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The Entrepreneurial Mind > Module 1 Session 3 > Flashcards

Module 1 Session 3 Flashcards

1
Q

key component of entrepreneurship.

A

OPPORTUNITY

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2
Q

situations in which new goods, service, raw materials, markets and organizing methods can be introduced through the formation of new means, ends, or means-ends relationship

A

opportunity

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3
Q

vary largely in complexity and characteristics and so the process through which they are identified

A

opportunity

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4
Q

two types of opportunity

A

Tacit Opportunity
Codified Opportunity

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5
Q

a type of opportunity that is described as a situation that is difficult to codify, articulate or communicate, in which a person can create a new means-ends framework for recombining resources.

A

Tacit Opportunity

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6
Q

a type of opportunity that is described as a situation that is well-documented, articulated or communicated, in which a person can create a new means-ends framework for recombining resources

A

Codified Opportunity

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7
Q

_____ may be the chance to meet a _____ (or interest or want) through a creative combination of resources to deliver superior value.

A

Opportunity, market need

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8
Q

______ is the the progenitor of both personal and societal wealth

A

Opportunity Recognition

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9
Q

what are the three distinct process in opportunity recognition

A
  1. Sensing or perceiving market needs and/or underemployed resources.
  2. Recognizing or discovering it a “fit” between particular market needs and specified resources
  3. Creating a new “fit” between heretofore seperate needs and resources in the form of business concept.
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10
Q

it is the key to the engine that starts new businesses.

A

Identification of Opportunities

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11
Q

they argue that understanding the opportunity identification process is one of the primary questions within the province of entrepreneurship.

A

Venkataraman (1997 and Gaglio and Katz (2001)

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12
Q

they realized in their work that if different types of opportunities are identified, it is necessary to bring the entrepreneur back into the picture to understand the relationship between the type of opportunity and the entrepreneurial process.

A

Smith, Matthews and Schenkel (2006) and Shane (2003)

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13
Q

Other researchers like Baum, Locke, and Smith (2001) and Rauch and Frese (2000) have pointed out that _____ remains an important general predictor of ______, once specific mediating factors are considered.

A

personality, entrepreneurial behavior

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14
Q

Difference Between Wishes and Goals

A

Wishes are imagined future states. In contrast to wishes, goals are objects or aims of actions (Locke & Latham, 2002). So, goals indicate the steps to take to make the wishes come true.

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15
Q

It is is something that we want to achieve

A

Goal

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16
Q

It is specific, measurable occurrence, object, or accomplishment that one would like to achieve, or obtain in the future

A

Goal

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17
Q

It is one where you develop concrete action plans to take you to where and what you want in the future

A

Goal

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18
Q

is an investment in yourself; it clearly identifies what you want, how you will get it, and when you will get it

A

Goal Statement

19
Q

Brunstein and Gollwitzer (1996), in their research, pointed out the importance of self defining goals as they do ______ some people. That is why it is important for any entrepreneur to set goals that may act as _____ in the opportunity identification process and their businesses

A

motivate, motivators

20
Q

Characteristics Of Goals (SMART)

A

Specific
Measurable
Achievable
Realistic
Time-bound

21
Q

Identify the 6 techniques in opportunity identification

A

PERSONAL EVALUATION
PERSONAL GOALS
PROBLEM- SOLVING
NEEDS
CREATIVITY
BRAINWRITING

22
Q

Identify the specific technique in opportunity identification

It is the process of exploring and evaluating yourself, specifically your skills, abilities, traits, personality, or performance

A

PERSONAL EVALUATION

23
Q

Identify the specific technique in opportunity identification

It is something that we want to achieve. It is specific, measurable occurrence, object, or accomplishment that one would like to achieve, or obtain in the future. It is one where you develop concrete action plans to take you to where and what you want in the future

A

PERSONAL GOALS

24
Q

Identify the specific technique in opportunity identification

The role of prior knowledge has been identified as an important individual difference in the identification of entrepreneurial opportunities. Prior knowledge creates a knowledge corridor that allows people to recognize certain opportunities (Venkataraman, 1997; Hayek, 1945).

