MEI609 Study Guide
| Site: | Saylor University |
| Course: | MEI609: Innovation and Entrepreneurship Launch |
| Book: | MEI609 Study Guide |
| Printed by: | Guest user |
| Date: | Saturday, 12 September 2026, 10:52 AM |
Navigating this Study Guide
Study Guide Structure
In this study guide, the sections in each unit (1a., 1b., etc.) are the learning outcomes of that unit.
Beneath each learning outcome are:
- questions for you to answer independently;
- a brief summary of the learning outcome topic; and
- and resources related to the learning outcome.
At the end of each unit, there is also a list of suggested vocabulary words.
How to Use this Study Guide
- Review the entire course by reading the learning outcome summaries and suggested resources.
- Test your understanding of the course information by answering questions related to each unit learning outcome and defining and memorizing the vocabulary words at the end of each unit.
By clicking on the gear button on the top right of the screen, you can print the study guide. Then you can make notes, highlight, and underline as you work.
Through reviewing and completing the study guide, you should gain a deeper understanding of each learning outcome in the course and be better prepared for the final exam!
Unit 1: Ethics in Entrepreneurship
1a. Apply business ethics concepts to an entrepreneurial venture
- What CSR (Corporate Social Responsibilities) do you think entrepreneurs should have?
- What is the difference between social entrepreneurship and entrepreneurship?
- What guides an entrepreneur's ethical values?
Stakeholders in a business include all people and organizations that have a vested interest in a business. Shareholders, however, are a small group that owns a business. Ethics refers to the standards of behavior one wants to uphold. Therefore, business ethics guides the conduct by which entrepreneurs abide by the law and respect the rights of their stakeholders. Part of ethics is acting with integrity; that is, we adhere strongly to a system of ethical values. Companies can implement a six-step decision-making process and have a code of ethics to ensure all are on the same page about expectations surrounding ethics.
It is important to ensure entrepreneurs adhere to ethics, and laws can often help guide the entrepreneur to the right thing to do. For example, numerous intellectual property laws legally protect someone's idea. There are also laws, such as a variety of patents one can obtain to protect brand-new product ideas or inventions. In addition, copyrights, trademarks, and trade secrets are meant to protect company names, logos, designs, and proprietary information, processes, or other internal knowledge.
A conflict of interest occurs when an individual (or company) has interests in multiple areas (financial investments, work obligations, personal relationships), and the interests may conflict with each other.
Corporate social responsibility (CSR) refers to businesses' consideration in a broader context as a member of society with certain implicit social obligations. Social entrepreneurship refers to venture launches by entrepreneurs who are, first and foremost, advocates for a social cause. Some entrepreneurs choose to implement sustainability practices in their businesses. Entrepreneurs can build CSR and ethics-based behaviors in their businesses by focusing on excellence, fairness, and trust.
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1b. Compare and contrast CSR efforts as an entrepreneur
- How do you see values and CSR efforts as complementary to one another?
- What can companies do in terms of culture to ensure ethics and fairness?
- What are the different viewpoints on ethics and CSR efforts?
Terminal values refers to desired goals, objectives or end states that a person wants to pursue. Instrumental values are the means of behavior used to obtain those goals. For example, a terminal value could be friendships, while an instrumental value would be loving and honest.
There are a few different theories on ethical choices, which include utilitarianism, universalism, justice, and rights approaches. Virtue ethics is based on character traits, specifically the type of person we want to be, as opposed to the actions we should take.
The role of culture alignment in organizations is important to ethics and CSR efforts. This can be looked at as leadership, environment, and resources, which are tied together as part of the corporate culture, such as the vision and strategy.
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1c. Distinguish diversity, inclusion, and engagement concepts as they relate to an ethical entrepreneur
- What is diversity, and why should it matter to an entrepreneur?
- What are the different types of diversity?
- How can the inclusion and engagement of a diverse workforce benefit an organization?
