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ENT 526 Final Exam Review Sean Wise

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Entrepreneurship and Strategy
ENT 526
Sean Wise

ENT 526 Final Exam ReviewWeek 7 6 or 9 Theory Jack Welch said that you should rate all your employees as either 6s or 9s Fire all your 6s and reward the 9s with what the 6s had Weed out all of the bad employees and give more benefitsvalue to the good ones Fire bottom 10 and reallocate their options budget and bonuses to the top 20Double Dipping Come up with one concept and use it in a variety of ways Build once Sell twice and Make Money three times Make something once and create multiple revenue streams from it Such as the Starwars Enterprise from the movie came merchandise such as toys lunchboxes clothes etc Social Entrepreneurship Businesses designed around social challenges in order to drive social change using entrepreneurial principles Win with sustainability and social impact Bring the tools and techniques of entrepreneurship to a non profit worldMartin and Osberg Social Entrepreneurship Definition Social Entrepreneurship is so inclusive that it is now an immense tent into which all manner of socially beneficial activities fit If too many non entrepreneurial efforts are included social entrepreneurship will lose its essence and fall into disrepute attacked by cynics and skeptics Corporate Social Responsibility Charitable foundations Entrepreneurship Definition A special innate ability to sense and to act on opportunity combining out of the box thinking with determination to bring something new to the world Jean Baptiste Definition An entrepreneur shifts economic resources out of an area of lower productivity to an area of higher productivityJoseph Schumpeter Definition An agent of change who exploits opportunityMartins 3 Elements for Entrepreneurship1 Suboptimal Solution Exists2 Person Brings Inspiration Creativity Direct Action Courage and Fortitude3 Results in a 10x shift in equilibrium Inspiration Frustrated with existing condition burning desire to demolish the status quo Creativity New solution but not just incremental Direct Action Do it Convince other to support Courage Risk taking without fear of failure Fortitude Adversity setbacks barriers and challenges Peter Drucker Definition Exploiters of Opportunities Israel Kirzner Alertness is most critical ability of an entrepreneur Entrepreneurial Characteristics Inspiration Creativity Direct Action Courage and Fortitude Entrepreneurship vs Social Entrepreneurship Entrepreneurs value is primarily to create financial profit where as Social Entrepreneurs value is transformational benefit to a significant segment in society or the primacy of social benefit targeting undeserved neglected or highly disadvantaged population or a mission related impact Jeff Skoll First president of Ebay After making it big on the Internet he started to make movies that showed current issues facing the world Got a lot of people to participate through increased awareness He founded the Jeff Skoll Foundation Skoll is an entrepreneur because he saw a potential opportunity a gap He showed inspiration courage and creativity with direct action Has an internal locus of control Has a high adversity quotient because people told him his idea was stupid He is a leader because he had a vision and led the change and was inspiring to other people The gap was to make films about social change Founded the film house Participant Productions which make films to inspire social change
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