ENTREPRENEURSHIP Flashcards
creates a new business idea
Entrepreneur
Entrepreneur comes from the french word _______ which means _________
Entreprendre, to undertake
starts a company from an existing business idea
Businessman
Businessman or Entrepreneur:
is traditional
Businessman
Businessman or Entrepreneur:
is revolutionary
Entrepreneur
Businessman or Entrepreneur:
avoids taking risks
Businessman
Businessman or Entrepreneur:
risk taker
Entrepreneur
Businessman or Entrepreneur:
profit-oriented
Businessman
Businessman or Entrepreneur:
customer-oriented
Entrepreneur
Businessman or Entrepreneur:
market player
Businessman
Businessman or Entrepreneur:
market leader
Entrepreneur
the process of starting a company with the aim of delivering something new to the market
Entrepreneurship
about identifying problems and opportunities and creating innovative solutions
Entrepreneurship
the richest man in the country and said, “I look for solutions to problems, I want to make things happen”
Henry Sy Sr.
This involves conducting thorough market research,
surveys, and interviews to understand the challenges
people face.
Identifying pain points in the market
By empathizing with customers, entrepreneurs can identify unmet needs and areas for improvement
Analyzing customer needs and wants
This provides insights into areas where innovation is
needed and where new opportunities lie.
Assessing existing solutions
Entrepreneurs who keep abreast of emerging trends and technologies are better positioned to identify new opportunities.
Exploring emerging trends and technologies
Entrepreneurs should capitalize on their passions and skills to identify niche markets and opportunities for innovation.
Leveraging personal interests and expertise
Identifying gaps in the market involves analyzing areas where demand exceeds supply or
where existing solutions are inadequate.
Evaluating gaps in the market
is a useful tool for identifying a business idea’s viability
SWOT Analysis
is essential for identifying problems and opportunities.
Market Research
encourage creative problem-solving by focusing on the needs of end-users
Design Thinking
can generate innovative ideas and uncover new opportunities
Brainstorming Sessions
Educational institutions and entrepreneurial organizations offer training programs and workshops focused on problem and opportunity recognition.
Training Programs and Workshops
Networking with peers and mentors exposes students to
diverse perspectives and expands their professional connections
Mentorship and networking opportunities
Entrepreneurs should remain curious, stay informed about industry trends, and be willing to evolve their strategies based on changing market dynamics.
Continuous learning and adaptation
A E I O U:
What are people doing?
Activities
A E I O U:
How are people using the environment? What is the
role of the environment?
Environment
A E I O U:
Do you see any routines? Do you observe people special interactions between people? Between people and objects?
Interaction
A E I O U:
What’s there and being used or not used?
Objects
A E I O U:
Who are the users you are observing? What are their roles?
Are there any extreme users?
Users
the action of closely monitoring the behaviors and activities of users/potential customers
Observation
Observing people is where we hone our _______ skills
Empathy
is an interpretation of an event or observation that,
importantly, provides new information or meaning.
Insight
Observation is _____ while Insight is _____
What, Why
A thinking process most commonly used to solve complex problems, navigate uncertain environments, and create something that is new to the world.
Design Thinking
What are the Three Processes?
Idea Generation - Creativity - Opportunity Recognition
the problem or
opportunity that stimulates the quest for a solution.
Inspiration
Two primary tasks in inspiration
(1) Defining the design challenge
(2) Learning about the users you are designing for
a creative process that involves generating and developing new
ideas based on observations
Ideation
needs we do not know we have
Latent Needs
used to generate as many ideas as possible
Brainstorming
a process involving the testing of
assumptions of new ideas to continuously shape them into viable opportunities.
Implementation
creating an actual model of the product or service
Prototyping
involves acting in order to learn, try something new, learning from the attempt, and building that learning
Experimentation
The capacity not only to focus on new ideas but also to sustain them
Securing
The broadening or the acquisition of new skills that
enable people to generate ideas and share knowledge
Expanding
Involves the skills required to open ourselves to
diverse and fluctuating circumstances and events
Exposing
The process of building on past failures by braving new encounters
Challenging
An apparent way of generating profit through unique, novel
or desirable products or services that have not been previously
exploited
Opportunity
Three Main Characteristics of Opportunity
- Potential economic value
- Novelty or newness
- Perceived desirability
The first step in creating and identifying opportunities is?
Idea Generation
Method used by entrepreneurs in attempting to discover
existing opportunities
Active Search
The ability to identify opportunities in their environment
Alertness
Pre-existing information gained from a combination of life
and work experience
Prior Knowledge
The process of identifying links or connections between
apparently unrelated things or events
Pattern Recognition
A concept that assumes that opportunities exist
independent of entrepreneurs and are waiting to be
found
Finding Approach
A concept that assumes that opportunities do not exist
independent of entrepreneurs, but are instead a
product of the mind.
Building Approach
Ways to create new ideas?
Modify
Add
Repurpose
Combine
Separate
Making decisions in the Finding Approach is ____ while in the Building Approach, it is _____
Risky, Uncertain