There are three main types of diversity, including surface level diversity, which includes characteristics of an individual that are visible, such as age or race. Deep-level diversity includes characteristics that are non-observable, such as values and beliefs. Hidden diversity is deep level, but may be concealed or revealed at the discretion of individuals who possess them, such as sexual orientation. Understanding diversity can help an entrepreneur ensure they hire diverse individuals with a variety of skills and abilities, which makes the organization stronger.
Sexual harassment can come in two forms: quid pro quo and a hostile work environment. Anyone can experience sexual harassment in the workplace. There are many advantages to having a workforce that is diverse in gender and gender identity, race, national origin, and age. The advantages include broader perspectives in terms of marketing and solving complex organizational issues. There are several theories that attempt to describe diversity in the workplace, which shows that while a diverse workforce has some challenges, ultimately, it has many benefits, including meeting legal requirements depending on the country the business is located within. As an entrepreneur, ensuring inclusion and engagement can help the business grow through a variety of new ideas and approaches to problem-solving.
To review, see:
Unit 1 Vocabulary
This vocabulary list includes terms you will need to know to successfully complete the final exam.
- Corporate Social Responsibility (CSR)
- deep level diversity
- ethics
- hidden diversity
- instrumental values
- shareholder
- social entrepreneurship
- stakeholder
- surface level diversity
- terminal values
Unit 2: Innovation and Growth
2a. Articulate methods for innovation to promote organizational growth
- How can an entrepreneur use creative methods to innovate?
- Why is innovation important to the entrepreneur?
- What is the difference between linear and lateral thinking?
Innovation is the combination of a new idea and the execution of the idea. It is based on three things: the idea, the execution, and the meeting of market needs. Market needs can be known or unknown. Innovation is a key factor to success in any entrepreneurial business because it can help create new ideas, methods, and processes for improvement.
Companies do many things to develop an idea, including the use of the empathetic design cycle, which is human-centric. This cycle focused on empathizing, defining, ideating, prototyping, and testing new ideas. Some companies use a method known as the Six Hats Thinking method to develop new ideas because it forces structure on a discussion where ideas can be discussed creatively. When considering creativity, it is important to note there is linear thinking, which focuses on a step-by-step approach, and lateral thinking, which is focused on creative thinking. Both have a place when companies innovate.
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2b. Correlate business life cycles and how to translate these life cycles into organizational growth
- What is a lean startup?
- What are some options companies can apply to pivot when needed?
- How does the business lifecycle relate to the product lifecycle?
Lean startup is a methodology to help with innovation, by allowing an entrepreneur to continuously test their products and get feedback from customers in real-time. Entrepreneurs are able to get feedback from customers early on in innovation by designing a minimum viable product (MVP), which helps customers understand what a product will be and can consist of sketches and videos. Early adopters are those people who like to try new products as soon as they come out, so often, MVPs are tested with early adopters. Often, companies will use a lean startup to pitch an idea. Pivoting is the idea to change quickly based on market needs.
The main reasons for business failure include marketing, management, financial issues, and lack of innovation. The Lean Model Canvas is a tool that can be used to outline the merits and details of a potential idea.
The business lifecycle consists of birth, growth, maturity, decline, and rebirth or death. This is different from the product life cycle, which is for a specific product and focuses on four steps, which include the introduction of a product, growth of a product, maturity, and decline phases. The relationship between these two is that the product lifecycle directly impacts the phase of the business lifecycle for most businesses.
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2c. Apply the appropriate growth strategy for the business environment
- What are the ways companies use to grow?
- What are the challenges associated with each growth strategy?
- How can a company apply core competencies for growth?
There are many ways startup businesses can grow. These include methods such as buying out another company and cooperation with another company, such as licensing. Companies also grow through innovation. Some of the challenges associated with growth include incompatibility of growth strategy and organizational culture, incorrect marketing, human resource, or finance strategies, inadequate or incorrect internal accounting, and dependence on third parties.
The important building blocks for innovation, resulting in growth include core competencies. A core competency is a mix of skills, abilities, and resources that provide a competitive advantage.This should provide access to a wide variety of markets, help with the perceived benefit of the end product, and be difficult to imitate.
