opportunities

Question 1

idea generation

Answer 1

production of ideas for something new

Question 2

creativity

Answer 2

production of ideas for something new that is also potentially useful

Question 3

opportunity recognition

Answer 3

recognition that ideas are not only new and potentially useful, but also have the potential to generate economic value

Question 4

innnovation

Answer 4

-process by which entrepreneurs convert opportunities (ideas) into marketable solutions
-combination of the vision to create a good idea and the perseverance and dedication to remain with the concept through implementation
-key function in the entrepreneurial process
-specific function of entrepreneurship

Question 5

entrepreneurial mindset

Answer 5

-positions entrepreneurs to identify opportunities
-openness to new ideas, new goals, and new ways of attaining them
-sees opportunity where others see chaos and confusion

Question 6

opportunity

Answer 6

envisioning how a product or service can generate VALUE

Question 7

idea constituting an opportunity must

Answer 7

-be new or unique
-involve something that people need or desire
-solve a problem

Question 8

opportunity identification

Answer 8

-an opportunity can be many things: products or services, among others
-favorable opportunities are those that are:
1) valuable: there is a market for customers
2) rare: they are a novelty for customers
3) fit: they are made based on skills and knowledge of the founding team
4) costly to imitate: those which create barriers for other entrepreneurs

Question 9

search process to identify opportunites

Answer 9

1) search for business opportunities through a process of identification and selection, beginning with self-developed (or group-developed) ideas
2) use essentially the same process but starting with research on hot businesses, or growth areas
3) have an idea for a product or service and searches for a market

Question 10

innovation (dimension)

Answer 10

high value and usefulness
high degree of novelty

Question 11

invention (dimension)

Answer 11

low value and usefulness
high degree of novelty

Question 12

improvement (dimension)

Answer 12

high value and usefulness
low degree of novelty

Question 13

irrelevant (dimension)

Answer 13

low value and usefulness
low degree of novelty

Question 14

making an idea a reality

Answer 14

time
resources
commitment
work