Technology Entrepreneurship week 4 Flashcards
What is Design Thinking?
Design Thinking is a human-centered approach to solving problems that focuses on empathy, ideation, and iteration.
What are the phases of Design Thinking?
The phases are Inspiration, Ideation, and Implementation, focusing on problem identification and solution testing.
What is the key principle of Design Thinking?
It focuses on human-centered solutions, ensuring ideas address real customer needs through empathy.
What is the purpose of Empathy in Design Thinking?
Empathy is used to understand customer needs deeply, ensuring solutions are built with the user’s experience in mind.
What is Opportunity Evaluation?
Opportunity Evaluation is the process of analyzing a business idea to determine if it is feasible and has market potential.
What does Social Entrepreneurship aim to achieve?
Social Entrepreneurship aims to solve social and environmental problems while generating profit for long-term impact.
How does Ideation contribute to entrepreneurship?
Ideation involves brainstorming solutions to customer problems and identifying potential market opportunities.
What are the key components of Social Entrepreneurship?
It includes focusing on solving social issues, creating positive impact while maintaining profitability.
What role do entrepreneurs play in capitalist systems?
Entrepreneurs drive innovation and create new markets, products, or services that stimulate economic growth.
How does risk-taking benefit entrepreneurs in capitalist economies?
Risk-taking allows entrepreneurs to innovate and potentially achieve higher rewards, which drives competition.
What is Sustainable Competitive Advantage?
A Sustainable Competitive Advantage is a unique advantage that a company has that is difficult for competitors to replicate.
What are the types of Competitive Advantage?
These include Cost Leadership, Differentiation, and Niche Focus, each offering a unique market edge.
How can a business maintain a Sustainable Competitive Advantage?
Maintaining an advantage requires continuous innovation, customer focus, and a strong brand.
What are market dynamics and how do they affect growth?
Market dynamics include customer behavior, competition, and technological changes, which shape growth opportunities.
What are some strategies for sustained growth in competitive markets?
Strategies include constant innovation, responding to market changes, and expanding product offerings.
What is Value Perception?
Value Perception refers to how customers perceive the worth of a product, influenced by quality, reliability, and emotional factors.
What are the components of Value Perception?
Value includes functional, emotional, economic, and social value, all contributing to customer perceptions.
How can entrepreneurs shape Value Perception?
Entrepreneurs can shape perception through branding, marketing, and providing a superior customer experience.
What is a Value Proposition?
A Value Proposition explains why a customer should choose your product by highlighting the benefits and unique aspects.
What are the key components of a Value Proposition?
The key components are Customer Focus, Clarity, and Differentiation from competitors.
How does a Value Proposition help a business?
It helps a business communicate the benefits of its product and how it solves a customer’s problem better than competitors.
How can businesses test their Value Proposition?
Testing through surveys, focus groups, or market research helps refine the Value Proposition for better customer alignment.
What is the importance of market gap identification?
Identifying market gaps helps entrepreneurs target underserved segments, creating opportunities for growth.
What is the importance of customer feedback in refining a Value Proposition?
Customer feedback ensures the value proposition resonates with the market and addresses real customer needs.
What are the major types of value a product can offer (functional, emotional, etc.)?
A product can offer functional, emotional, economic, and social value, influencing the customer’s perception and purchase.
