Week 2 (Chapter 2)

Question 1

Idea

Answer 1

A thought, an impression, or a notion. An idea may or may not meet the criteria of an opportunity.

> > An idea has the potential to become an opportunity. Many entrepreneurial ventures fail because there was no real opportunity to begin with.

Question 2

Opportunity

Answer 2

A favorabel set of circumstances that creates a need for a new product, service or business

Question 3

When entrepreneurs recognize an opportunity and turn it into a successful business, what is essentially?

Answer 3

Recognize and Create

Question 4

Recognize

Answer 4

Opportunities are out there you just need to find them. Find a problem and create a solution and business to fill the “opportunity gap”

Question 5

Create

Answer 5

The entrepreneur creates a new need (a solution (product/service) without a problem) and exploits it.

Question 6

Four Essential Qualities of aan Opportunity

Answer 6

1. Attractive
2. Durable
3. Timely
4. Anchored

Question 7

Attractive

Answer 7

Is there a need or can one be created?

Question 8

Durable

Answer 8

Is it a short-term or long-term opportunity?

Question 9

Timely

Answer 9

Is there a trend or related innovation for the opportunity?

Question 10

Anchored

Answer 10

Does it complement, enhance, extend, improve on?

Question 11

Window of opportunity.

Answer 11

A metaphor describing the time period in which a firm can realistically enter a new market.

Question 12

Sources and approaches?

Answer 12

1. Observing trends
2. Solving a problem
3. Finding gaps in the marketplace

Question 13

Observing trends

Answer 13

• Social trend
• Technological advances and trends
• Regulations and political trends

Question 14

Social trend

Answer 14

Changes in that people thinks is “in”?

An understanding of the impact on social forces on trends and how they affect new product, service, and business ideas is a fundamental piece of the opportunity. recognition puzzle.

Question 15

Technological advances and trends

Answer 15

New uses for old technologies

Advances in technology frequently dovetail with economic and social changes to create opportunities

Question 16

Regulations and political trends

Answer 16

Political and regulatory. changes also provide the basis for business ideas.

e.g. new laws often spur start-ups that are launched to take advantage of their specifications.

Question 17

Social ventures

Answer 17

(a new type of entrepreneurial venture)
Are launched for the purpose of solving a range of social problems including poverty, hunger, and aa lack of access to services such as water and electricity.

Question 18

Gaps in the market place

Answer 18

Problem gaps in the marketplace represent potentially viable business opportunities gaps in the marketplace, are commonly recognized when people become frustrated because they can’t find a product or service they need and recognize that other people feel the same way.

Question 19

Opportunity recognition

Answer 19

Refers to the process of perceiving the possibility of a profitable new business or a new product or service. That is, an opportunity that cannot be pursued until it’s recognized.

Question 20

Personal characteristics and identifying opportunities

Answer 20

1. Prior experience - can help
2. Cognitive factors - some are innate some are learned
3. Network entrepreneurs

Question 21

Entrepreneurial alertness

Answer 21

The ability to notice things without engaging in deliberate search