Class 6

Question 1

Characteristics of favorable opportunities: valuable;

Answer 1

There is a market of customers by either high margins or low margins and many customers.

Question 2

For value to be profitable:

Answer 2

Price higher than costs, demand exceeds supply or you can generate more demand, somebody is willing and able to pay for your product/service, people continue buying the product/service over time.

Question 3

Characteristics of favorable opportunities: rare;

Answer 3

Offers novelty that doesn’t currently exist.

Question 4

Characteristics of favorable opportunities: costly to imitate;

Answer 4

Makes it difficult for others to copy via intellectual property, or access to specialized resources.

Question 5

Characteristics of favorable opportunities: fit;

Answer 5

Aligns with you skills, knowledge, and resources from you and your team.

Question 6

What is the process of finding great ideas:

Answer 6

Idea generation, creativity, opportunity recognition.

Question 7

How do we generate great ideas:

Answer 7

The more ideas we generate the more likely we are to find strong opportunity, never know up front what may be a great idea, must have an idea before you can evaluate if its good or bad, you can increase the volume and quality of ideas by narrowing your focus.

Question 8

Analytical idea generation:

Answer 8

Considering existing problems to create solutions.

Question 9

Search idea generation:

Answer 9

Using memories or experiences to create new ideas.

Question 10

Imagination based idea generation:

Answer 10

Suspending disbelief to create unrealistic ideas.

Question 11

Habit breaking idea generation:

Answer 11

Getting out of your routine to get inspiration.

Question 12

Relationship seeking idea generation:

Answer 12

Linking seemingly unrelated ideas.

Question 13

Development idea generation:

Answer 13

Looking for incremental process improvement.

Question 14

Interpersonal idea generation:

Answer 14

Brainstorming in groups.

Question 15

Four pathways to opportunity identification: find;

Answer 15

Opportunities are everywhere so you just take one. The market is waiting on you to fix the problems, anyone can find them.

Question 16

Four pathways to opportunity identification: search;

Answer 16

Exploring potential opportunities to see what is an opportunity for you.

Question 17

Four pathways to opportunity identification: effectuate;

Answer 17

Create an opportunity that is only an opportunity because of your skills and ability.

Question 18

Four pathways to opportunity identification: Design;

Answer 18

Creating solutions to customer problem especially when the customer doesn’t have a solution in mind.

Question 19

Attributes of opportunity recognition: alertness;

Answer 19

Being aware and able to see opportunities that others may not have by being open-minded and gaining a variety of experience.

Question 20

Attributes of opportunity recognition: prior knowledge;

Answer 20

Information gained from prior work experience like industry knowledge and personal experience.

Question 21

Attributes of opportunity recognition: pattern recognition;

Answer 21

A process of identifying connections between seemingly unrelated things.

Question 22

IDEATE model of opportunity recognition:

Answer 22

Identify; what are customers trying o currently solve unsuccessfully?
Discover; searching for ideas by observing market changes.
Enhance; improve upon existing ideas.
Anticipate; forecasting future demand by predicting change.
Target; Tailoring a solution to fit a specific target market.
Evaluate; Assessing whether this opportunity is right for you and the market