A

PROBLEM- SOLVING

25
Q

Identify the specific technique in opportunity identification

People will always have needs a human need is a basic requirement that a person wishes to satisfy. Needs are basic parts of human life, and are therefore not created by businesses.

A

NEEDS

26
Q

Identify the specific technique in opportunity identification

is a key to the development of both new and existing businesses, especially for those who want to grow towards a profitable business.

A

CREATIVITY

27
Q

Identify the specific technique in opportunity identification

It is a method where a person writes whatever comes to mind.

A

BRAINWRITING

28
Q

Identify the specific technique in opportunity identification

At times, metaphors can also be in the process. When doing _____ the rules are that ideas should not be evaluated. You should not be too critical, all ideas are allowed, even absurd or foolish ones.

A

brainwriting

29
Q

______ is typically used to refer to the act of producing new ideas, approaches or actions, while _____ is the process of both generating and applying such creative ideas in some specific context.

A

creativity, innovation

30
Q

______ can be a powerful tool to identify your goals, the resources you can use to achieve them, and possible barriers to progress

A

PERSONAL EVALUATION

31
Q

IMPORTANCE OF PERSONAL EVALUATION

A
  • By evaluating their own strengths, interests, and abilities, entrepreneurs can identify opportunities that align with their personal goals and skill set. This can increase the chances of success by allowing the entrepreneur to use their existing expertise and experience.
  • Personal evaluation can also help entrepreneurs to identify potential challenges or obstacles that may need to be addressed.
  • Help to ensure that the entrepreneur remains motivated and engaged throughout the entrepreneurial process
32
Q
  • are defined as character traits or skills that are considered positive
  • include knowledge, attributes, skills, and talents
A

Strengths or Personal Abilities

33
Q

examples of strengths or personal abilities

A

a. Enthusiasm
b. Trustworthiness
c. Creativity
d. Discipline
e. Patience
f. Respectfulness
g. Determination
h. Dedication
i. Honesty
j. Versatility

34
Q

activities, topics, or ideas that a person has a natural curiosity for or enthusiasm towards

A

Interest

35
Q

examples of interests

A

History
Kpop
Mobile Games
Fashion
Makeup
Music
Sports
Anime
Photography
Arts

36
Q
  • activity that one engages in for pleasure or relaxation during their leisure time
  • is often a more specific activity that one enjoys doing and can be an expression of one’s interests.
A

Hobbies

37
Q

examples of hobbies

A

Reading
Baking
Sewing
Hiking
Traveling
Vlogging
Dancing
Crochet
Gaming
Bowling

38
Q

BUSINESSES THAT CAN BE FORMED USING SIH

A

Kpop- Kpop Merch Store
Makeup- Makeup Line
Fashion- Clothing Line
Sports- Gyms
Photography- Event Photography
Sewing- Tailoring Business
Dancing- Dance Studios
Bowling- Bowling Centers
Baking- Bakery
Gaming- Game Designing

39
Q

types of goals

A

a. Short-term goals- are usually those that take less than a year to achieve
b. Medium-term goals - take between one and 10 years.
c. Long-term goals - may take more than a decade to achieve.

40
Q

Identify the specific technique in opportunity identification

Absorb yourself in your industry and continually educate yourself on the latest techniques and trends.

A

OBSERVING TRENDS

41
Q

Identify the specific technique in opportunity identification

Analyzing your competitors will help you identify key business opportunities to expand your market reach and develop your products and services.

A

COMPETITIVE ANALYSIS

42
Q

Opportunities can be identified through other ways like:

A
  • Existing product/service provider weaknesses
  • Application of existing products or new functions
  • Cross-border limitations
43
Q

Definitions of creativity are typically descriptive of activity that results in:

A
  • producing or bringing about something partly or wholly new;
  • investing an existing object with new properties or characteristics; imagining new possibilities that were not conceived of before and;
  • seeing or performing something in a manner different from what was thought possible or normal previously.

The Entrepreneurial Mind (4 decks)

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