, funny, innovative
Bad: weird, nonsensical, impractival
Left Brain Vs. Right Brain correct answers left brain : more analytical
Right brain: more creative
Right Brain road blocks correct answers You.
Not thinking you can create
loathe criticism
a creature of habit
overconfident
** dont let your brain tie you in knots***
**Article: Brainstorming: what did you take away correct answers - Wild and divergent ideas are
welcome
- Defer judgemnet - no evaluations (wait till after)
,- Quantity takes precedence of over quality
- Build on or modify others ideas ---poor ideas that are modified often become good ideas
- Be Visual - --use words, pictures
- Hold one conversation at at time ----use headlines to summarize
**Article: Listening to your Inner Entrepreneur correct answers -Find the opportunities; don't
wallow in the problems
-Separate idea generation from idea evaluation
-Change lenses
-Avoid the trap of entrenched thinking
-Risk something big
** Apply what you know - experience, education, hobbies, etc.***
***Article: Finding the Real Opportunities correct answers -Do what you love.
-Turn old standbys into new products
-Explore mundane moneymakers
-Spin off a more lucrative business
-Look for avalanches
- Based upon understanding trends
Trends Driving the Global Economy correct answers Carbon Killers - going green
All Access Economy - open standards
People power - user-created content
Trends - Technological and Social
(from Ch 2 Reading) correct answers -Aging of baby boomers
-Increasing US diversity
-Two working parents / changing role of women
-Rising middle class in developing nations
-Changing role of religious organizations
-Pervasive influence of media (TV, Web, etc.)
-Life sciences - genomics, biometrics, etc.
-Info technologies - wireless, cloud, video gaming, robotics
-Really high tech - Nanotech, superconductors, designer enzymes
-Security - software, devices, clothes, airport/other
-Computing interfaces - cell phones, speech recognition, gaming
3DP: Lessons from this Example correct answers 1. Opportunities are in the eye of the beholder.
-None of those licensing the 3DP technology thought of any of the other applications.
-Each entrepreneur drew on his/her prior experience to recognize opportunity.
2. We notice opportunities in the neighborhood of our past experience.
- Past experience drives discovery (we usually notice opportunities in the neighborhood of our
past experiences)
, 3. What are the implications for building a team?
Whats the Point for brainstorming correct answers -Brain storming is great for coming up with
ideas, but dont evaluate them to early.
-Good ideas and opportunists are in the eye of the beholder --- based upon experience
- Understanding economic, technological, and social trends can help generate business ideas.
Takeaway from Zippy Project correct answers -Opportunities are everywhere!
-"Value" is in the eye of the beholder.
-Ideas are cheap and plentiful.
- Execution distinguishes entrepreneurs from dreamers.
What is the difference between an idea and an opportunity ? correct answers Ideas are not
durable. kinda like dreams every one has them
Opportunity are durable, have timeliness.
First, opportunities are driven by customer need. The entrepreneur has identified a set of
customers who can be served profitably. The economics of the business are favorable, and it has
the ability to generate significant cash flows in a relatively short period of time. Second, the
opportunity is closely aligned with the entrepreneur's personal interests and skill set. Third, the
entrepreneur is able to leverage proprietary knowledge or relationships to gain a competitive
advantage over rivals. Finally, the timing of the opportunity has to be right.
Three Core Concepts to evaluate: Idea and opportunity? correct answers 1. The "suckiness"
factor.
2. Scale and Scope
3. Fads vs. Trends.
What is the "suckiness" factor? correct answers Khosla states that any big problem is a big
opportunity. If there is no problem, there is no solution, and no reason for a company to exist. No
one will pay you to solve a a problem that doesn't exist, he explains.
What is Scale and Scope? correct answers Scale - (volume) As you produce more of a product or
service, the price per unit (per customer) decreases
Ex: Additional copies of a video game
Scope - (diversification) As you expand into more markets and/or introduce more distinct
products, the cost of expansion decreases
Ex: Once expanded sales in all western US states, moving into Midwest or south is easier
Fad vs. Trend? What's the difference and
why does it matter? ("Hit or Miss") correct answers So what is the difference between a trend
and a fad? Ask 30 people, and you'll probably get 30 different, yet similar, answers. A fad is a
