Chapter 3

Question 1

Opportunity

Answer 1

generate value through unique, novel or desirable p/s, processes not previously exploited

Question 2

Opportunity Central Characteristics (3)

Answer 2

economic value, novelty/newness, desirability

Question 3

Forms of value

Answer 3

economic/financial
social value
environmental/ecological value

Question 4

Market Value Assumption

Answer 4

enough people in market to buy product or service

Question 5

Jazmine valencia
What business did she start?
What type of approach?
What was her lesson?

Answer 5

• business to take advantage of market/social media for music to grow
• artist-focused marketing approach
• replace failure with lesson -> people less afraid of making mistakes and more cable of learning lessons

Question 6

Opportunities to idea relationship

Answer 6

Not all idea are opportunities, only those most effective probable and efficient are put into action

Question 7

Novelty

Answer 7

new, original and unused

Question 8

Innovation and example

Answer 8

innovation if product or service is high novel, useful and valuable example is smartphone

Question 9

Invention vs innovation

Answer 9

difference is in demand and usability. If invention succeeds in market, it becomes innovation

Question 10

Invention and example

Answer 10

invention if product or service is high novel but not useful/valuable etc new ideas or failed start-ups

Question 11

Improvement and example

Answer 11

improvement if product or service is not novel but valuable. Example: folded sunglasses, serrated ice-cream scoops

Question 12

irrelevant and example

Answer 12

irrelevant if product is not novel and not valuable/useable etc pepsi drinks, sandwich mix

Question 13

Idea Generation (7 strategies)

Answer 13

Analytical
Search
Relationship Seeking
Development
Interpersonal
Habit-breaking
imagination based

Question 14

Analytical (more successful if carried out before work)

Answer 14

reasoning/research, logical, research based. Break problem into parts to generate ideas about innovation or product/service

Question 15

Imagination Based and example

Answer 15

think out of the box and come up with something new. create unrealistic states or fantasies. Example: Gillette team think as human hairs.

Question 16

Search

Answer 16

What I have experienced/learned before that can help me. Retrieve memories to make connections based on experience to problem at hand

Question 17

Relationship Seeking

Answer 17

Connecting two things that are seemingly not connected to make unnoticed connections

Question 18

Development

Answer 18

enhancing and modifying existing ideas to create alternatives/possibilities

Question 19

Interpersonal

Answer 19

group members to generate ideas & build on each other’s ideas/interactions

Question 20

Habit-Breaking

Answer 20

try new ideas or business functions, break habits that disrupt work or continue to fail. Break unproductive/procrastination

Question 21

Favourable Opportunities(4)

Answer 21

Valuable, rare, fit, costly to imitate

Question 22

Valuable

Answer 22

demand in market, must add value to society or value chain

Question 23

Rare

Answer 23

Doesn’t exist regularly in business market

Question 24

Fit

Answer 24

Aligns with skills and knowledge of entrepreneur or founding team

Question 25

Costly to imitate

Answer 25

patents or trademark protection. Companies cannot easily copy, increase barriers. etc apple is entrepreneurial and Samsung is imitator

Question 26

4 Pathways

Answer 26

Find, Search, Effectuate, Design

Question 27

Find Pathway

Answer 27

opportunities exist independent of entrepreneurs and waiting to be found

Question 28

Search Pathway

Answer 28

entrepreneurs are not quite sure what type of business they want to start. Engage in active search to discover new opportunities

Question 29

Effectuate

Answer 29

Using what you have (skills, ability, knowledge) to uncover opportunity that fits you

Question 30

Design Pathway

Answer 30

entrepreneur is focusing on unmet needs of customers, specifically existing needs to uncover ideas