ENTREPCORE-LESSON 2

Question 1

What are the different Trends as a Source of Business

Answer 1

1. Technological Trends
2. Economic Trends
3. Social Trends

Question 2

A type of trends where rapid technological change involves

Answer 2

Technological Trends

Question 3

Advanced technologies span from machine learning and artificial intelligence to nanotechnology, biotechnology, and drone, satellite and renewable energy technologies.

Answer 3

Technological Trends

Question 4

These rapid technological advances affect virtually every aspect of culture, society and the economy.

Answer 4

Technological Trends

Question 5

__________provide entrepreneurs with important information about the health and vitality of the economy and the opportunities open to them.

Answer 5

Economic trends

Question 6

_________affect the makeup and profile of customers, they also help entrepreneurs identify business opportunities.

Answer 6

Social trends

Question 7

As a rule ______ cause shifts in consumer behavior and change the way people set expectations and priorities.

Answer 7

Social trends

Question 8

_________is the process of creating, developing, and communicating ideas that are abstract, concrete, or visual.

Answer 8

Idea generation

Question 9

_________ is a creative process businesses use to generate new ideas, whether they’re tangible or intangible.

Answer 9

Idea generation

Question 10

What are the methods of generating ideas for entrepreneurs:

Answer 10

Focus groups
Idea Generation and Evaluation (Brainstorming)
Problem inventory analysis
Checklist Method
Free Association
Forced Relationship
Collective Notebook Methods
Attribute Listing

Question 11

______is an excellent method for generating and screening ideas and concepts.

Answer 11

Focus group

Question 12

________ is a group creativity technique by which efforts are made to find a conclusion for a specific problem by gathering a list of ideas spontaneously contributed by its members.

Answer 12

Idea Generation and Evaluation (Brainstorming)

Question 13

The ________for generating new ideas is based on the fact that people can be stimulated to greater creativity by meeting with others and participating with organized group experiences

Answer 13

Brainstorming method/Idea Generation and Evaluation

Question 14

_____is a method for obtaining new ideas and solutions by focusing on problems. However, instead of generating new ideas themselves, consumers are provided with a list of problems in a general product category.

Answer 14

Problem inventory analysis

Question 15

In this method, a list of ideas is developed through a list of related issues or suggestions. It helps to generate ideas in a systematic way.

Answer 15

Checklist Method

Question 16

It is one of the simplest and most effective methods to generate a new idea.

Answer 16

Free Association

Question 17

This technique is the process of forcing relationships among some product combinations.

Answer 17

Forced Relationship

Question 18

This is the method of developing a new idea by group members regularly recording ideas.

Answer 18

Collective Notebook Methods

Question 19

______an idea of finding the requirement of the entrepreneur to list the attributes of an item or problem and then look at each from a variety of viewpoints.

Answer 19

Attribute Listing

Question 20

This is the technique that can be used with a group of individuals who record their ideas and summarize them with the central coordinator.

Answer 20

Collective Notebook Methods

Question 21

This method develops a new idea by looking at the positive and negative viewpoints.

Answer 21

Attribute Listing

Question 22

In this method, a small notebook that easily fits in the pocket is distributed to the participants. then they consider the problem and its possible solutions., recording ideas at least once but preferably three times a day.

Answer 22

Collective Notebook Methods

Question 23

In this technique, new ideas are developed by looking at production combinations that are not related to each other.

Answer 23

Forced Relationship

Question 24

It consists of comparing and contrasting a product with something completely different. This combination of contrast helps to generate new value to customers.

Answer 24

Forced Relationship

Question 25

In this method, first, a word or phrase related to the problem is written down and another with the new word is developed.

Answer 25

Free Association

Question 26

It attempts to add something new to the ongoing thought process and creates a chain of ideas ending with a new product idea.

Answer 26

Free Association

Question 27

What are the steps of the Creative Problem-Solving

Answer 27

Step 1: Clarify
Step 2: Ideate
Step 3: To develop
Step 4: Implement
Step 5: Evaluate

Question 28

The process of _____is not ramdom; it’s specific and logical that includes evaluation

Answer 28

creativity

Question 29

true or false: training oneself to think like an entrepreneurs means learning the steps to evaluating a challenge

Answer 29

true

Question 30

The Group of individuals providing information in a structured format is called a _______.

