Module 2 Flashcards
What are the 5 sources of new ideas?
consumers, existing products and services, distribution channels, federal government, research and development
Potential entrepreneurs should also establish a method for monitoring and evaluating competitive products/services on the market.
existing products and services
founder of Walmart
Sam Walton
Potential and nascent entrepreneurs should always pay close attention to potential customers.
consumers
Members of the distribution channels are also excellent sources for new ideas reflecting their familiarity with the needs of the market.
distribution channels
source of new product ideas helps through the files of the Patent Office containing numerous new product possibilities; monitoring patent application
Federal Government
a formal endeavor connected with one’s current employment or an informal one in a basement or garage
research and development
Methods of Generating Ideas
focus group, brainstorming, brainwriting, problem inventory analysis
uses individuals in a manner analogous to focus groups to generate new product ideas
problem inventory analysis
created by Bernd Rohrbach at the end of the 1960s under the name Method 635 and differs from classical brainstorming by giving participants more time to think than in a brainstorming session, where the ideas are expressed spontaneously
brainwriting
stimulates people to be creative by meeting with others and participating in an organized group experience
brainstorming
groups of individuals providing information in a structured format
focus group
three things to consider to evaluate an entrepreneur
education, age, work history
Although some may feel that entrepreneurs are less educated than the general population, research findings indicate that this is clearly not the case
education
they are initiating their entrepreneurial career between ages 22 to 45; before and after these afes
Chronological Age
