ATD Level I
Entrepreneurship and Communication flashcards
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What is an entrepreneur?
A person who identifies a business opportunity, organises the resources needed to exploit it (capital, labour, materials), and bears the risk of the venture in the expectation of a reward.
What are the four types of entrepreneurs, classified by how they respond to change?
Innovators: introduce genuinely new products, processes or ways of doing business. Imitating: copy an innovation already proven and adapt it to a new market, product line or geography. Fabian: cautious and slow, adopting a change only after strong evidence that those who adopted it first are succeeding. Drone: resist change altogether, and are typically the first to fail when conditions shift.
What does a feasibility analysis test, and why are the tests called conjunctive?
Market: enough customers who will actually pay at the price contemplated. Technical: the product can be produced or delivered with the skills and equipment available. Financial: the venture can be funded and its revenue will cover its costs with an acceptable return. Legal: it can be lawfully licensed and operated; and organisational: the people and management can be assembled. Conjunctive: an opportunity that fails any one is not yet ready, whatever its strength on the others.
What is the trade-off between debt and equity financing for a new venture?
Debt (bank, microfinance or sacco loans, supplier credit) must be repaid with interest regardless of how the business performs, but leaves ownership with the founder. Equity (partners, business angels, venture capital) need not be repaid, but the investor shares in the profits and often in the decisions.
How do the main forms of business ownership differ on the owner's liability?
Sole proprietorship: unlimited, the owner's personal assets are at risk. Partnership: unlimited for general partners, who are jointly liable for the firm's debts. Limited liability partnership: limited, and separate from the partners. Limited liability company: limited to each member's investment; a separate legal person. Cooperative: generally limited to a member's share capital.
What are the four growth strategies in Ansoff's matrix, from least to most risky?
Market penetration: more of the existing product to existing customers (least risky). Market development: the existing product to new customers or new areas. Product development: new products to existing customers. Diversification: new products to new markets (most risky, as the business knows neither).
Why can a business that makes a profit every month still run out of cash?
Profit counts sales when they are made; cash counts money when it is received or paid. Equipment paid for in cash at the start, and sales given on credit that are not received until the following month, can leave the bank short even while every month shows a profit. That is why the cash flow forecast is the part of the financial plan that matters most.
What are the seven Cs of effective communication?
Clear: unambiguous. Complete: contains everything the receiver needs. Concise: no unnecessary length. Courteous: respectful in tone. Correct: accurate in fact and grammar. Considerate: framed with the receiver's viewpoint in mind. Concrete: specific rather than vague.
What are the four methods of delivering a presentation, and which is generally regarded as the best balance?
Manuscript: read word for word from a script; precise but often stiff, with less eye contact. Memorised: no script or notes; strong eye contact but a risk of losing one's place. Extemporaneous: rehearsed from an outline or brief notes, not word for word; generally the best balance of preparation and naturalness. Impromptu: little or no advance preparation, in response to an unexpected request to speak.
How do the chairperson and the secretary divide the work of a meeting?
Chairperson: controls the proceedings, opening and closing the meeting, keeping discussion to the agenda and within time, ensuring everyone entitled to speak is heard, and summarising decisions; in most bodies holds a casting vote on a tie. Secretary: handles the administration, circulating the notice and agenda, recording attendance and apologies, taking the minutes and following up actions.
What is intrapreneurship, and how does corporate entrepreneurship differ from it?
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How does an entrepreneur differ from a small business owner?
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What is the difference between an entrepreneur's micro-environment and macro-environment?
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Name three government-backed funds that lower the capital barrier for Kenyan entrepreneurs.
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How does entrepreneurship contribute to socio-economic development?
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What is an entrepreneurial opportunity, and why is a good idea not always one?
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What are the three sources of entrepreneurial opportunities?
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What qualities mark a good business opportunity?
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What are the steps in testing a business idea, in order?
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What is a business incubator, and what should a founder check before choosing one?
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What is the difference between a venture capitalist and a business angel?
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What are the advantages and drawbacks of grants as start-up funding?
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What are the most common reasons new ventures fail?
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What is a customer need, and what are its four types?
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How do you tell a merger from an acquisition?
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How does franchising work as an expansion strategy?
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What is a business plan, and what does each of its two audiences use it for?
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Why is the executive summary written last but placed first?
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What four statements make up the financial section of a business plan?
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How often should a business plan be reviewed, and what is the most valuable comparison?
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What are the four bases for segmenting a market, and which is often most useful to a small business?
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What tests must a market segment pass to be worth targeting?
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What is the typical marketing aim at each stage of the product life cycle?
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What is positioning, and how do you test whether it works?
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What are the elements of communication?
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What are the main barriers to communication, and how are they overcome?
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How should a manager choose a communication channel?
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What are the four directions in which formal communication flows?
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What are the four stages of the writing process?
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How do a business letter, a memorandum, a circular and a notice differ?
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What is the typical layout of a memo?
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What are the three parts of a presentation, and where does the main message belong?
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What is audience analysis?
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What are the three types of interview, and which suits formal selection?
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What are the stages of conducting a formal meeting?
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What are minutes, and what purposes do they serve?
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How do video conferencing, teleconferencing and a webinar differ?
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Why do online meetings need more deliberate chairing, and what should the chair do?
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How to revise with these cards
- Answer out loud or on paper before you turn the card: recalling is what fixes it.
- Go through the deck in short sessions of ten to fifteen minutes, every day.
- Shuffle once you know the order, so you are not answering from memory of the sequence.
- When a card catches you out, read the chapter it links to, then try the topic in a past paper.