Study guide for CH1 and Ch2

[Jon]

Tell me what you think. Please add on if you think I missed something
and most importantly discuss the information if you don't understand
it. You will notice my notes are short and not indepth, that's my
style. I also used entre in place of entrepreneurship you can
imagine why.

Also if we stagger chapters it will be a lot less work. So if you
want to pick a chapter and create a study guide that would be great.

thanks
Jon

Mid-term stuff
Chapters to study 1-3 5 6-9 13 14
Study guide Ch1

Earliest entrepreneur Marco Polo
Middle ages entr was a stage production guy
Risk was connected with entr in the 17th century
18th century entr was separated from the person with the money
19th and 20th risk taker, for personal gain innovator taking advantage
of his or others innovations

Definition Today
1. Initiative taking
2. Organizing and reorganizing of social and economic mechanisms to
turn resources and situations to practical account.
3. The Acceptance of risk or failure

Book definition Entrepreneurship is the process of creating something
new with value by devoting the necessary time and effort , assuming
the accompanying financial psychic, and social risks, and receiving
the resulting rewards of monetary and personal satisfaction and
independence.

Inventors VS Entre
Inventors like to invent and aren’t interested in the business
process. Entrepreneurs are opposite
Entrepreneurial Process
1. Identification and evaluation of the opportunity
2. Development of business plan
3. Determination of the required resource
4. Management of the resulting enterprise.

Market size and Window of opportunity are the primary bases for
determining risks and rewards
Opportunity assessment plan
1. What market need does it fill?
2. What personal observations have you had with regard to that need
3. What social condition underlies this market need?
4. What market research describes this need
5. What patents are available to fill this need?

Types of startups
Lifestyle firms (exists for owners), foundation companies(r &D based
company), and high potential ventures(Grow super fast, Gazelles).

Ethics- the entre process can be used both ways ethics work themselves
out?

Study Guide ch2 How Entre think

Effectuation- take what you have and select among different outcomes

Kotler method for bring product to market or STP Segmentation,
targeting and positioning
1. Analayze the long-run oppurtinities in the market
2. Research and select target markets
3. Identify segmentation variables and segment the market
4. Develop profiles of resulting segments
5. Evaluate the attractiveness of each segment.
6. Select the target segments
7. Identify possible postioning concepts for each target segment
8. Select, develop, and communicate chose positioning concept
9. Design market strategies
10. Plan marketing programs
11. Organize implement and control market effort

Cognitive adaptability – describes the extent to which entrepreneurs
are dynamic, flexible , self-regulating, and engaged in the processing
changes in their environments and then acting on them.

To improve cog adaptability Ask yourself questions that relate to
comprehension, connection, strategic tasks ,and reflections tasks.
Improving it helps to adapt to new situations, be creative,
communicate ones reasoning.
Learning from business failure-failure occurs when a business is
insolvent or unable to attract new debt or equity funding. Failures
most often occur because of lack of experience

Grief recovery methods
Loss-orientation
Restoration-orientation

Managerial vs Entr
1. Strategic orientation
2. Commitment of opportunity
3. Commitment of resources
4. Control of resources
5. Management structure
6. Reward philosophy
7. Growth orientation
8. Entre culture

Table 2.2 on page 50
Commitment of Resources and Control of Resources – entre’s care most
about the idea but still control resources by minimizing them and
therefore minimizing risk. They also take a stepped or tiered
approach to test the waters. The traditional companies use large
chunks of resources all at once.

Management structure and reward philosophy
Entres are organic fluid little bureaucracy close to the customer.
Better at internal and external communications. Traditional are
focused on efficiency and not quick reaction entre’s focus on ideas
and new oppurtunities for reward. Traditionals focus on resources
employees contrl
Entre want to grow fast traditional slowly.

Effectuation has 5 principles help entre’s make decisions in uncertain
environments
1. Patchwork quilt principle - Create new things with existing means
2. Affordable loss principle commit to what one is willing to lose
3. Bird in hand negotiate with any willing
stakeholders
4. Lemonade overcome unexpected events.
5. Pilot in the plane rely on work with people as the prime driver
of oppurtunity

[Jon]

I am working on chapter 3 now and will start 5 tomorrow. Anyone wanna
take 6-9 13 14 ?
Get em while they're hot ?

[Tristan Walker]

"I am working on chapter 3 now and will start 5 tomorrow. Anyone
wanna
take 6-9 13 14 ?
Get em while they're hot ?"

On Nov 1, 2:38 pm, Jon <jonathan.barne...@gmail.com> wrote

I'm starting on Chapter 6-9 today. Everyone can check under the
"Pages" section of the group for the content from Chapter 1-2 as well
as the content I will be putting up.