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ENTR 2030 > Chapters 4 & 5 > Flashcards

Chapters 4 & 5 Flashcards

1
Q

opportunity

A

a possibility of generating value through unique, novel or desirable products, services and processes that havent been exploited in a particular context

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2
Q

3 central characteristics of business opportunities

A

-potential economic value
-novelty or newness
-perceived desirability

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3
Q

idea

A

any conception existing in our mind

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4
Q

stages of idea becoming opportunity

A

idea, invention, innovation, imitation

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5
Q

first step of business opportunties

A

idea generation
quality and quantity important

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6
Q

idea generation skillset

A

scanning, connecting, lateral thinking, imagining, observing, collaborating

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7
Q

scanning

A

-scanning the environment for new opportunities
rugby balls

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8
Q

what allows us to have the ability to scan

A

prior knowledge + alertness

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9
Q

connecting

A

consciously making links between concepts to create new concepts
-bioscoiation
Amazon = bookstore x internet

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10
Q

biosociation

A

a mental process to connect two things seemingly unrelated into something new
-ie internet x bookstore = amazon

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11
Q

lateral thinking

A

using indirect and creative approaches to solve problems
-allows us to look at problems from different angles
-airbnb example, riddles

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12
Q

imagining

A

suspending disbelief and dropping constraints to create unrealistic states or fanatsies
gilette, Elon Musk

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13
Q

focused observation

A

shifting attention outward to look at the world in a new way
-ie “baby is annoying” OUT SHIFT “the baby’s mom must be so stressed”

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14
Q

4 pathways to opportunity identification

A

find, search, effectuate, design

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15
Q

what makes an opportunity favourable

A

valuable, rare, costly to imitate, fit

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16
Q

valuable opportunity

A

there is a market of customers

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17
Q

rare opportunity

A

offers novelty that doesnt exist

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18
Q

costly to imitate opportunity

A

creates barriers to entry to other entrepreneurs

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19
Q

fit opportunity

A

aligns with skills/knowledge of the entrepreneur

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20
Q

find pathway

A

assumes opportunities exist and are waiting to be found (luggage drop off)
the problem is known to everyone but acted on by the entr

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21
Q

search pathway

A

used when entrepreneurs are not sure what type of venture they want to start but engage in active search to discover new opportunities
ie hobby of crafts –> handmade card business

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22
Q

effectuate pathway

A

focuses on creating opportunities rather than uncovering them
-using what you have to uncover an opportunity that uniquely fits you
-what you know, who you know, who you are
ie dog physical therapy

23
Q

design pathway

A

focuses on unmet needs of customers, specifically latent needs/creates a new market

24
Q

IDEATE

A

identify, discover, enhance, anticipate, target, evaluate

25
Q

identify in IDEATE

A

identify problems customers are trying to solve but aren’t solved to satisfaction. identify underlying cause
-MHPs: problems that need to be solved, lots of people willing to pay for solution
-looking at how existing MHPs are currently being solved, yet the solution may be inferior
-symptoms rather than root cause

26
Q

discover in IDEATE

A

actively search for ideas that leverage your passions, experiences, curiosity. Look for problems in passions that can be fixed
-look for MHPs in your own daily life, solve em

27
Q

enhance in IDEATE

A

add innovation and novelty to enhance existing products,services. make something existing better
ie Netflix made TV watching better

28
Q

anticipate in IDEATE

A

anticipate change and trends and how they will impact your market

29
Q

target in IDEATE

A

explore an addressable target market and identify it’s unmet needs
-make your target market a specific solution
-product market fit

30
Q

evaluate

A

practice scoring and selecting higher quality ideas
-avoid confirmation bias and excessive optimism

31
Q

what is design thinking

A

human centered, interactive, problem solving process that places emphasis on identifying people’s needs, creating solutions to meet those needs and testing solutions to make them better

32
Q

skills of designers that entrepreneurs should have

A

observation, listening, emotional intelligence, problem-framing, problem-solving

33
Q

what is problem framing

A

context is what frames the problem being solved, helps us create meaning and understanding

34
Q

what 3 key features intersect in the human centred approach

A

desirability, feasibility, viability

35
Q

should you focus on users or buyers

A

users

36
Q

what is involved in empathy

A

relating to people, experiencing what others experience, how and why people do things

37
Q

the design thinking process

A

empathize, define, ideate, prototype, test

38
Q

divergence thinking

A

expand our view of the world, generate ideas without being trapped
-empathy, define, ideate
ex brainstorming

39
Q

convergence thinking

A

narrow down ideas and identify ones with most potential. Make choices to move forward. Find single best solution
-ideate, prototype, test
ex multiple choice questions

40
Q

what are 2 ways to empathize

A

interview, identify user needs (latent needs)

41
Q

what are we concerned with in defining- the needs or the solutions

A

the needs, focus on verbs not nouns (they need to “reach” vs they need a “ladder”)

42
Q

rapid prototype

A

a quickly created model used to visualize a product/service

43
Q

what part of the entrepreneurial method is testing a part of

A

acting

44
Q

user centric services

A

services designed to meet cstr needs
-ask how their experience was

45
Q

cocreated services

A

building ideas with the feedback of users
-test the experience, integrate feedback

46
Q

holistic services

A

look at the entire process to understand each aspect

47
Q

feasability

A

can this actually be done

48
Q

viability

A

will this make me money? is it a business opportunity?

49
Q

sequenced services

A
  • analyzing the overall customer journey and separating it into small processes, interactions or touch points
  • before, during, after
50
Q

visual services

A
  • graphs, images, pics help teams focus on each step of the journey and create solutions to any issues that may rise
51
Q

idea classification matrix

A

matrix on value/usefulness and degree of novelty
-innovation, invention, improvement, irrelevant

52
Q

sympathy vs empathy

A

empathy is feeling things with another person, sympathy is feeling things for them

53
Q

prototype

A

a model of the product being designed that can be used as a prop to get feedback from potential users or customer
-don’t have to be fancy shamcy/expensive

54
Q
A

ENTR 2030 (4 decks)

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