Ch 12 - Thinking Like an Entrepreneur

Question 1

What are five guidelines in identifying an opportunity?

Answer 1

• Problems are opportunities in disguise
• Opportunities look like they will be challenging
• Opportunities are never perfect
• Opportunities are usually built on small failures, not big ones
• Opportunities are often about timing

Question 2

What are four guidelines to keep in mind while training to be more creative?

Answer 2

Pay attention to change
Be passionate about what you are doing
Creativity is hard work (don’t wait for it)
Hear naysayers, but don’t always listen to them

Question 3

What are five of the best techniques for capturing new ideas?

Answer 3

• Concept mapping
• Brainstorming
• Freewriting
• Outlining/boxing
• Using the Five-W and How questions (pay special attention to anything about your subject that is changing or that has changed)

Question 4

What are the steps of strategic planning?

Answer 4

Set objectives
Create a list of tasks
Set a timeline

Question 5

What are two tasks for Setting Objectives for a strategic plan?

Answer 5

List project objectives (brainstorming) and rank them

Identify Top-Rank Objective (TRO) - equals purpose of project

Question 6

How do you create a list of tasks for a strategic plan?

Answer 6

Use concept mapping off of the TRO -
* first ring include all steps to create desired type of document
* remaining rings on how to achieve them
Create project task list off of the concept map

Question 7

What does “thinking like an entrepreneur” mean? (five)

Answer 7

Being innovative, self-directed, flexible, resilient, and forward thinking

Question 8

What is an opportunity?

Answer 8

The right time and place to take action.