Technology Entrepreneurship week 4

Question 1

What is Design Thinking?

Answer 1

Design Thinking is a human-centered approach to solving problems that focuses on empathy, ideation, and iteration.

Question 2

What are the phases of Design Thinking?

Answer 2

The phases are Inspiration, Ideation, and Implementation, focusing on problem identification and solution testing.

Question 3

What is the key principle of Design Thinking?

Answer 3

It focuses on human-centered solutions, ensuring ideas address real customer needs through empathy.

Question 4

What is the purpose of Empathy in Design Thinking?

Answer 4

Empathy is used to understand customer needs deeply, ensuring solutions are built with the user’s experience in mind.

Question 5

What is Opportunity Evaluation?

Answer 5

Opportunity Evaluation is the process of analyzing a business idea to determine if it is feasible and has market potential.

Question 6

What does Social Entrepreneurship aim to achieve?

Answer 6

Social Entrepreneurship aims to solve social and environmental problems while generating profit for long-term impact.

Question 7

How does Ideation contribute to entrepreneurship?

Answer 7

Ideation involves brainstorming solutions to customer problems and identifying potential market opportunities.

Question 8

What are the key components of Social Entrepreneurship?

Answer 8

It includes focusing on solving social issues, creating positive impact while maintaining profitability.

Question 9

What role do entrepreneurs play in capitalist systems?

Answer 9

Entrepreneurs drive innovation and create new markets, products, or services that stimulate economic growth.

Question 10

How does risk-taking benefit entrepreneurs in capitalist economies?

Answer 10

Risk-taking allows entrepreneurs to innovate and potentially achieve higher rewards, which drives competition.

Question 11

What is Sustainable Competitive Advantage?

Answer 11

A Sustainable Competitive Advantage is a unique advantage that a company has that is difficult for competitors to replicate.

Question 12

What are the types of Competitive Advantage?

Answer 12

These include Cost Leadership, Differentiation, and Niche Focus, each offering a unique market edge.

Question 13

How can a business maintain a Sustainable Competitive Advantage?

Answer 13

Maintaining an advantage requires continuous innovation, customer focus, and a strong brand.

Question 14

What are market dynamics and how do they affect growth?

Answer 14

Market dynamics include customer behavior, competition, and technological changes, which shape growth opportunities.

Question 15

What are some strategies for sustained growth in competitive markets?

Answer 15

Strategies include constant innovation, responding to market changes, and expanding product offerings.

Question 16

What is Value Perception?

Answer 16

Value Perception refers to how customers perceive the worth of a product, influenced by quality, reliability, and emotional factors.

Question 17

What are the components of Value Perception?

Answer 17

Value includes functional, emotional, economic, and social value, all contributing to customer perceptions.

Question 18

How can entrepreneurs shape Value Perception?

Answer 18

Entrepreneurs can shape perception through branding, marketing, and providing a superior customer experience.

Question 19

What is a Value Proposition?

Answer 19

A Value Proposition explains why a customer should choose your product by highlighting the benefits and unique aspects.

Question 20

What are the key components of a Value Proposition?

Answer 20

The key components are Customer Focus, Clarity, and Differentiation from competitors.

Question 21

How does a Value Proposition help a business?

Answer 21

It helps a business communicate the benefits of its product and how it solves a customer’s problem better than competitors.

Question 22

How can businesses test their Value Proposition?

Answer 22

Testing through surveys, focus groups, or market research helps refine the Value Proposition for better customer alignment.

Question 23

What is the importance of market gap identification?

Answer 23

Identifying market gaps helps entrepreneurs target underserved segments, creating opportunities for growth.

Question 24

What is the importance of customer feedback in refining a Value Proposition?

Answer 24

Customer feedback ensures the value proposition resonates with the market and addresses real customer needs.

Question 25

What are the major types of value a product can offer (functional, emotional, etc.)?

Answer 25

A product can offer functional, emotional, economic, and social value, influencing the customer’s perception and purchase.