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Sts > Sound Business Idea > Flashcards

Sound Business Idea Flashcards

1
Q

is an economic opportunity which is within the reach of the entrepreneur and which will provide him with a desirable value.

A

Sounds business ideas

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2
Q

is defined as “ the reorganization of experiences into new configurations. This will mean mentally taking things apart, rearranging the pieces in new and potentially productive arrangements, and looking beyond normal frameworks for new solutions.

A

Creativity

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3
Q

The creative process

A

Preparation
Incubation
Insight, and
Verification

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4
Q

The elements of creativity

A

Drive
Fluency
Flexibility
Originality
Awareness

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5
Q

It refers to the motivation, or willingness to repeat a process until the answer to a problem is obtained.

A

Drive

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6
Q

It refers to the ability of the creative person to come up with a lot of ideas regarding the problem under consideration. For example, if the problem relates to “ how one will cross a certain river” a listing of ideas by a creative person

A

Fluency

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7
Q

– It refers to thinking beyond a certain category of ideas. The person who first thought of catching fish with the use of electricity powered by a battery has flexibility. His thinking is highly flexible. Those whose thinking are flexible will concentrate in providing solutions not much different from what is practiced , i.e, the use of a net.

A

Flexibility

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8
Q

It refers to the ability to consider the use of rare and unusual ideas.

A

Originally

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9
Q

– It refers to the ability to see unsual connections between objects or things.

A

Awareness

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10
Q

Types of innovation

A
  1. product innovation
  2. process innovation, and
  3. marketing innovation
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11
Q

It refers to new products or services as well as improvements of old products or services.

A

Product innovation

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12
Q

– It refers to improvement of process in the organization

A

Process innovation

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13
Q

It refers to improvements in the marketing functions of promotion, pricing , distribution, packaging and advertising

A

Marketing innovation

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14
Q

The mgsr is determined by using the formula as follows

A

MGSR = (GPI +MOE)/GPM

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15
Q

Carpenter has devised some yardsticks for entrepreneurial success which is a formula he calls

A

Success probability factor (SPF)

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16
Q

The hpv is determined by using the formula as follows

A

HPV = MGSR/HPM

17
Q

New product
Setting process

A

Stage 1

18
Q

New product development process

A

Stage2

19
Q

is the average percentage difference between the cost of merchandise or products and the selling price.

A

GPM

20
Q

– Business is almost certain to fail

A

Less than 0.9

21
Q

Marginal business but can succeed with work.

A

0.9-1.0

22
Q

Good chance of success and may exceed goals.

A

1.0-1.5

23
Q

definite success, probably exceeding expectations

A

1.5-2.0

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