02 | IDEA GENERATION Flashcards
What is idea generation?
The creative process of generating new methods to solve problems and improve a product or company’s conditions.
What are the three crucial stages of generating business ideas?
- Dreamer Stage - ideas can flow freely without fear of criticism or judgment from others. encourages individuals to explore new possibilities, breaking free from the constraints of conventional thinking.
- Designer Stage - provides an opportunity to analyze ideas and explore their feasibility.
- Detailer Stage - potential problems are thoroughly looked for and identified.
(Core of Entrepreneurial Ideas)
Equips the entrepreneur to be optimistic during a crisis.
entrepreneurial mind frame
(Core of Entrepreneurial Ideas)
The passion of an entrepreneur in fulfilling their vision and mission.
Entrepreneurial Heart Flame
(Core of Entrepreneurial Ideas)
Exhibits an entrepreneur’s intuitive side and confidence in decision-making.
entrepreneurial gut game
What is ideation?
The creation and development of ideas as a critical element of the creative problem-solving approach.
What are the ways to generate business ideas?
- Imitate the successful ideas of others.
- Address the existing problems and find practical solutions for them.
- Transform waste into valuable goods or solutions through recycling.
- Pay attention to what business professionals, prospective customers, rivals, and collaborators have to say.
- Indulge in daydreaming and allow imagination to take over.
- Improve a product or service by maximizing its advantages and overcoming its limitations.
- Transform a hobby into a profitable business venture.
- Make new connections and socialize outside the normal circle of friends.
What is opportunity seeking?
The process of identifying opportunities by studying emerging trends and customer groups.
These changes can occur naturally or as a result of human activities such as climate change, deforestation, pollution, and biodiversity loss, which can have wide-ranging and long-lasting effects on ecosystems, wildlife, and human health.
Environmental Changes
What are the 3 (three) types of Environmental Changes?
- Physical Environment - encompasses elements such as the climate, natural resources, and wildlife.
- Social Environment - has various influential factors, such as the Political, Economic, Socio- cultural, and Technological environment. forces drive progress and bring about new inventions and technological innovations.
- Business Industry Environment - comprises a range of critical stakeholders, such as competitors, customers, creditors, employees, the government, and suppliers.
What are the 12 Rs of Opportunity Screening?
- Relevance
- Resonance
- Reinforcement of Entrepreneurial Interests
- Revenues
- Responsiveness
- Reach
- Range
- Revolutionary Impact
- Returns
- Relative Ease of Implementation
- Resources required
- Risks
What is the ultimate step in planning for a successful business venture?
Seizing opportunities.
What does PESTEL Analysis help identify?
The external forces that can positively and negatively impact the business.
What are the components of SWOT Analysis?
- Strengths
- Weaknesses
- Opportunities
- Threats
Usually performed before the enterprise is in operation.
Strengths and weaknesses are Internal factors, while opportunities and threats are external
SWOT Analysis
What is the meaning of Business Innovation?
Increasing Income
(Three (3) major types of innovation)
introduces a new value proposition that creates or reshapes markets.
Disruptive Innovation
What are the two types of disruptive innovations?
A. Low-end disruptive innovations - when products and services are too expensive because they are considered very high quality.
B. New-market disruptive innovations - when the features of a product restrict its accessibility or confine its usage to inconvenient, centralized venues.
According to McCreanor (2023), there are seven (7) risks that a business should watch out for:
- Economic risk
- Financial risk
- Risks of security and fraud
- Compliance risk
- Human risk
- Risk of Reputation
- Competitive Risk
(Risks Involved in Innovation)
This refers to erratic economic changes that can decrease sales, revenue, or profits.
Economic risk
(Risks Involved in Innovation)
This refers to internal and external circumstances that directly impact a
company’s profits.
Financial risk
(Risks Involved in Innovation)
In today’s rapidly evolving business environment, an increasing number of individuals rely on e-commerce, online shopping, and business to adapt to changing circumstances.
Risks of security and fraud
(Risks Involved in Innovation)
Businesses must abide by local laws and regulations restricting various
business processes, regardless of their business type.
Compliance Risk
(Risks Involved in Innovation)
Simply put, employees’ failure or inability to carry out their essential responsibilities at work can result in human risks for businesses.
Human risk
What are the 3 (three) most encountered types of Intellectual Property?
- Patent - right granted to an invention by a government agency, like the U.S.
- Copyrights - exclusive right to use, copy, and duplicate original content is granted to authors and creators by copyrights.
- Trademarks - a recognizable symbol, phrase, or logo that distinguishes a product legally from other products.
What are the components of PESTEL Analysis?
- Political
- Economic
- Social
- Technological
- Environmental
- Legal
(Three (3) major types of innovation)
change in how a product or service is manufactured, created, or
distributed to achieve greater efficiency.
Process Innovation
(Three (3) major types of innovation)
involves creating and implementing new ideas, concepts, or
technologies to enhance customer value and differentiate a company’s market offerings.
Product or Service Innovation
(Risks Involved in Innovation)
A good business reputation is essential to running a successful business
because it demonstrates honesty and trustworthiness.
Risk of Reputation
(Risks Involved in Innovation)
This arises when a company loses ground to its rivals after
establishing itself in an industry.
Competitive Risks
