CISSE Foundation Level
Entrepreneurship and Innovation flashcards
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What distinguishes an entrepreneur from a small business owner?
Orientation, not size. An entrepreneur actively pursues growth, innovation and scale. A small business owner may deliberately run a stable, lifestyle-sized operation without seeking to expand it.
What are the five stages of the creative process, in order?
1. Preparation: gathering knowledge and immersing in the problem. 2. Incubation: stepping back while ideas develop subconsciously. 3. Insight: the aha moment when the idea crystallises. 4. Evaluation: assessing whether the idea is viable. 5. Elaboration: developing it into a workable form.
How does invention differ from innovation?
Invention creates something genuinely new that did not exist before. Innovation is the successful application of an invention, or an existing idea applied newly, to create real value. An invention becomes an innovation only once it is adopted: an untested patent or prototype is still invention.
What is the single most commonly cited cause of start-up failure?
No genuine market need. Other causes: running out of cash, the wrong team, being out-competed, poor pricing or business model, and ignoring customer feedback.
What are the nine standard components of a business plan, in order?
1. Executive summary 2. Business description 3. Market analysis 4. Organisation and management 5. Products/services 6. Marketing and sales strategy 7. Funding request 8. Financial projections 9. Appendices
What is the trade-off between debt financing and equity financing?
Debt: borrowed capital repaid, usually with interest, whether or not the venture succeeds; ownership is untouched. Equity: a share of ownership given for capital; nothing is repaid if the venture fails, but the founder's ownership, and often control, is diluted.
What is franchising, and what is its key limitation for the franchisee?
A licence to operate under an established brand, using its proven business system, in exchange for fees and ongoing royalties. It cuts the risk of building a brand from nothing, but constrains independence: the franchisee must operate within the franchisor's rules.
What are the four Ps of the marketing mix?
Product: what is offered and how it meets the target market's need. Price: pricing relative to value delivered and competitors. Place: how and where the offering reaches the customer, physical, online or both. Promotion: how the target market is made aware of, and persuaded toward, the offering.
What is an ethical dilemma, and how should a scenario on one be approached?
A situation where competing values or obligations conflict, with no option that satisfies every one of them fully. Identify the specific values in tension before recommending a course of action.
What is technopreneurship?
Entrepreneurship built specifically around technology as the venture's core product or delivery mechanism, rather than technology merely supporting an otherwise conventional business.
Define an entrepreneur and entrepreneurship.
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Name the four types of entrepreneur and the focus of each.
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What four characteristics do entrepreneurs commonly share?
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What challenges do entrepreneurs commonly face?
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What are the four approaches to entrepreneurship?
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How does managerial decision-making differ from entrepreneurial decision-making?
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What marks the entrepreneurial mindset, and what shapes it?
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How does an entrepreneurial culture differ from a bureaucratic one?
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Why do established firms pursue corporate entrepreneurship?
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How do entrepreneurs contribute to economic development?
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What are the barriers to creativity?
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Where do new business ideas come from?
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How can a new idea be protected?
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What are the five types of innovation?
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How are entrepreneurship and innovation linked?
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Why do established firms and start-ups tend to innovate differently?
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How does ICT accelerate innovation?
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What pitfalls commonly arise in choosing a venture?
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A venture has strong sales but keeps running out of money. What is the likely cause?
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What does a business incubator provide? Give Kenyan examples.
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What factors help a new venture succeed?
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Why write a business plan?
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What is an elevator pitch, and what is it for?
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What should a founder show when presenting a plan to investors?
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How does a business angel differ from a venture capitalist?
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What are the strengths and weaknesses of personal savings and family and friends as a source of finance?
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Name Kenyan government-backed sources of entrepreneurial finance.
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How should a venture match its source of finance to its stage?
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What are the four forms of business organisation?
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What are the advantage and the drawback of buying an existing business?
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What is the trade-off in part-time entrepreneurship?
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How do segmentation, target market selection and positioning differ?
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What does a code of ethics do for an organisation?
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When is corporate social responsibility (CSR) most credible?
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How does the Internet of Things differ from e-business?
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Which two Kenyan laws bear on a new venture's cyber security and data handling?
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Why can a good return on ad spend still hide a loss-making campaign?
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How does succession planning differ from an exit strategy?
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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.