Podcast
Questions and Answers
According to Michelle Ferrier's definition, what activity is NOT typically involved in business ideation?
According to Michelle Ferrier's definition, what activity is NOT typically involved in business ideation?
- Coming up with new ideas
- Conducting research to challenge assumptions
- Brainstorming around problems that are identified
- Ignoring potential problems to focus on strengths (correct)
Within the 3S framework of opportunity, which sequence accurately represents the entrepreneurial process?
Within the 3S framework of opportunity, which sequence accurately represents the entrepreneurial process?
- Screening, Seeking, Seizing
- Screening, Seizing, Seeking
- Seeking, Screening, Seizing (correct)
- Seizing, Seeking, Screening
Which element is NOT considered part of the 'Anatomy of a Business Opportunity'?
Which element is NOT considered part of the 'Anatomy of a Business Opportunity'?
- Resources
- Methods (correct)
- Solution
- Problem
According to the material, what happens if one of the three essential parts of a business opportunity is missing?
According to the material, what happens if one of the three essential parts of a business opportunity is missing?
In the context of opportunity seeking, how do 'Discovery Theory' and 'Creation Theory' differ?
In the context of opportunity seeking, how do 'Discovery Theory' and 'Creation Theory' differ?
A potential entrepreneur is deciding whether to adopt the Discovery Theory or the Creation Theory. If they decide to use the discovery theory, what is the first step?
A potential entrepreneur is deciding whether to adopt the Discovery Theory or the Creation Theory. If they decide to use the discovery theory, what is the first step?
A tech company has developed a new Artificial Intelligence(AI). According to the 'Creation Theory', what is the immediate next step the company should take to find opportunity?
A tech company has developed a new Artificial Intelligence(AI). According to the 'Creation Theory', what is the immediate next step the company should take to find opportunity?
What is a key difference between the Discovery Theory and Creation Theory approaches to business opportunity?
What is a key difference between the Discovery Theory and Creation Theory approaches to business opportunity?
What is the main problem with creation theory?
What is the main problem with creation theory?
What is the importance of validating a business opportunity?
What is the importance of validating a business opportunity?
What happens if business opportunities get implemented without business discovery?
What happens if business opportunities get implemented without business discovery?
An entrepreneur develops an innovative eco-friendly product aimed at reducing plastic waste. Despite personal excitement and positive feedback from friends, sales are very low. What could have prevented the problem?
An entrepreneur develops an innovative eco-friendly product aimed at reducing plastic waste. Despite personal excitement and positive feedback from friends, sales are very low. What could have prevented the problem?
Which of the following is NOT a method for validating a business opportunity?
Which of the following is NOT a method for validating a business opportunity?
When screening valid opportunities, what primary factors should an entrepreneur consider beyond just whether the opportunity exists?
When screening valid opportunities, what primary factors should an entrepreneur consider beyond just whether the opportunity exists?
An entrepreneur is deciding between three potential business opportunities. All appear feasible and desirable. What aspect focuses on its long-term chance of success?
An entrepreneur is deciding between three potential business opportunities. All appear feasible and desirable. What aspect focuses on its long-term chance of success?
In the context of 'Opportunity Seizing,' what must an entrepreneur have already determined?
In the context of 'Opportunity Seizing,' what must an entrepreneur have already determined?
Opportunity-seizing involves what?
Opportunity-seizing involves what?
How might an entrepreneur apply the concepts of seeking, screening, and seizing to a real-world business scenario?
How might an entrepreneur apply the concepts of seeking, screening, and seizing to a real-world business scenario?
What is the initial step an entrepreneur takes when following the Discovery Theory to create a business?
What is the initial step an entrepreneur takes when following the Discovery Theory to create a business?
An entrepreneur has an idea for a mobile app that connects local farmers directly with consumers, cutting out the need for a middleman. Which part of the 'Anatomy of a Business Opportunity' does this describe?
An entrepreneur has an idea for a mobile app that connects local farmers directly with consumers, cutting out the need for a middleman. Which part of the 'Anatomy of a Business Opportunity' does this describe?
As a business owner, how do you validate that customers will follow through with buying global warming products?
As a business owner, how do you validate that customers will follow through with buying global warming products?
An investor's business went bankrupt as the hypothesis they were going off of was false. What should the company have done before continuing to invest?
An investor's business went bankrupt as the hypothesis they were going off of was false. What should the company have done before continuing to invest?
A student has the resources to create cookies or other baked sweets. According to the 'Creation Theory', what is the next step?
A student has the resources to create cookies or other baked sweets. According to the 'Creation Theory', what is the next step?
Why would an entrepreneur want to find opportunities?
Why would an entrepreneur want to find opportunities?
What are common reasons to validate a business opportunity?
What are common reasons to validate a business opportunity?
An entrepreneur would want to make sure that they are screening the valid opportunity; why would they do so?
An entrepreneur would want to make sure that they are screening the valid opportunity; why would they do so?
