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FSU - ENT - Study Guide - Midterm

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FSU - ENT - Study Guide - Midterm

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background image Entrepreneurship and Contemporary Society ­ EROI: energy return on investment, ratio of energy acquired from a resource to energy required to obtain it. ­when this is less than 1, it’s called an energy drain Foraging—> Farming; basic crops were consistently harvested, yielding seeds that supported a farming 
lifestyle with the incorporation of domesticated animals. This shift supported growth of communities, cultural 
developments, and towns. Communities allowed for specialization of certain skills and subsequent foundation 
of trading and trade routes. Persian, Alexander’s, Han Chinese, and Roman Empires emerge w/ complex 
political/philosophical structures and the world’s 5 major religions (Judaism, Christianity, Buddhism, Hinduism, 
Early Trade: The beginning of enterprise was based on bartering and co­incidence of need (an unreliable 
market). A money system formed with various currencies, from seashells, tobacco leaves, to silver rings/bars 
around 4000 years ago. Banking and the guild system expanded with greater trade (jewels, gold, and silver for 
Mercantilism: A focus on obtainment of gold and treasure and greater exports than imports, emerging between 
1550 and 1800. Monopolies and tariffs were promoted.
Maturation of Markets: 18th cent.­ commerce promoted as source of wealth, backed by Adam Smith. “Self 
interest acts as the guiding force.” Self­interest is checked by competition in the market, promoting honesty 
and eschewing corruption.
Industrial Age: 1712 marks beginning with invention of steam engine, putting machines to work.  The Gilded Age: Andrew Carnegie/JP Morgan steel, John D Rockefeller/Frank Kenan, Cornelius Vanderbilt 
railroads and shipping (uses intimidation and competitiveness to progress)
­ 60s: 4/5 employed by fortune 500 
80s: 1/5 employed by fortune 500
2000s/10s: 81% of CEOs say innovation is a top 3, over half of college students want to start their own 
venture, entrepreneurship rockets
Kondratiev Wave: Russian Economist Nikolai Kondratiev; Prosperity (rise), Recession (turndown), Depression 
(bottom out), (E) Improvement
Alvin Toffler’s Wave Theory on Technology Evolution
1: Agricultural Age (8000 BC to 1750) Wealth=control of nat. Resources
2: Industrial Age (1750 to 1955) Wealth= means of production
background image 3: Information Age (1955 to 2000) Wealth= providing info
NOW—> prosumer (product and brand advocate impact success or failure) and a pull economy (convert based
on reputation, customers look for you, based on trust of online content)
­ Bear Market (falling back) vs Bull Market (growing) Jim Moran, head of toyota, on test, know his bio Guy Kawasaki: don’t be afraid of polarizing/dividing people and not making everyone happy; find a soulmate 
partner to balance your strengths and weaknesses 
Bill Gross TED Talk­ Aspects of a successful endeavor: Idea (#3), Team (#2), Business Model, Funding, 
Timing (#1) 
­ Phrenology of an Entrepreneur:
­endless ideas, customer focus, perseverance, executional excellence
POVS Model: Innovation x Commerce = Entrepreneurship 
Identify a Problem
Recognize the Opportunity
Create a venture that can deliver the solution or meet the need and generate revenue
Sustain the operation and grow the venture
Strengths,Weaknesses, Opportunities, and Threats
Online Reading p 1­22
Prioritizes customer needs; get out and ask about their desires and likes and dislikes
Experimental business modeling and testing instead of implementation and correction
Nine Essential Elements of Business Operation:
Value Proposition, Customer Relationships, Customer Segments, Key Activities, Key Partners, Key 
Resources, Cost Structure, and Revenue Stream
Failures arise from acting based on untested assumptions You need a storyline of how the organization creates delivers and captures value Business model is the way your pieces in the business plan intersect Allow the business’ storyline to include changes and pivots as the business grows

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School: Florida State University
Department: Entrepreneurship
Course: Entrepreneurship and Contemporary Society
Term: Fall 2018
Tags: business, Entrepreneurship class, and Entrepreneurship
Name: Study Guide 1 Entrepreneurship and Contemporary Society
Description: This study guide covers material in class up to the first exam. Main focal topics include the History of Entrepreneurship and The Business Model Canvas.
Uploaded: 09/30/2018
4 Pages 138 Views 110 Unlocks
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