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Cb 101 Reviewer

The document outlines key concepts in strategic management related to entrepreneurship, including traits of successful entrepreneurs, the importance of innovation, and the entrepreneurial mindset. It discusses challenges faced by entrepreneurs, the role of market research and planning, and the significance of customer and enterprise voices. Additionally, it introduces models like the 4-Gate Model to Prosperity and SWOT analysis as tools for evaluating business strategies.

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24 views1 page

Cb 101 Reviewer

The document outlines key concepts in strategic management related to entrepreneurship, including traits of successful entrepreneurs, the importance of innovation, and the entrepreneurial mindset. It discusses challenges faced by entrepreneurs, the role of market research and planning, and the significance of customer and enterprise voices. Additionally, it introduces models like the 4-Gate Model to Prosperity and SWOT analysis as tools for evaluating business strategies.

Uploaded by

felicepinpinn
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Key Concepts for Review (CB 101: STRATEGIC MANAGEMENT):

1. Entrepreneurship and Entrepreneurial Traits:

o An entrepreneur is someone who starts a business with the goal of making a profit

o Key traits of successful entrepreneurs include creativity, innovation, and a growth mindset that embraces
challenges

o Successful entrepreneurs often face risks and uncertainties, but they exhibit resilience, adaptability, and
perseverance

2. Entrepreneurship and Innovation:

o Innovation is central to entrepreneurship, as entrepreneurs bring new ideas to the market

o Entrepreneurs contribute to economic growth by creating jobs, generating income, and introducing
innovative products and services

3. Entrepreneurial Mindset:

o An entrepreneurial mindset is characterized by risk-taking, initiative, and the ability to see opportunities
where others see challenges

o This mindset contributes to personal growth by encouraging individuals to embrace challenges and take
risks

4. Challenges Faced by Entrepreneurs:

o Entrepreneurs often face challenges such as limited access to capital, market demand issues, and
difficulty in finding skilled employees

o Resilience is key in overcoming setbacks and bouncing back from failures

5. The Role of Market Research and Planning:

o Before launching a venture, market research helps entrepreneurs understand customer needs and target
markets

o A well-developed business plan outlines the venture's strategy and helps secure funding

6. Voice of Customer (VOC) and Voice of Enterprise (VOE):

o VOC focuses on understanding customer preferences and pain points, essential for innovation and
product development

o VOE addresses internal processes and operational challenges, ensuring smooth business operations

7. Environmental Scanning and SWOT Analysis:

o Environmental scanning involves assessing external factors such as market trends and technological
advancements

o A SWOT analysis identifies strengths, weaknesses, opportunities, and threats that can impact a business

Important Models and Frameworks:

 4-Gate Model to Prosperity: A framework that outlines the key factors contributing to business success

 SWOT Analysis: A strategic tool used to evaluate a business's internal strengths and weaknesses, along with
external opportunities and threats

Study Tips:

 Focus on understanding the traits and mindset of successful entrepreneurs, as well as the role of innovation.

 Pay attention to the relationship between entrepreneurship, market research, and planning.

 Review the importance of the Voice of Customer (VOC) and how it influences product development and
innovation.

 Familiarize yourself with environmental scanning and SWOT analysis for evaluating business strategies.

This reviewer highlights the key areas to study for better exam performance. Good luck!

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