Module 1

Question 1

Innovators are:

Answer 1

1) curios and questioning
2) intuitive and imagining
3) innovative
4) day dreamer
5) enjoys change

Question 2

Causes of Change

Answer 2

1) technology
- shift from industrial to knowledge based economy
- global connectivity
- deconstruction of value chains
- decreasing fixed costs

2) increased competition
- global competition
- moving from economies of scale & scope to market niches

3) social trends
- entrepreneurs as a lifestyle choice
- great accountability

Question 3

Start up typologies

Answer 3

1) gig workers (Uber)
2) salary ( substitute firms)
3) lifestyle (nutrimetics)
4) entrepreneurial firms
5) serial entrepreneurs

Question 4

Discover new skills

Answer 4

1) network
- find/test ideas
2) observe others
- potential customers and competition
3) questioning
- common wisdom (ask why and why not)
4) experimenting
- trying things out
5) associating
- seemingly unrelated things

Question 5

Spotting opportunities

Answer 5

1) think inside the box
2) list attributes of certain products/services
3) brainstorm how these attributes can be improved
4) develops and refine opportunities using mind maps

Question 6

How to explore existing products

Answer 6

1) subtraction
- subtract product features not valued
2) division
- dividing out the functions of a product
3) task unification
- bring together multiple tasks to one product
4) attribute dependency
- correlating 2 or more apparent unrelated attributes