To review, see:
Unit 2 Vocabulary
This vocabulary list includes terms you will need to know to successfully complete the final exam.
- core competencies
- early adopters
- innovation
- lean startup
- Lean Model Canvas
- pivoting
Unit 3: Strategic Management for the Entrepreneur
3a. Apply appropriate tools for strategic management
- What tools are used to consider the external environment?
- How can a SWOT analysis be applied to determine opportunities?
- When analyzing the value chain, what should companies consider?
Strategic analysis is the process that firms use to study and understand the many different layers and aspects of the competitive environment. Environmental scanning is the systematic and intentional analysis of a firm's internal and external state. A SWOT analysis is a tool used for strategic analysis and requires the identification of strengths, weaknesses, opportunities, and threats. When an organization determines its weaknesses, it can turn these weaknesses into potential opportunities to improve. In addition, organizations that understand threats and opportunities are better able to create plans to deal with external threats and constantly improve their organization by taking advantage of opportunities.
PESTEL Analysis is an analysis of the external environment and looks at political, economic, sociocultural, technological, environmental, and legal factors. Companies also use Porter's Five Forces, VIRO, and the BCG matrix to analyze the external environment.
To consider the internal environment, companies look at the value chain which consists of support activities, like human resources, and primary activities, like marketing. When companies look at the value chain, they are able to understand the aspects that go directly into creation of their product or service, and can prioritize based on these elements.
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3b. Propose appropriate mission, values, and goals for an entrepreneurial venture
- How does a company utilize the strategy cycle?
- What elements of strategic planning occur in each aspect of the strategy cycle?
- What makes a good vision statement? Mission statement?
A strategy cycle relates to mission and values in that it is part of the strategy cycle. First, companies develop objectives, choose and create strategies, implement strategies, and measure and evaluate performance, all of which are tied to the overall vision and mission of the company. Companies can use the strategy cycle as a model to ensure they are tracking progress toward their mission and values.
The vision is a broad statement and describes why a company exists. A mission is more focused and asks how the company will accomplish its vision.
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3c. Create measurable goals and plans to implement a strategic plan
- How does the control process help to ensure goals are met?
- In what element of the POLC model is goal-setting usually done?
- How might an entrepreneur apply the POLC model to ensure goals are being met?
By applying the POLC model, which stands for planning, organizing, leading and controlling, managers can set effective goals and ensure they check in to ensure the goals are being met. There are different types of planning which include strategic, tactical, operational, and contingency planning. Each type of planning process has a different timeline. Once plans are made, the manager organizes people and resources to assist in meeting the planned goals.
An important part of planning and goal setting is to ensure control, in other words, a process is in place to ensure performance is measured, and information gained from this measurement is used to set and revise goals on an as-needed basis.
To review, see:
Unit 3 Vocabulary
This vocabulary list includes terms you will need to know to successfully complete the final exam.
- environmental scanning
- mission
- PESTEL Analysis
- POLC Model
- strategic analysis
- SWOT analysis
- value chain
- vision
Unit 4: Change Management
4a. Develop and design a mission and supporting goals for a business venture
- What are the types of organizational structures, and how are they used?
- What types of changes are common in an organization that may impact the goals and mission?
- What are some models and methods to manage change in an organization?
Many organizations find they need to change their mission, goals, or objectives based on external or internal factors. Organizational structure is a system for accomplishing and connecting the activities that occur within an organization. They are used to show relationships between positions and roles within an organization. Thus, when changes in the organization occur, it is likely the organizational structure will need to change as well to support the goals of the organization.
There are several types of organizational structures that are decided upon based on the levels of bureaucracy, specialization, command and control, span of control, and the degree of centralization and formalization an organization requires. Within each of these considerations, an organic structure is often used in small start-up businesses where the organization is not highly formalized. As organizations grow, they often move to mechanistic structures, where the organization structure is more formalized. As an organization grows and changes, there are two main types of changes that might occur. Deficit-based changes, which occur when negative consequences could occur if a change isn't made, and abundance-based changes, which means things are going well, but this type of change allows for an organization to take advantage of new opportunities. Both of these types of changes may require a change to the overall mission and goals of an organization. When an organization makes changes, there can be several considerations, such as the type of change and the method used to shepherd the change in order to meet the mission and goals of the organization. Models used in change management include Lewin's model and Kotter's model.
