Quiz 1 Flashcards
What are effective ways to find opportunities
Creation and discovery. create new opportunities around products or discover them based on external factors
What is NAICS code?
North American Industry Classification System Code. It is used to analyze and record all statistical data related to the US Business economy.
What is a portfolio entrepreneur
Someone who loves to open and establish businesses and then move on to the next venture.
What is a decision tree
A decision tree is a model used to help make decisions and calculate probable outcomes
What are porters five forces model and what are the five forces
Rivalry, threat of new entrance or barriers to entry, buyer bargaining power, supplier bargaining power, threat of substitutes. Helps entrepreneur understand what’s going on in the industry
What is primary data or research
Primary data is collected through direct observation customer interviews employees customers suppliers and distributors
What is the value chain?
The value chain is all the companies that contribute to the development and distribution of products and services.
manufacturers distributors retailers and consumers
What are the steps to becoming a successful entrepreneur
Being able to make decisions being independent and being OK with feeling being OK with the research jobs great management style
How can entrepreneurs build a strong network
By finding a mentor in the field and or finding groups of people with the same business interest and mindset as you
What is design thinking?
Design thinking means understanding customers needs and thinking creatively to solve the problems this is the human centered process and give me apply to product services and business design
What is industry analysis
The study and research of business in the same category to see if you make a profit and get a general idea of the industry
What is the industry lifecycle
Industry, growth, competition, shake up, maturity, deCline
