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Entrepreneurship > chapter 2 > Flashcards

chapter 2 Flashcards

1
Q

Opportunity identification is …

A

the process of discovering potential business ideas

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2
Q

What are the key steps involved in opportunity evaluation?

A

market research,
financial analysis,
competitive analysis, and
feasibility assessment.

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3
Q

Why is it important to differentiate between opportunity identification and evaluation?

A

ensures that entrepreneurs first identify potential opportunities and then rigorously evaluate them to determine their viability before committing resources.

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4
Q

Opportunity evaluation involves assessing whether a specific product or service has _________ to justify the ________ to be taken.

A

the returns needed, risks

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5
Q

Environmental scanning involves analyzing external factors like …

A

economic trends,
technological advancements, and
social changes

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6
Q

Scanning the environment involves looking for ________ and ________ that can lead to business opportunities.

A

trends, gaps

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7
Q

Describe the significance of gathering information from competitors during environmental scanning.

A

Understanding competitors’ strengths and weaknesses allows entrepreneurs to identify opportunities for differentiation and areas where they can offer better solutions.

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8
Q

Evaluating an opportunity involves assessing its …

A

market potential,
financial feasibility, and
operational requirements

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9
Q

What is the difference between an idea and an opportunity?

A

An idea is a concept or thought, while an opportunity is an idea that can be commercially exploited.

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10
Q

A business idea is a thought or suggestion about a possible ________ of action.

A

course

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11
Q

How does an idea differ from an opportunity?

A

An idea is a raw concept, while an opportunity has been evaluated for market potential and feasibility.

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12
Q

Explain the role of creative thinking in generating business ideas.

A

Creative thinking helps in identifying unique solutions to problems and uncovering innovative business concepts.

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13
Q

The three types of business ideas are …

A

old idea,
old idea with modification, and
new idea

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14
Q

brainstorming, involves generating a large number of ideas in a ________.

A

group setting

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15
Q

What is structured brainstorming?

A

Structured brainstorming follows specific guidelines to focus the discussion and generate relevant ideas.

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16
Q

What are the key differences between brainstorming and structured brainstorming?

A

Brainstorming is a free-flowing idea generation process without criticism, while structured brainstorming follows specific guidelines and often uses prompts to generate ideas.

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17
Q

Describe the process and benefits of using focus groups to generate business ideas.

A

Focus groups gather feedback from potential customers, providing insights into their needs and preferences, which can help refine business ideas.

18
Q

What is problem inventory analysis?

A

It involves identifying common problems faced by customers and brainstorming potential solutions.

19
Q

Free association involves generating ideas by …

A

freely thinking about words or concepts related to the business area.

20
Q

This technique involves combining unrelated ideas to generate new concepts.

A

forced relationships technique.

21
Q

What is attributes listing?

A

It involves listing the attributes of a product or service and brainstorming ways to improve or modify each attribute.

22
Q

Business idea screening is the process of evaluating ideas to determine their ________.

A

feasibility

23
Q

What are the types of screening methods used for business ideas?

A

Feasibility analysis,
market research,
SWOT analysis, and
financial projections.

24
Q

________ are important because they help gather information from potential customers to validate business ideas.

A

surveys

25
Q

Who are typically involved in answering business surveys?

A

Potential customers,
industry experts, and
stakeholders.

26
Q

A business plan serves as a ________ for entrepreneurs, outlining the steps needed to start and run a business.

A

planning tool / blueprint

27
Q

What are the objectives of a business plan?

A

To outline the business strategy,
secure funding, and
provide a roadmap for operations.

28
Q

… provide a brief overview of the business and its objectives, capturing the reader’s interest.

A

summary in a business plan

29
Q

Question: The business description section of a business plan should include details about the ________

A

company and the products or services offered.

30
Q

What information is typically included in the market analysis section of a business plan?

A

Market size, target market, competition analysis, and market trends.

31
Q

________ section of a business plan outlines the company’s structure and the qualifications of the management team.

A

The organization and management

32
Q

What is the purpose of the product line section in a business plan?

A

To describe the products or services offered, including their benefits and competitive advantages.

33
Q

…section should detail how the company plans to attract and retain customers

A

The marketing and sales strategy

34
Q

What should be included in the funding request section of a business plan?

A

The amount of funding needed, how it will be used, and potential future funding requirements.

35
Q

… section of a business plan includes forecasts of revenues, expenses, and profitability.

A

The financial projections

36
Q

in a Business Plan Processes, ________ involves gathering initial information about the market, competitor and feasibility of the business idea.

A

The preliminary investigation

37
Q

in the business planning process … assess whether the business idea is viable and can generate sufficient returns.

A

feasibility analysis

38
Q

Opportunity identification and data generation involve collecting and analyzing information to recognize market opportunities. What methods can be used?

A

Market research, surveys, focus groups, and competitive analysis.

39
Q

is the process to spot good ideas and eliminate ones that are not

A

Idea screening

40
Q

Macro screening aims to screen down ideas to _______.

A

10

41
Q

Micro screening aims to screen down ideas into _______.

A

3

Entrepreneurship (3 decks)

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