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2nd year - 1st sem > ENTREPCORE-LESSON 2 > Flashcards

ENTREPCORE-LESSON 2 Flashcards

1
Q

What are the different Trends as a Source of Business

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

A type of trends where rapid technological change involves

A

Technological Trends

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3
Q

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

A

Technological Trends

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4
Q

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

A

Technological Trends

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5
Q

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

A

Economic trends

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6
Q

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

A

Social trends

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7
Q

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

A

Social trends

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8
Q

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

A

Idea generation

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9
Q

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

A

Idea generation

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10
Q

What are the methods of generating ideas for entrepreneurs:

A

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

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11
Q

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

A

Focus group

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12
Q

________ 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.

A

Idea Generation and Evaluation (Brainstorming)

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13
Q

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

A

Brainstorming method/Idea Generation and Evaluation

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14
Q

_____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.

A

Problem inventory analysis

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15
Q

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.

A

Checklist Method

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16
Q

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

A

Free Association

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17
Q

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

A

Forced Relationship

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18
Q

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

A

Collective Notebook Methods

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19
Q

______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.

A

Attribute Listing

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20
Q

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

A

Collective Notebook Methods

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21
Q

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

A

Attribute Listing

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22
Q

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.

A

Collective Notebook Methods

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23
Q

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

A

Forced Relationship

24
Q

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

A

Forced Relationship

25
Q

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

A

Free Association

26
Q

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

A

Free Association

27
Q

What are the steps of the Creative Problem-Solving

A

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

28
Q

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

A

creativity

29
Q

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

A

true

30
Q

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

A

focus group

31
Q

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____?

A

Focus Group

32
Q

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

A

clarify

33
Q

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.

A

clarify

34
Q

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

A

ideate

35
Q

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.

A

ideate

36
Q

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

A

develop

37
Q

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.

A

implement

38
Q

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

A

evaluate

39
Q

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

A

opportunity recognizer

40
Q

_______ 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.

A

Opportunity recognizer

41
Q

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

A

Opportunity Assessment

42
Q

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

A

Opportunity Realization

43
Q

_____is the process of an entrepreneur conducting business abroad.

A

International Enterpreneurship

44
Q

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

A

technological environment”

45
Q

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

A

INTELLECTUAL PROPERTY STRATEGY
DISRUPTION STRATEGY
ARCHITECTURAL STRATEGY

46
Q

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

A

Entrepreneurial strategy

47
Q

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

A

entreprenuerial strategies/” what not to do? ”

48
Q

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

A

Technological Trends

49
Q

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

A

Technological Trends

50
Q

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

A

Economic trends

51
Q

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

A

Economic trends

52
Q

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

A

Social trends

53
Q

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

A

Social trends

54
Q

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

A

Idea generation

55
Q

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.

A

Opportunity Assessment

56
Q

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

A

Opportunity Assessment

57
Q

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

A

Opportunity Realization

2nd year - 1st sem (15 decks)

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