Chapter 2 Flashcards
Four essential qualities of an opportunity
Attractive, Timely, Durable, Anchored in a product, service, or business that creates or adds value for its buyer or end user.
Three ways to identify an opportunity
Observing trend, solving a problem, finding gaps in the marketplace
Evironmental trends suggesting business, product, or service opportunity gaps
Economic forces, social forces, technological advances, political and regulatory changes
Solo Entrepreneurs
those who identified their business ideas on their own
Network Entrepreneurs
those who identified their ideas through social contacts
2.1 A favorable set of circumstances that creates a need for a new product, service, or business is called a(n) _______.
opportunity
An opportunity is a favorable set of circumstances that creates a need for a new product, service, or business.
2.2 A(n)_______ is the metaphor that describes the time period in which a firm can realistically enter a new market.
window of opportunity
A window of opportunity is the metaphor that describes the time period in which a firm can realistically enter a new market.
2.3 Housing starts, consumer spending patterns, and stability of interest rates are examples of which environmental trend?
Social forces, Technological advances, Economic forces, Political changes, Regulatory changes
Economic forces
Housing starts, consumer spending patterns, and stability of interest rates are examples of economic forces.
2.4 Which of the following is NOT an example of a social trend?
Aging of population, Employees desiring more flexible work schedules, Stability of interest rates
Stability of interest rates
The stability of interest rates is an economic trend.
2.5 Girls Who Code is working to increase the number of women pursuing careers in engineering. This is an example of which source of business opportunity?
Finding gaps in the marketplace
Girls Who Code, working to increase the number of women pursuing careers in engineering, is an example of finding gaps in the marketplace.
2.6 A(n) _______ entrepreneur identifies a business idea on their own.
solo entrepreneur
A solo entrepreneur identifies a business idea on their own.
2.7 The process of generating a novel or useful idea is referred to as _______.
creativity
2.8 The “eureka” experience occurs in which stage of the creative process?
Insight Stage
2.10 Which idea generation technique is being used when a company sends teams of testers to the home of its users to see how its products are working and to seek insights for new product ideas?
Day-in-the-life research
The number one rule for a brainstorming session is ________.
no criticism is allowed