Answer 30

focus group

Question 31

The group of 8 to 14 participants is simulated by comments from other group members in creatively conceptualizing and developing new product ideas to fulfill a market need. It is called____?

Answer 31

Focus Group

Question 32

To _______ is the critical step of recognizing the existence of a gap between the current state and a desired state.

Answer 32

clarify

Question 33

This can also be thought of as having need awareness, which occurs when the entrepreneur notes a gap between societal or customer needs and actual circumstances.

Answer 33

clarify

Question 34

To ________ is the step of the creative problem-solving process that involves generating and detailing ideas by the entrepreneur.

Answer 34

ideate

Question 35

This is the step in which the largest variety of ideas are put forth. Each idea must be evaluated for feasibility and cost as a solution to the problem.

Answer 35

ideate

Question 36

To ______is the step in which the entrepreneur takes the list of ideas generated and tests each solution for feasibility.

Answer 36

develop

Question 37

To _____is the step in which the solution to the problem is tested and evaluated. The entrepreneur walks through the planned implementation with the client and tests each part of the solution, if a service, or thoroughly tests a developed good.

Answer 37

implement

Question 38

To _______ is the step in which the final solution is assessed. This is a very important step that entrepreneurs often overlook.

Answer 38

evaluate

Question 39

__________ that can see ahead of everyone else and act on those opportunity first.

Answer 39

opportunity recognizer

Question 40

_______ tend to think outside the box and stretch the limit of their imagination to come up with a new or improve ways of doing thing that allow them to turn their idea into reality.

Answer 40

Opportunity recognizer

Question 41

The next part is the ability to review those opportunity. This is where entrepreneur must assess those opportunities by analyzing business models and conduct market and economic analyses

Answer 41

Opportunity Assessment

Question 42

This is where plan are being put into action, building a team, raising money, marketing and sales strategies are developing, and implementing your idea.

Answer 42

Opportunity Realization

Question 43

_____is the process of an entrepreneur conducting business abroad.

Answer 43

International Enterpreneurship

Question 44

The term __________ refers to the particular physical and social conditions shaping technology development. It includes any society’s material, political, legal, and cultural aspects.

Answer 44

technological environment”

Question 45

The 3 strategies that can be explored for an idea are as follows:

Answer 45

INTELLECTUAL PROPERTY STRATEGY
DISRUPTION STRATEGY
ARCHITECTURAL STRATEGY

Question 46

_______ involves identifying and choosing among a set of distinct choices that define a company as it translates an idea into a meaningful value proposition.

Answer 46

Entrepreneurial strategy

Question 47

______ a strategy act as a back bone for an entrepreneurship.

Answer 47

entreprenuerial strategies/” what not to do? ”

Question 48

Below are example of:
- Internet of Things
- Big Data
- 3D Printing
- Robotics
- Artificial Intelligence (AI)
- Biotechnology
- Renewable Energy Technologies

Answer 48

Technological Trends

Question 49

______ not only enhance efficiency but also create new markets and disrupt existing ones, impacting culture, society, and the economy at large.

Answer 49

Technological Trends

Question 50

_______ provide critical insights into market health and potential business opportunities.

Answer 50

Economic trends

Question 51

Below are example of:
- Inflation Rates
- Employment Levels
- Consumer Spending Patterns
- Economic Growth (GDP)
- Trade Policies

Answer 51

Economic trends

Question 52

______ affect consumer behavior and expectations, leading to shifts in market demand

Answer 52

Social trends

Question 53

Below are example of:
- Changing Consumer Values
- Lifestyle Changes
- Celebrity

Answer 53

Social trends

Question 54

It involves gathering ideas, research, testing, editing, or revising and ultimately implementing the plan

Answer 54

Idea generation

Question 55

The next part is the ability to review those opportunity. Then, turns it into an actual business plan. The process then involve reviewing of the plan to determine whether to stay on course or detour from the plan as the company grows.

Answer 55

Opportunity Assessment

Question 56

“Can I bring this idea to market in an economically successful way?”

Answer 56

Opportunity Assessment

Question 57

This is the execution process of turning your business model into a real company.

Answer 57

Opportunity Realization