POE

False. A Business Plan helps structure and challenge your business idea and might help in approaching key stakeholders like investors before the company has established a proven track record (e.g., sales). For instance, an agile approach to business could help deal with rising uncertainties in the environment.

True.

True.

False. First step: visualize stakeholder. Second step: mark relationships. Third step: get connected.

True.

False. Scrum is a framework within which people can address complex adaptive problems, while productively and creatively delivering products of the highest possible value. Agile is the ability to create and respond to change. It is a way of dealing with, and ultimately succeeding in, an uncertain and turbulent environment. Lean management is a management philosophy inspired by Toyota. It seeks to minimize risk and waste while maximizing customer value.

False. Time-consuming building of trust is a disadvantage of heterogeneous teams. It is built quickly in homogeneous teams.

True.

False. This describes entrepreneurial finance. Corporate finance comprises all investment and financing decisions in corporations.

True.

False. In the early growth and expansion stage, the start-up is dependent on the "scaling" of its business model. The goal in these stages is to increase the quantitative parameters of the company such as employees, sales, and the number of customers, to establish itself in the market as a "player" and, if necessary, to open up further (foreign) markets. A start-up in the exit stage is already an established market player and is generating a profit. The company can usually finance itself through its own cash flow. The exit of the founders and venture capital investors through a sale (trade sale) or an initial public offering (IPO) are activities that are in focus.

False. This description pertains to financing. Funding refers to grants often provided by governmental actors.

False. This pertains to the idea canvas. A Business Model Canvas helps to structure and visualize a firm’s business model – i.e., the way the firm creates, delivers, and captures value.

Mission,

Period, 

Joint objectives, 

Joint commitments 

Joint resources 

Joint risk 

Slogan 

Persona/Target Group 

Pain Points (solving problems)

Concept

Top 3 features 

value proposition 

"Entreprendre" is French and means "to undertake." It is about taking risks and starting a new business when you see opportunities.

Innovativeness, Proactiveness, Risk-taking, Autonomy, Competitive aggressiveness

It is the attitude toward entrepreneurship. It reflects the hope of doing something new and exploiting opportunities. It refers to decision-making activities that lead to new entry.

Managers: Define goals then decisions based on goals then define resources. Entrepreneurs: Define resources then decisions based on resources then create the best possible output.

Large company: Causation then focuses on planning and prediction. Entrepreneur: Effectuation then focuses on skills, knowledge, and resources.

Causation rests on a logic of prediction. It takes a particular effect as given and focuses on selecting means to create that effect. It works best in stable markets with predictable prices and demand.

Effectuation rests on a logic of control. It takes a set of means as given and focuses on selecting possible effects that can be created with those means. It works in entrepreneurial startups and unstable or non-existing markets.

It helps answer questions like: How to price a product when the market doesn’t exist yet? How to hire for an organization that does not yet exist? How to value firms that did not exist five years ago?

Why? The reason why the organization exists. How? The methods that make the organization special. What? The products or services they provide.

Advantages: Helps structure and challenge the business idea; may assist in approaching stakeholders before establishing the company. Disadvantage: Not very helpful in practice due to rising uncertainties.

Market (customer, size, growth), Management (financial strength, talent), Product (cost, materials), Regulation (government, laws), Finance (expected return on investment)

Means (Who am I?) then Goals (What can I do?) then Interaction (with people I know) then Commitment (gain stakeholder commitment) then New means and new goals. Entrepreneurs use contingencies as opportunities.

Abstract and intangible. Needs to evolve based on feedback and research.

Concrete and actionable. Reflects a confirmed market need or demand. Demonstrates a clear competitive advantage.