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4b. Apply managerial decision-making to a business venture
- What is an example of a programmed decision?
- What are the barriers to effective decision-making?
- How does conflict and the management of conflict impact decision-making?
Part of managing good decisions is the management of conflict. There are four types of conflict which include goal, cognitive, affective, and behavioral conflicts. Conflict can be further considered by their level of conflict, such as intrapersonal and intergroup conflict. Barriers to effective decision-making can include escalation of commitment, bounded rationality, time constraints, and personal bias. Entrepreneurs that manage conflict well are better able to make sound decisions. While some levels of conflict are positive, as they cause entrepreneurs to think about things from a variety of perspectives, managing the right levels of conflict in an organization is necessary to ensure sound decisions are made. Otherwise, conflict could get in the way of forward progress.
There are two types of decisions that are made: reactive and reflective. Both methods are impacted by emotions and emotional intelligence. Managers may make programmed decisions, which are decisions that are repeated over time, and nonprogrammed decisions, which are novel decisions that are not made often. Many managers apply the decision-making process to ensure they make sound decisions for their business, and this process consists of six steps.
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Unit 4 Vocabulary
This vocabulary list includes terms you will need to know to successfully complete the final exam.
- abundance based change
- deficit-based change
- non-programed decisions
- organizational structure
- programmed decisions
Unit 5: Growing Your Business
5a. Propose methods, such as through branding and value propositions, to help a business grow
- What ways do you think are most effective for lead generation?
- What steps are taken to market a product or service?
- How can you create a marketing strategy for your entrepreneurial venture?
Lead generation is an important aspect for entrepreneurs to grow their businesses. A lead is any person who has shown some level of interest in a company's product or service. There are several methods to categorize leads, such as an information-qualified lead, which is a lead that randomly connects with the organization while searching for information, or a marketing-qualified lead that has responded to marketing activities. The effectiveness of each of these is dependent on the type of product or service being offered and the level of knowledge customers have about the product or service.
By using a competitive analysis, this provides information on how competitors market their business and can introduce new ways to penetrate the market and gain more sales. Competitive analysis normally looks at key characteristics such as strengths, weaknesses, and price points.
In terms of marketing a product or service, research must be done to identify the target market (the customers you will focus your marketing efforts on), and effective branding must be developed. Most entrepreneurs will develop a marketing strategy and a marketing plan to help grow their business. In addition, an understanding of the use of resources, such as the place of operation and technology, can also assist in creating entrepreneurial growth. Creating innovative cultures and developing strategic business partnerships can also assist in growth.
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5b. Interpret methods for entrepreneurial funding for organizational growth
- What debt financing options exist to grow a venture?
- What are the stages of funding for the entrepreneur?
- What are the advantages and disadvantages of each type of funding for growth?
There are three main stages as an entrepreneur gets started in terms of funding. First, there is the seed stage, then the early stage, and finally, the mature growth stage. Each of these stages will use a different funding strategy. For example, in the seed stage, which is the beginning of a venture, an entrepreneur is likely to use personal savings, while if they are in the growth phase, they might be self-sustaining. Debt financing is the concept of borrowing funds from another party. The disadvantage of debt funding is that it must be paid back and will impact cash flow. While equity funding doesn't require funds to be paid back, it does mean the entrepreneur will give up part ownership of their company.
There are several no-loan funding options to consider, for example, crowdfunding and bootstrapping. Whether debt financing is used or not, an understanding of financial statements for the entrepreneur is important and necessary, even if an accountant is hired to take care of the books.
To review, see:
Unit 5 Vocabulary
This vocabulary list includes terms you will need to know to successfully complete the final exam.
- competitive analysis
- debt financing
- lead
- seed stage
- target market