Entrepreneurship an der Universität Mainz | Karteikarten & Zusammenfassungen

Lernmaterialien für Entrepreneurship an der Universität Mainz

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Entrepreneurship - Definition

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

(Stevenson &Jarillo, 1990, p. 23)

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Which reasons stand in favor of not protecting the intellectual property of a startup?

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No protection facilitates venture capital investment

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Introduction to entrepreneurship - Conclusion

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  • Interest in entrepreneurship is increasing worldwide
  • Entrepreneurs turn ideas into businesses
  • Entrepreneurship can also be displayed on a corporate level
  • Characteristics of successful entrepreneurs are
    • Passion for the business
    • Product/consumer focus
    • Tenacity despite failure
    • Execution intelligence
  • Not all myths about entrepreneurs are true
  • The demographics of entrepreneurs are changing
  • Entrepreneurship has a positive effect on economies and societies
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TESTE DEIN WISSEN

Which emerging new or changing factors favor the usage of the lean start-up approach?

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  • Open source software and cloud services => reducing the cost of software development
  • Easily accessible manufacturers
  • Decentralization of access to financing (Venture Capital, Business Angels etc.)
  • Instantaneous availability of information (today´s task rather to sort through the overwhelming amount of start-up advice)
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TESTE DEIN WISSEN

Which obstacles does Ascendany face in its international expansion?

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  • Training incident => bad press
  • Marketing not as efficient as in US
  • Little understanding of the market
    • Other more attractive sports offerings (rugby, football, etc.)
    • Another culture of sharing a pint after work
    • Not going out in the dark
    • Growing but still small interest in climbing
  • Slow growth in the UK market
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What is entrepreneurship? - Definition digital entrepreneurship

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"The process of entrepreneurial creation of digital value through the use of various socio-technical digital enablers to support effective acquisition, processing, distribution, and consumption of digital information"

(Sahut, Iandoli &Teulon, 2019, p.4)

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What does scalability mean in conjunction with business models?

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  • The term scalability is to identify where changes in size or volume are possible and seem worthwhile
  • A system´s ability to expand output on demand when resources are added
  • Organization has sufficient flexibility to grow while incorporating the effects of external pressures (e.g., new competitors, altered regulation, or macroeconomic pressure)
  • Two dimensions of scalability
    1. Degree to which increased input can create higher output
    2. Ability of the business model to addelerate the returns on the additional investment
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Financial Feasibility analysis - Overall financial attractiveness of the proposed venture

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Factors to determine whether the projected return is adequate to justify the launch of the business

  • The amount of capital invested
  • The risks assumed in launching the business
  • The existing alternatives for the money being invested
  • The existing alternatives for the entrepreneur´s time and efforts


Financial factors associated  with promising business opportunities

  • Steady and rapid growth in sales during the first 5 to 7 years in a clearly definded market niche
  • High percentage of recurring revenue
  • Ability to forecast income and expenses with a reasonable degree of certainty
  • Internally generated funds to finance and sustain growth
  • Availability of an exit opportunity for invostors to convert equity to cash
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TESTE DEIN WISSEN

Positive effects of entrepreneurship on economies and societies

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Innovation:

  • Innovation is the process of creating something new, which is central to the entrepreneurial process
  • Small innovative firms are 16 times more productive than larger innovative firms in terms of patents per employee


Job Creation:

  • Small businesses create a substantial number of net new jobs in the US
  • Firms with 500 or fewer employees created two million of the roughly three million private sector jobs in 2014
  • Roughly 11 employees per Start-Up in Germany 2017 (DSM 2017)


Impact on society:

  • The innovations of entrepreneurial firms have a dramatic impact on society
  • New products an services that make our lives easier, enhance our productivity at work, improve our health, and entertain us


Impact on larger firms:

  • Entire business models around producing products and services that help larger firms become more efficient and effective
Lösung ausblenden
TESTE DEIN WISSEN

Organizational feasibility analysis - Resource sufficiency

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TESTE DEIN WISSEN
  • List the 6 to 12 most critical nonfinancial resources that will be needed to move the business idea forward successfully
  • examples of nonfinancial resources that may be critical to the successful launch of a new business
    • Affordable office space
    • Lab space, manufacturing space, or space to launch a service business
    • Availability of contract manufacturers or service providers
    • Key management employees (now and in the future)
    • Key support personnel (now and in the future)
    • Ability to obtain intellectual property protection
    • Ability to form favorable business partnerships
Lösung ausblenden
TESTE DEIN WISSEN

Feasibility analysis - Conclusion

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TESTE DEIN WISSEN
  • Feasibility analysis is the process of determining whether a business idea is viable
  • There are four different types of feasibility analysis
    • Product/service
    • Industry/target market
    • Organizational
    • Financial
  • It is crucial to conduct the feasibility analysis before completely developing the whole product
Lösung ausblenden
TESTE DEIN WISSEN

Approaches to identify opportunities - Observing trends (Political action and regulatory changes)

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TESTE DEIN WISSEN

Political action and regulatory changes:

  • New laws often spur start-ups that are launched to take advantage of their specifications
  • Affordable care act in 2010
    • New regulations, incentives for doctors and hospitals to shift to electronic records
    • Opportunities for entrepreneurs to launch electronic records start-ups, apps to help patients monitor their medication, and similar companies
  • Global political instability and threat of terrorism
  • Example: Evolv Technology
    • Star-up that has assembled a multidisciplinary team of experts to identify, invent, and apply new technologies to meet current terrorism-related threats
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Beispielhafte Karteikarten für deinen Entrepreneurship Kurs an der Universität Mainz - von Kommilitonen auf StudySmarter erstellt!

