Unit 2 Flashcards
What is entrepreneurial opportunity search?
It is the process of identifying potential business ideas and market gaps.
According to Peter Drucker, where do entrepreneurial opportunities come from?
They arise from environmental changes and innovations.
What concept did Joseph Schumpeter introduce related to entrepreneurship?
The concept of creative destruction.
What is the focus of Mitchell’s approach to opportunity recognition?
Using cognitive frameworks to identify business opportunities.
What is the purpose of brainstorming in entrepreneurship?
To generate and explore new business ideas through group discussions.
What does ideation mean in the context of business startups?
It is the process of creating and refining new business ideas.
What are venture choices in entrepreneurship?
Decisions regarding different business models and market entry strategies.
What are the four main types of economies?
Traditional, market, command, and mixed economies.
What are the Six Forces of Change?
Technology, globalization, policy, demographics, society, and environment.
What is the purpose of conducting a feasibility study?
To evaluate whether a business idea is practical and likely to succeed.
What is project finalization?
The process of refining and confirming business plans before launch.
Why is identifying sources of information important for entrepreneurs?
It helps in conducting market research and understanding customer needs.
What does scaling a venture mean?
Expanding a business while maintaining operational efficiency.
What role do startup mentors play?
They provide guidance, industry knowledge, and strategic support.
What are common reasons for new venture failures?
Poor market research, lack of capital, and weak leadership.
How do consultancy organizations promote entrepreneurship?
By providing training, resources, and financial assistance.
What is Design Thinking?
A human-centered approach to problem-solving through innovation.
What are the five phases of the Design Thinking process?
Empathize, define, ideate, prototype, and test.
How does Schumpeter’s theory relate to innovation?
It highlights how innovation disrupts existing markets through creative destruction.
What are some key sources of information for entrepreneurs?
Market research reports, customer feedback, industry data, and competitor analysis.
What is the purpose of preparing for change with startup mentors?
To navigate uncertainties and adapt to evolving market conditions.
How can entrepreneurs mitigate the risk of new venture failure?
Through thorough planning, market research, and effective resource management.
What role do consultancy organizations play in supporting new ventures?
They provide expertise, business strategies, and financial guidance.
Why is customer-centricity important in Design Thinking?
It ensures solutions address real user needs and enhance user experiences.
What is the role of prototyping in the Design Thinking process?
It allows for testing and refining ideas through iterative feedback.