Which of the following is NOT a reason for an entrepreneur to take on a course of business ideation?
Which of the following is NOT a reason for an entrepreneur to take on a course of business ideation?
If one of the required parts of the Anatomy of a Business Opportunity is missing, what does this imply to an entrepreneur?
If one of the required parts of the Anatomy of a Business Opportunity is missing, what does this imply to an entrepreneur?
In business, what is the difference between opportunity-seeking discovery theory and creation theory?
In business, what is the difference between opportunity-seeking discovery theory and creation theory?
An entrepreneur is interested in starting a business using creation theory. Following with that definition, what is the first step they should take?
An entrepreneur is interested in starting a business using creation theory. Following with that definition, what is the first step they should take?
Opportunity-seizing is the step to 'mobilize the resources to address needs and opportunities.' Which of the statements below describes the best example of this definition?
Opportunity-seizing is the step to 'mobilize the resources to address needs and opportunities.' Which of the statements below describes the best example of this definition?
What is the most important part of validating a business opportunity before you seize and screen it?
What is the most important part of validating a business opportunity before you seize and screen it?
If no one has resources, this is a problem with _____ whereas if no one needs the product that problem would be a ______.
If no one has resources, this is a problem with _____ whereas if no one needs the product that problem would be a ______.
Entrepreneur A comes up with an idea and decides to invest a lot of money, but the business ends up going bankrupt. What could have prevented this?
Entrepreneur A comes up with an idea and decides to invest a lot of money, but the business ends up going bankrupt. What could have prevented this?
Following the definition, "Opportunity screening is the process of evaluating and filtering potential business ideas based on the feasibility, desirability, and viability," why is it important to follow this?
Following the definition, "Opportunity screening is the process of evaluating and filtering potential business ideas based on the feasibility, desirability, and viability," why is it important to follow this?
The validation process for a business opportunity should include:
The validation process for a business opportunity should include:
According to the materials, what is one of the key reasons for entrepreneurial failure?
According to the materials, what is one of the key reasons for entrepreneurial failure?
According to the materials, validation methods do NOT include which of the following
According to the materials, validation methods do NOT include which of the following
3S includes 1)Seeking, 2)Screening, and 3) Seizing. Define what does this mean?
3S includes 1)Seeking, 2)Screening, and 3) Seizing. Define what does this mean?
Flashcards
Business Ideation
Business Ideation
The process of generating, developing, and evaluating new business ideas.
3S of Opportunity
3S of Opportunity
This involves seeking, screening, and seizing opportunities.
Business Opportunity
Business Opportunity
A commercial chance to meet needs by providing a new product or service.
Resources (6Ms)
Resources (6Ms)
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Solution
Solution
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Problem
Problem
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Discovery Theory
Discovery Theory
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Creation Theory
Creation Theory
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Steps in Discovery Theory
Steps in Discovery Theory
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Steps in Creation Theory
Steps in Creation Theory
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Opportunity Screening
Opportunity Screening
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Validation Methods
Validation Methods
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Opportunity Seizing
Opportunity Seizing
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Study Notes
- Business Ideation is about coming up with a business idea
- Business ideation involves identifying problems and opportunities
- It also includes brainstorming and doing market research to test assumptions
3S of Opportunity
- Seeking, Screening, and Seizing
Anatomy of a Business Opportunity
- Resources are the Money, Machine, Manpower, Materials, Milieu, and Methods (6Ms)
- Solution is any Product (Goods or Services) that solves the problem
- Problem is Market's Needs or Wants
- A business opportunity requires all three parts: resources, solution, and problem
Opportunity Seeking and Theoretical Approaches
- Discovery Theory involves discovering a business opportunity in the market
- Creation Theory involves creating a business opportunity that the market will adopt
Discovery Theory Steps
- Find a market problem
- Think of a solution
- Check for the availability of resources
- The challenge here is “what if no one has the resources?" as it relates to Discovery Theory
- An example is a hungry market which needs apples, the solution is to sell apples.
Creation Theory Steps
- Check your available resources
- Think of products you can create from your resources
- Determine where your product is needed
- The challenge with this is “what if no one needs the product?" in relation to creation theory
- For example, being an accountant, you can offer accounting services to a market in need
Opportunity Screening
- Validation of business opportunities is important to avoid entrepreneurial failure
- Without business discovery, the opportunity is not yet validated
- Avoid jumping directly to creating a business plan
- Business opportunity screening involves evaluating potential ideas for feasibility, desirability, and viability
Validation Methods
- Includes data analysis
- Includes surveys
- Includes competitive analysis
- Includes user reviews
- Includes field research
- Surveys can be formal or informal
Opportunity Seizing
- Entrepreneurs must have an idea of where to put up the business
- They also need the means and methods to market the products and/or service
- Opportunity seizing means "mobilization of resources to address needs and opportunities” (Teece et al., 2016)
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