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FSU - ENT - ENT 2802 Exam Study Guide - Study Guide

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FSU - ENT - ENT 2802 Exam Study Guide - Study Guide

School: Florida State University
Department: Entrepreneurship
Course: Entrepreneurship and Contemporary Society
Term: Fall 2018
Tags: Entrepreneurship class, Entrepreneurship, business, and ent2802
Name: ENT 2802 Exam Study Guide
Description: These notes cover over 20 exam topics that will be tested in the first exam (and all following ones as it is cumulative).
Uploaded: 10/08/2018
This preview shows pages 1 - 4 of a 18 page document. to view the rest of the content
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ENT 2802 Exam 1 Study G
   uide     1. Who is the Problem Solver, Product and Entrepreneur examples? Jim Moran ­bought a sinclair gas station in 1939 for $360
­ served in army from 1942­1943 then opened hudson dealership
­first car dealer to advertise on tv
­late 1950s, he had become the world's largest Ford dealer.
­In early 1968, he was contacted by a friend who said that  a Japanese
auto maker wanted to establish a dealer network in the Southeast U.S.
­2006, he distributed over 400,000 vehicles, on the very day of his death 
in 2007, it was announced that Toyota had surpassed General Motors as the as 
the best­selling automaker in the world
Mary Kay Ash sales rep for stanley home products, quit in protest due to men she 
trained were being promoted above her. At age 45 took out a loan of 
○ $5000 -The company turned a profit in its first year and sold close to $1
million in products by the end of its second year≥≥ 
Pierre Omidyar (eBay) set up a small section on his personal web page so his girlfriend could 
­communicate, buy from, and sell to, other pez collectors from all over the
United States.
Sarah Blakely (Spanx) ­took $5,000 in savings, invented and patented the product she had 
­searched for and began her adventure in a $2 billion male­dominated 
industry.
­ Two years later, with her first product in hand, she cold­called and 
landed the top retail stores across the country. Selling over 50,000 of her 
product in her first three months from the back of her apartment
Michael Kittredge (Yankee Candle) ­17 year old boy made his mom a candle out of old crayons and an empty
milk carton as a Christmas present
­ Neighbor saw the candle and persuaded Michael to sell it to her. He 
used the profits to buy real wax, enough to create a new candle for his 
mother, and to create another one he could sell. Revenues from this sale 
went to even more wax.
Ben Cohen/ Jerry Greenfeild (Ben & Jerry’s) After splitting the cost of a $5 correspondence course on food­making   
background image from Penn State University, they combined their $8000 life savings with  a $4000 bank loan, leased an old gas station building and opened for 
business on May 5, 1978.
Colonel Harland Sanders (KFC)  At 40, begun cooking for hungry travelers who stopped at his service 
station, did not have restaurant but served them at his dining table
After 16 years of running the service station and feeding travelers, he 
moved across the street to a motel and restaurant that seated 142 
people. Over the next nine years, he perfected his cooking and ran his 
restaurant.
By the time he was in his early 60’s, a new interstate highway would 
bypass the town where he ran his restaurant. Seeing an end to his 
business, the he auctioned off his operations.
At 65, he was reduced to living on his $105 Social Security checks. He 
then launched the business we know him by.
Bill Gross TED Talk Aspects of a successful endeavor: Idea (#3), Team (#2), Business Model,
Funding, Timing (#1) 
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  Obstacles:  The gap between "what is" and what you want "to be." ­poor time management, poor study habits 2. What problem did PillPack solve. PillPack solved the issue that people who take many medications take: constant 
confusion and complications with getting and taking their pills correctly for each 
day. They confronted the issue of difficulty in obtaining medication by doing the 
following: streamlining the production process to include the entirety of pills 
needed for each person each day in one inclusive packet. They confronted the 
issue of confusing of incorrectly taking medications with the same process­ you 
only have the pills you need in each daily packet.
3. Business Model Canvas: 9 sections (what are they) 1. Value proposition ­ What is the problem? What service or product are you  offering? 2. Customer Segment ­ who are the customers? Why will they buy your product? 3. Channels ­ How does your product get from the VP to the customers? 4. Customer relationships ­ How do I get, keep, and grow customer relationships?  5. Revenue Streams ­ what value is the customer paying for? What strategy will I  use to gain revenue?  
background image 6. Resources­  What resources do you need to make the business model work?  (Finance, Physical, Intellectual, Human) 7. Partners­  what exactly to we acquire from partners? (These can be suppliers,  joint ventures, or non­competitors you have an alliance with) 8. Activities ­ what are the most important things you need to support the business  model? 9. Cost ­ What are the costs to operate the business model? What are most  important cost to support the business model? 4. What is MVP ( Minimum Viable Product) The MVP is a lean, waste­no­time (expedited) move­to­market tactic that is 
focused on testing the value proposition outside of the idea­concept realm –front 
and center with your customer; real­world testing, customer focused
5. Bob Garner’s lecture on Franchising: ­ Owner of Hardees Franchise. Small town (only 6,000 people). ­ Buying Into A Franchise: often requires a lot of startup money, means you have 
less freedom, are forced to participate in company­wide promotions that may hurt
your profit, but you automatically gain brand recognition and customer’s 
trust/interest
­ Starting Your Own Franchise: more freedom with policies and regulations 
(because you write your own), can start regionally and expand to national 
franchising 
6. Customer segments (Lectures and assigned reading) (From Lecture) ­  A Customer Segment is a piece of a broader market;generally,  there are 4 broader markets in which segments exist . ­ Existing markets : Historical, high competition, consumers are relentlessly  pursued, Brand recognition  ­ Re­Segmented market : created by gaps left by mass marketing. Think of  the electric vehicle market segment. It is a niche market. ­ New Market : No customers yet. Forecasted but not yet validated. Little to  no competition yet.  ­ Clone market :concept that works elsewhere.  7. Channels ( .lectures and assigned readings) How the Value Proposition reaches the Customer Segments 8. Customer Relations How do I get customers? How do I keep them? How do I grow them? Prioritizes customer needs; get out and ask about their desires and likes and 
dislikes
Experimental business modeling and testing instead of implementation and 
correction
9. The Industrial Age History Of Entrepreneurship 2  Early Trade:  The beginning of enterprise  
background image 10. Maslow’s Hierarchy of Needs 11. se 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 currency).
12. Mercantilism:  A focus on the obtainment of gold and treasure and greater exports than  imports, emerging between 1550 and 1800. Monopolies and tariffs were promoted. 13. 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.
14. Industrial Age:  1712 marks beginning with invention of steam engine, putting machines  to work.  15. The Gilded Age:  Andrew Carnegie/JP Morgan steel, John D Rockefeller/Frank Kenan,  Cornelius Vanderbilt railroads and shipping (uses intimidation and competitiveness to 
progress)
16. The Maturation Of Markets The wonderful paradox of the market, through the interaction of supply and 
demand and competition, results in a price that properly allocates industry so as 
to produce optimal quantities of goods and services
      12. Innovation Solving Problems in new ways The introduction of Something new  A new idea, method, or device 13. Business Plan Vs. Business Model A business plan is useful for collecting hypotheses, consideration of sales, marketing, 
customers, market size, and in preparing for contingencies, etc.
 

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School: Florida State University
Department: Entrepreneurship
Course: Entrepreneurship and Contemporary Society
Term: Fall 2018
Tags: Entrepreneurship class, Entrepreneurship, business, and ent2802
Name: ENT 2802 Exam Study Guide
Description: These notes cover over 20 exam topics that will be tested in the first exam (and all following ones as it is cumulative).
Uploaded: 10/08/2018
18 Pages 294 Views 235 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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