What should entrepreneurs define before investing heavily into a new venture?

Entrepreneurs must clearly define the problem they are solving for customers. Key market questions include market size, customer needs, and competitor actions. Defining the problem in detail is crucial.

What are the three key elements of the Lean Startup methodology?

The Lean Startup approach focuses on finding a repeatable, scalable business model using three elements: A business-model canvas to map out hypotheses Customer development to test those hypotheses through feedback Agile development to quickly create a minimum viable product

What are the five criteria for an attractive opportunity, according to Timmons and Osborne?

An attractive opportunity: Creates significant value for customers Offers significant profit potential Fits with the founding team's capabilities Is durable Is amenable to financing

What two tests must a successful business model pass?

A successful business model must pass a narrative test (telling a logical story) and a numbers test (being profitable on a pro forma income statement).

Describe variety-based positioning as a competitive strategy.

Variety-based positioning emerges from specializing in a subset of offerings. This focuses on providing a specific range of products or services, rather than trying to cater to all needs.

What is the 4S's framework, and what does it emphasize?

The 4S's framework (Structure, Strategy, Staffing, Systems) emphasizes the importance of aligning these elements for a successful strategy. Employees need to understand the strategy and their role to make it work.

Name at least three of Belbin's team roles.

Belbin's key team roles include: Plant Resource Investigator Co-ordinator Shaper Monitor Evaluator Implementer Teamworker Completer-Finisher Specialist

Name at least three of the six leadership styles.

The six leadership styles are: Coercive Authoritative Affiliative Democratic Pacesetting Coaching A leader's style heavily influences the organizational climate.

What are the two types of team conflict, and how do they affect performance?

Team conflict can be either affective (relationship-based) or cognitive (task-based) . Cognitive conflict can improve firm performance, while affective conflict can harm it.

List at least three stages of financing for a new venture.

Stages of financing include: Ideation Seed Early Growth Growth Maturity/Exit Each stage has its own instruments, institutions and risk profiles.

Name at least three key financial concepts for startups.

Key financial concepts include time value of money, discounted cash flow, and capital structure . Important metrics include burn rate, runway, gross margin, and customer acquisition cost.

What are some key elements that contribute to a thriving entrepreneurial ecosystem?

Key elements of a thriving ecosystem include: Strong formal institutions A supportive culture Robust networks Adequate physical infrastructure Access to finance Effective leadership Skilled talent

Entrepreneurial Readiness And Opportunity Evaluation Flashcards Flashcards

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Flashcard Sets

Entrepreneurial Readiness and Opportunity Evaluation Flashcards

This flashcard deck covers key concepts in evaluating entrepreneurial readiness, identifying opportunities, and building business models. It focuses on traits, risk tolerance, lean startup methodology, and business model components.

15 cards

intermediate

000

by @pien_zagt

Q: What are some key entrepreneurial traits that contribute to success?

Q: Why is risk tolerance important for entrepreneurs?

Q: What is the potential downside of relying too heavily on passion in entrepreneurship?

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