GE - ELEC MIDTERM EXAM

• Theory of Effectuation - is the idea that the future is unpredictable yet controllable and entrepreneurs can “effect” the future.
• Predictive Logic - a form of thinking that sees entrepreneurship as a linear process in which steps are followed and outcomes are—ideally— predictable.
• Creation Logic - a form of thinking that is used when the future is unpredictable.
• The Creation Approach - Sarasvathy believes it is futile for entrepreneurs to try and predict the future.
• Identify your desire impact on the world - The entrepreneur must have a strong feeling to achieve something larger than him.
• Start with means at hand - Knowing yourself, your KSA, as well as identifying your network will help you understand what you have in terms of your resources.
• Describe the idea today - Taking in consideration of your available resources, describing the idea today is about identifying your means or your resources to what you want to start today.
• Calculate the affordable loss - It is a matter of perceiving what you can do and what you are willing to lose in the process in accomplishing or achieving something.
• Take Small Action - As an entrepreneur, taking action must not be done drastically. It should be taken small to start and get you going.
• Network and Enjoy Others in your Journey - The practice of entrepreneurship is about collaboration and co-creation rather than competition.
• Build on What you Learn - There is no right or wrong answer at this stage, just better. Expect and embrace setbacks, and celebrate the learning.
• Reflect and Be Honest With yourself - in the practice of entrepreneurship, one must always assess his performance and ask himself how do I know when I should stop or keep going.
• ENTREPNEURSHIP AS A HABIT - AN UNCONSCIOUS BEHAVIOR DONE OFTEN AND REGULARLY THIS "HABIT LOOP" IS A PROCESS WHEREIN BRAIN MAKES DECISION WHETHER TO STORE OR REPEAT SUCH BEHAVIOR.
• THE SELF-LEADERSHIP HABIT - Self-leadership is related to optimism, happiness, consciousness and emotional intelligence among others.
• BEHAVIOR-FOCUSED - This strategy concerns enhancing self-awareness to manage behaviors especially when dealing with essential but not-so-good tasks.
• NATURAL REWARD - making every tasks enjoyable by emphasizing the positive aspects of each task and its importance.
• CONSTRUCTIVE-THOUGHT - creating positive and productive means of thinking that are advantageous to the performance of entrepreneurs.
• Opportunity - to generate profits by creating unique, innovative and desirable products or services which are not being found in the market yet.
• Opportunity Recognition - which individuals and businesses makes use their entrepreneurial mindset in order to establish new business or ideas.
• Design Thinking - Constant process of trying to find innovative solutions to problems through deep understanding and empathy to the target user.
• OBSERVATION AND INSIGHTS - Knowing what the costumers think or feel is the initial step towards making innovative products and servicesthat they want to need.
• Interview - Ensures that the product and/or service being created is really the need of the costumers.
• Closed Questions - Most ofthe timesitis yes or no questions.
• Experiments - In the field of entrepreneurship, experimentation is trying something new, observing the results, getting lessons from the results and trying over again.
• Arts - Entrepreneur must have creative thinking skill.
• Science - Combining new information,continually challenging his assumption and constantly make adjustmentsto stay relevant in environment.
• Key Partners - are the network of suppliers and partners that may provide the business model more effective.
• Physical - These are physical assets which are considered tangible resources that a company make use of to form its value proposition.
• Intellectual - These are non-physical, intangible resources such as brand, Patents, proprietary knowledge, copyrights, and even partnerships.
• Human - Employees are the biggest and most vital resources of any company but are often overlooked.
• Financial - All businesses have key resources in finance, however some will have stronger financial resources compared to others.
• Customer Value Proposition - is a description of the users expereiences that he will come to realize upon buying and using the product.
• Functional Value - The product and or service offers the solution to a particular problem.
• Emotional Value - The product and or service is pleasant to look at or attractive.
• Economic Value - The product and or service offers a financial advantage, promotes energy conservation, saves time or is innovative.
• Symbolic Value - For the customer the product and or service is valuable because of a certain type of status given to the customer.
• Market - is any place where manufacturers, distributors and retailers sell and consumers buy.
• Company - needs to bring to mind a "hunger" in a customer to buy a certain product.
• Entrepreneurial marketing - Focusing on innovative products or exemplary customer service is a way to stand out from competitors.
• Personal Branding - is all about building your reputation,creating an image of yourself for the outside world and marketing yourself as an individual.