Technology Entrepreneurship week 3 Flashcards
Idea and Opportunity Recognition
What are the key methods of opportunity recognition?
Opportunity recognition involves methods like market analysis, risk management, and leveraging intellectual property.
What are the advantages and disadvantages of being a first mover in a market?
First movers benefit from time-to-market advantages but face challenges like unproven technology and customer education.
How do personal skills, hobbies, and activities help in identifying market gaps?
Personal skills, hobbies, and activities offer unique insights into market gaps by aligning personal strengths with unmet market needs.
What is the role of education and experience in opportunity recognition?
Education and experience provide knowledge, skills, and expertise to identify gaps and create opportunities in the market.
How can family history and interests contribute to recognizing market gaps?
Family history and interests can provide unique insights into potential market gaps that may not be obvious to others.
Why is conducting a skills inventory important for opportunity recognition?
Conducting a skills inventory helps entrepreneurs understand their strengths, weaknesses, and align their abilities with market opportunities.
What is gap analysis and how is it used in market research?
Gap analysis is used to compare current performance to desired outcomes and identify gaps that need to be filled in the market.
What are the key components of SWOT analysis for gap identification?
SWOT analysis involves identifying a business’s strengths, weaknesses, opportunities, and threats to discover market gaps.
How do stakeholder interviews help identify market gaps?
Stakeholder interviews offer insights into unmet needs, helping to uncover gaps in the market.
What role does competitive advantage play in market gap analysis?
Maintaining a competitive advantage is essential to sustaining success in a market over time.
What are the non-financial resources that should be considered in gap analysis?
Non-financial resources like contacts, geography, and knowledge play an important role in gap analysis and business success.
What is the importance of innovation in identifying new business ideas?
Innovation is crucial for identifying new business ideas by creating value through novel solutions.
How does problem-solving lead to business opportunities?
Successful problem-solving often uncovers gaps in the market that can be turned into business opportunities.
What is a business niche and why is it important?
A business niche is a focused, targetable portion of a market, and it’s important for standing out in a competitive environment.
What are some of the methods for finding a business niche?
Finding a business niche involves identifying personal strengths, market demand, and unfulfilled needs.
What is the difference between innovation, invention, and improvement?
Innovation creates new solutions, invention introduces something entirely new, and improvement enhances an existing product.
How can macro-trends help in opportunity recognition?
Macro-trends highlight large-scale changes in industries, helping entrepreneurs identify emerging opportunities.
How does recognizing a market gap help generate business ideas?
Recognizing a market gap helps generate business ideas by identifying unmet needs and opportunities for improvement.
What are the main principles of gap analysis in business?
Gap analysis identifies discrepancies between the current market state and desired goals, highlighting opportunities.
How does analyzing customer needs reveal potential market gaps?
Analyzing customer needs uncovers gaps in the market by understanding pain points and unmet demands.
What are the psychometric traits of successful entrepreneurs?
Traits such as risk tolerance, resilience, and adaptability are psychometric characteristics of successful entrepreneurs.
What role do education and family play in recognizing market opportunities?
Education and family provide context and background, influencing an entrepreneur’s ability to recognize opportunities.
How does self-inquiry help in identifying business opportunities?
Self-inquiry involves deep reflection on personal skills, values, and interests to identify potential business opportunities.
What are the common market gaps in industries that entrepreneurs often exploit?
Market gaps commonly arise from unmet customer needs, technological changes, and inefficiencies in existing solutions.
How does experience contribute to recognizing business ideas?
Experience contributes to recognizing ideas by providing context, knowledge, and industry-specific insights.
What are the steps involved in conducting a gap analysis?
Conducting a gap analysis involves identifying the current state, desired outcomes, and areas that need improvement.
Why is timing critical in opportunity recognition?
Timing is critical in opportunity recognition because being too early or too late can affect market success.
What are the advantages of recognizing macro-trends for opportunity identification?
Recognizing macro-trends helps entrepreneurs identify long-term opportunities and emerging markets.
How do skills, hobbies, and personal activities influence opportunity recognition?
Skills, hobbies, and personal activities reveal areas where entrepreneurs can create new products or services.
What is the purpose of a SWOT analysis in market gap research?
A SWOT analysis helps identify internal strengths and weaknesses, and external opportunities and threats in the market.
Why is feedback from stakeholders essential when performing a market gap analysis?
Feedback from stakeholders ensures the accuracy of the gap analysis and provides real-world insights into unmet needs.
How does a skills inventory help entrepreneurs align their strengths with market needs?
A skills inventory helps entrepreneurs align their unique abilities with market demands, increasing the likelihood of success.
What are the benefits of having a self-inquiry process when recognizing opportunities?
The self-inquiry process helps entrepreneurs reflect on their strengths and interests, leading to better-aligned business ideas.
How can education and work experience provide a foundation for opportunity recognition?
Education and work experience provide the foundational knowledge required to spot gaps and act on opportunities.
What are the key elements of opportunity recognition?
Key elements of opportunity recognition include market analysis, innovation, timing, and risk management.
What is the difference between gap analysis and SWOT analysis?
While gap analysis identifies performance gaps, SWOT analysis provides a holistic view of internal and external factors.
How can entrepreneurs leverage personal knowledge to find market gaps?
Entrepreneurs can leverage personal knowledge and insights to find gaps in markets they are familiar with.
What are common challenges entrepreneurs face when identifying market gaps?
Common challenges in identifying market gaps include competition, customer preferences, and financial limitations.
How can innovative problem-solving create new opportunities?
Using innovative problem-solving leads to the creation of unique solutions that address unmet market needs.
What are the key factors in identifying market trends?
Key factors in identifying market trends include technological shifts, customer behavior, and regulatory changes.
How does the combination of innovation and timing affect market success?
Combining innovation and timing can result in significant market success if the product meets current demand.
What is the role of risk management in opportunity recognition?
Risk management is critical in opportunity recognition to evaluate the potential downsides and manage uncertainties.
How do external factors like competition and customer behavior affect market gap analysis?
External factors like competition and customer behavior shape how businesses perform gap analyses and uncover opportunities.