Q:

Entrepreneurship - Definition

A:

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

(Stevenson &Jarillo, 1990, p. 23)

Q:

Which reasons stand in favor of not protecting the intellectual property of a startup?

A:

No protection facilitates venture capital investment

Q:

Introduction to entrepreneurship - Conclusion

A:
  • Interest in entrepreneurship is increasing worldwide
  • Entrepreneurs turn ideas into businesses
  • Entrepreneurship can also be displayed on a corporate level
  • Characteristics of successful entrepreneurs are
    • Passion for the business
    • Product/consumer focus
    • Tenacity despite failure
    • Execution intelligence
  • Not all myths about entrepreneurs are true
  • The demographics of entrepreneurs are changing
  • Entrepreneurship has a positive effect on economies and societies
Q:

Which emerging new or changing factors favor the usage of the lean start-up approach?

A:
  • Open source software and cloud services => reducing the cost of software development
  • Easily accessible manufacturers
  • Decentralization of access to financing (Venture Capital, Business Angels etc.)
  • Instantaneous availability of information (today´s task rather to sort through the overwhelming amount of start-up advice)
Q:

Which obstacles does Ascendany face in its international expansion?

A:
  • Training incident => bad press
  • Marketing not as efficient as in US
  • Little understanding of the market
    • Other more attractive sports offerings (rugby, football, etc.)
    • Another culture of sharing a pint after work
    • Not going out in the dark
    • Growing but still small interest in climbing
  • Slow growth in the UK market
Mehr Karteikarten anzeigen
Q:

What is entrepreneurship? - Definition digital entrepreneurship

A:

"The process of entrepreneurial creation of digital value through the use of various socio-technical digital enablers to support effective acquisition, processing, distribution, and consumption of digital information"

(Sahut, Iandoli &Teulon, 2019, p.4)

Q:

What does scalability mean in conjunction with business models?

A:
  • The term scalability is to identify where changes in size or volume are possible and seem worthwhile
  • A system´s ability to expand output on demand when resources are added
  • Organization has sufficient flexibility to grow while incorporating the effects of external pressures (e.g., new competitors, altered regulation, or macroeconomic pressure)
  • Two dimensions of scalability
    1. Degree to which increased input can create higher output
    2. Ability of the business model to addelerate the returns on the additional investment
Q:

Financial Feasibility analysis - Overall financial attractiveness of the proposed venture

A:

Factors to determine whether the projected return is adequate to justify the launch of the business

  • The amount of capital invested
  • The risks assumed in launching the business
  • The existing alternatives for the money being invested
  • The existing alternatives for the entrepreneur´s time and efforts


Financial factors associated  with promising business opportunities

  • Steady and rapid growth in sales during the first 5 to 7 years in a clearly definded market niche
  • High percentage of recurring revenue
  • Ability to forecast income and expenses with a reasonable degree of certainty
  • Internally generated funds to finance and sustain growth
  • Availability of an exit opportunity for invostors to convert equity to cash
Q:

Positive effects of entrepreneurship on economies and societies

A:

Innovation:

  • Innovation is the process of creating something new, which is central to the entrepreneurial process
  • Small innovative firms are 16 times more productive than larger innovative firms in terms of patents per employee


Job Creation:

  • Small businesses create a substantial number of net new jobs in the US
  • Firms with 500 or fewer employees created two million of the roughly three million private sector jobs in 2014
  • Roughly 11 employees per Start-Up in Germany 2017 (DSM 2017)


Impact on society:

  • The innovations of entrepreneurial firms have a dramatic impact on society
  • New products an services that make our lives easier, enhance our productivity at work, improve our health, and entertain us


Impact on larger firms:

  • Entire business models around producing products and services that help larger firms become more efficient and effective
Q:

Organizational feasibility analysis - Resource sufficiency

A:
  • List the 6 to 12 most critical nonfinancial resources that will be needed to move the business idea forward successfully
  • examples of nonfinancial resources that may be critical to the successful launch of a new business
    • Affordable office space
    • Lab space, manufacturing space, or space to launch a service business
    • Availability of contract manufacturers or service providers
    • Key management employees (now and in the future)
    • Key support personnel (now and in the future)
    • Ability to obtain intellectual property protection
    • Ability to form favorable business partnerships
Q:

Feasibility analysis - Conclusion

A:
  • Feasibility analysis is the process of determining whether a business idea is viable
  • There are four different types of feasibility analysis
    • Product/service
    • Industry/target market
    • Organizational
    • Financial
  • It is crucial to conduct the feasibility analysis before completely developing the whole product
Q:

Approaches to identify opportunities - Observing trends (Political action and regulatory changes)

A:

Political action and regulatory changes:

  • New laws often spur start-ups that are launched to take advantage of their specifications
  • Affordable care act in 2010
    • New regulations, incentives for doctors and hospitals to shift to electronic records
    • Opportunities for entrepreneurs to launch electronic records start-ups, apps to help patients monitor their medication, and similar companies
  • Global political instability and threat of terrorism
  • Example: Evolv Technology
    • Star-up that has assembled a multidisciplinary team of experts to identify, invent, and apply new technologies to meet current terrorism-related threats
Entrepreneurship

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