Fundamentals of Entrepreneurship - FULL course summary - Entrepreneurship & business innovation - Tilburg University

When does an idea get adopted? Name the 5 indicators.

Antwoord: - Relative advantage - Compatibility with users - Complexity - Trialability (able to experiment with the innovation) - Observability (results are visible)

To scrabble = making a better world with new ideas. True or false?

Antwoord: False, that\'s social entrepreneurship

Describe a person that is an entrepreneur

Antwoord: an individual who fulfils a particular economic function by undertaking certain tasks

What is Bootstrapping?

Antwoord: starting a business without taking on external funding/as little as possible

What resources are needed when starting a company? Name the 3.

Antwoord: - Financial resources (cash, loans, investments) - Human resources (labor, expertise, skills, communication, strategy, leadership) - Operating resources (premises, vehicles, machinery, materials, equipment)

What does it mean to re-weight an offering?

Antwoord: increasing or decreasing the emphasis of features or attributes

Name the 5 effectual principles.

Antwoord: 1. Start with means (the bird-in-hand principle) 2. Set up affordable loss 3. Create great relationships/partnerships (crazy quilt) 4. Manage contingencies and leverage them (lemonade principle) 5. Control or predict (pilot in the plane)

Explain the lemon principle

Antwoord: Can improve odds of success by social networking, openness to experiences and opportunity framing

Explain the crazy quilt principle

Antwoord: Quilter determines the patterns, quilters work together with others, unlimited possibilities, uncertain outcome, must be pleasing, valuable, meaningful, pleasing, etc.

Explain the pilot in the plane principle

Antwoord: Prediction: When the future is predictable, we can use our knowledge of the past—of common recurring patterns—to predict the future. Risk: When the future is risky; we are dealing with an unknown distribution; but we know the range, and the possibility of the values. Uncertainty: We don’t know the distribution of possible scenarios, either we don’t know the range of the possible outcomes.