Entrepreneurship at Universität Paderborn

Flashcards and summaries for Entrepreneurship at the Universität Paderborn

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Exemplary flashcards for Entrepreneurship at the Universität Paderborn on StudySmarter:

What is the academic definition for Entrepreneurship? (Stevenson & Jarillo)

Exemplary flashcards for Entrepreneurship at the Universität Paderborn on StudySmarter:

What do entrepreneurs do?

Exemplary flashcards for Entrepreneurship at the Universität Paderborn on StudySmarter:

Corporate Entrepreneurship

Explain entrepreneurial intensity

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Exemplary flashcards for Entrepreneurship at the Universität Paderborn on StudySmarter:

Why become an Entrepreneur?

Exemplary flashcards for Entrepreneurship at the Universität Paderborn on StudySmarter:

Characteristics of successful Entrepreneurs

Exemplary flashcards for Entrepreneurship at the Universität Paderborn on StudySmarter:

What types of Start-Up firms exist?

Exemplary flashcards for Entrepreneurship at the Universität Paderborn on StudySmarter:

What kind of new groups of Entrepreneurs increase at the moment?

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Exemplary flashcards for Entrepreneurship at the Universität Paderborn on StudySmarter:

What is the economic impact of entrepreneurial firms?

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What are the steps of the entrepreneurial process?

Exemplary flashcards for Entrepreneurship at the Universität Paderborn on StudySmarter:

What is an opportunity?

Exemplary flashcards for Entrepreneurship at the Universität Paderborn on StudySmarter:

What are three ways to identify an opportunity?
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What are personal characteristics of the Entrepreneur?

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Exemplary flashcards for Entrepreneurship at the Universität Paderborn on StudySmarter:

Entrepreneurship

What is the academic definition for Entrepreneurship? (Stevenson & Jarillo)

Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control.

Entrepreneurship

What do entrepreneurs do?

Entreprenerus assemble and integrate all resources needed- the money, the people, the business model, the strategy- to transform an invention or an idea into a viable business.

Entrepreneurship

Corporate Entrepreneurship

Explain entrepreneurial intensity

All firms fall along a conceptual continuum that ranges from highly conservative to highly entrepreneurial. This is called entrepreneurial intensity.

  • Entrepreneurial firms: proactive, innovative, risk taking
  • Conservative firms: "Wait and see" posture, less innovative. risk averse

Entrepreneurship

Why become an Entrepreneur?

  • desire to be own boss
  • desire to pursue own ideas
  • Financial rewards (spielt kaum eine Rolle)

Entrepreneurship

Characteristics of successful Entrepreneurs

  • Passion for the business: belief that business will positively influence people
  • Product/Customer Focus
  • Tenacity despite Failure: ability to perserve through setbacks and failures
  • Execution Intelligence: Solid business idea into a viable business

Entrepreneurship

What types of Start-Up firms exist?

  • Salary-Substitute firms: similar income as a conventional job
  • Lifestyle firms: pursue a particular lifestyle
  • Entrepreneurial firms: bringing new products and services to the market

Entrepreneurship

What kind of new groups of Entrepreneurs increase at the moment?

  • Young
  • Women
  • Senior
  • Minority

Entrepreneurship

What is the economic impact of entrepreneurial firms?

Job creation:

  • Employment in middle class, boost economy

Innovation:

  • new products

Entrepreneurship

What are the steps of the entrepreneurial process?

1. Step: Deciding to become an entrepreneur

2. Step: Developing successful business ideas

3. Step: Moving from an Idea to an entrepreneurial firm

4. Step: Managing and growing the entrepreneurial firm

Entrepreneurship

What is an opportunity?
An opportunity is a favourable set of circumstances that creates a need for a new product, service or business.
  • Attractive (for customers)
  • Timely (first mover advantage, does the idea already exist?)
  • Durable (could the idea be replaced?)
  • Anchored in a product, service or business that creates or adds value for its buyer or end user (use for customers)

Entrepreneurship

What are three ways to identify an opportunity?
1. Observing trends:
  • Economic forces (increase/ decrease of economy)
  • Social forces
  • Technological advantages
  • Political action and regulatory change
2. Solving a problem:
  • Daily problems and possible solutions
3.  Finding gaps in the marketplace:
  • Smaller markets
  • Non-existing markets

Entrepreneurship

What are personal characteristics of the Entrepreneur?
Prior experience: 
  • Working in an industry may help spot a market niche
  • Builds network, social contacts
Cognitive factors:
  • Sixth sense
  • Sensitivity for ideas 
Social networks:
  • Extent and depth affects opportunity recognition 
  • Work-tie relationships 
Creativity:
  • Creative process
  • 5 stages: Preparation, Incubation, Insight, Evaluation, Elaboration

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