Podcast
Questions and Answers
What phase does the Gartner hype cycle NOT include?
What phase does the Gartner hype cycle NOT include?
- Trough of Disillusionment
- Peak of Inflated Expectations
- Innovation Trigger
- Maturity Plateau (correct)
Which method is NOT recommended for gathering informal research on a business idea?
Which method is NOT recommended for gathering informal research on a business idea?
- Asking coworkers about their preferences
- Conducting surveys with potential customers
- Consulting family about past purchases
- Hiring a market research firm (correct)
In a B2C model, who are the primary customers?
In a B2C model, who are the primary customers?
- Corporate clients
- Government agencies
- Individual consumers (correct)
- Intermediary businesses
Which of the following is NOT a way for a content site to generate revenue?
Which of the following is NOT a way for a content site to generate revenue?
What does the 'Threats' section of a SWOT analysis evaluate?
What does the 'Threats' section of a SWOT analysis evaluate?
Which group is considered the least reliable when verifying a business idea?
Which group is considered the least reliable when verifying a business idea?
In social commerce, which action is NOT typically pursued for revenue generation?
In social commerce, which action is NOT typically pursued for revenue generation?
What is a primary characteristic of e-commerce applications?
What is a primary characteristic of e-commerce applications?
Which of the following questions is most relevant when assessing the 'Weaknesses' in a SWOT analysis?
Which of the following questions is most relevant when assessing the 'Weaknesses' in a SWOT analysis?
Which type of business primarily sells its products or services to other businesses?
Which type of business primarily sells its products or services to other businesses?
What is a significant advantage of internet-based businesses regarding product reach?
What is a significant advantage of internet-based businesses regarding product reach?
Which aspect of digital entrepreneurship allows individuals to start a business quickly?
Which aspect of digital entrepreneurship allows individuals to start a business quickly?
What is one of the primary incentives for owning a digital business?
What is one of the primary incentives for owning a digital business?
What factor contributes to the affordability of online businesses compared to traditional retail?
What factor contributes to the affordability of online businesses compared to traditional retail?
Which statement is true regarding novices entering digital entrepreneurship?
Which statement is true regarding novices entering digital entrepreneurship?
How does digital entrepreneurship support niche products?
How does digital entrepreneurship support niche products?
Which characteristic of running an online business promotes work schedule flexibility?
Which characteristic of running an online business promotes work schedule flexibility?
What demographic advantage does digital entrepreneurship provide?
What demographic advantage does digital entrepreneurship provide?
What is one benefit of using platforms like Amazon for starting an online store?
What is one benefit of using platforms like Amazon for starting an online store?
Which factor helps increase the potential for long-term success in digital entrepreneurship?
Which factor helps increase the potential for long-term success in digital entrepreneurship?
What is a primary benefit of conducting informal research with industrial professionals?
What is a primary benefit of conducting informal research with industrial professionals?
In the context of the Gartner Hype Cycle, which phase is NOT associated with the maturity of emerging technologies?
In the context of the Gartner Hype Cycle, which phase is NOT associated with the maturity of emerging technologies?
What is a characteristic of businesses operating under the B2B model?
What is a characteristic of businesses operating under the B2B model?
Which factor is NOT typically considered a threat in a SWOT analysis?
Which factor is NOT typically considered a threat in a SWOT analysis?
What typically characterizes a content site as a method to earn money?
What typically characterizes a content site as a method to earn money?
Which question is least effective when assessing the 'Opportunities' in a SWOT analysis?
Which question is least effective when assessing the 'Opportunities' in a SWOT analysis?
In social commerce, which of the following is considered a strategy to generate revenue?
In social commerce, which of the following is considered a strategy to generate revenue?
What is typically the first step in using informal research to verify a business idea?
What is typically the first step in using informal research to verify a business idea?
Which of the following represents a typical characteristic of e-commerce applications?
Which of the following represents a typical characteristic of e-commerce applications?
When determining the strengths of a business idea, which question should be prioritized?
When determining the strengths of a business idea, which question should be prioritized?
What is a major characteristic of niche products in e-commerce?
What is a major characteristic of niche products in e-commerce?
Which advantage does the Internet offer that contributes to financial independence for entrepreneurs?
Which advantage does the Internet offer that contributes to financial independence for entrepreneurs?
Which statement describes the operational cost advantages of running an online business?
Which statement describes the operational cost advantages of running an online business?
How does the Internet affect the demographic reach of online businesses?
How does the Internet affect the demographic reach of online businesses?
What factor contributes to the ease of entry for inexperienced entrepreneurs in digital entrepreneurship?
What factor contributes to the ease of entry for inexperienced entrepreneurs in digital entrepreneurship?
What aspect of online business operations allows flexibility in work schedules?
What aspect of online business operations allows flexibility in work schedules?
What is a common misconception among new entrepreneurs regarding online business?
What is a common misconception among new entrepreneurs regarding online business?
Which of the following indicates an advantage of using e-commerce platforms like eBay or Amazon?
Which of the following indicates an advantage of using e-commerce platforms like eBay or Amazon?
What limitation is lifted through digital entrepreneurship?
What limitation is lifted through digital entrepreneurship?
What benefit do older adults receive from digital entrepreneurship?
What benefit do older adults receive from digital entrepreneurship?
Flashcards
Unlimited Customer Reach
Unlimited Customer Reach
The internet allows businesses to reach a global audience, eliminating geographic limitations.
Affordability
Affordability
Starting an online business can be done with minimal upfront costs compared to traditional brick-and-mortar stores.
Flexible Schedule
Flexible Schedule
Online businesses offer flexibility in terms of working hours, allowing entrepreneurs to set their own schedule.
No Age Barriers
No Age Barriers
The internet provides a platform for entrepreneurs of all ages and experience levels to launch their businesses.
Signup and view all the flashcards
Niche Products
Niche Products
The internet allows entrepreneurs to sell niche products, targeting specific customer groups with unique needs.
Signup and view all the flashcards
Quick Start-Up
Quick Start-Up
Online marketplaces like eBay and Amazon provide easy-to-use tools and platforms for starting and running an e-commerce business.
Signup and view all the flashcards
Financial Freedom
Financial Freedom
Digital entrepreneurship offers the opportunity to create wealth and potentially achieve financial independence.
Signup and view all the flashcards
Variety of Ideas
Variety of Ideas
The internet supports diverse business ideas, providing possibilities for various business concepts to flourish.
Signup and view all the flashcards
E-commerce
E-commerce
Online commerce, or e-commerce, is the buying and selling of goods or services over the internet.
Signup and view all the flashcards
Accessible for Novices
Accessible for Novices
The internet makes the process of starting and running an online business accessible, even for beginners.
Signup and view all the flashcards
B2C (Business-to-Consumer)
B2C (Business-to-Consumer)
A business model where a company sells products or services directly to individual consumers for personal use.
Signup and view all the flashcards
B2B (Business-to-Business)
B2B (Business-to-Business)
A business model where a company sells products or services to other businesses.
Signup and view all the flashcards
Content Site
Content Site
A website that generates revenue by providing valuable content to users and charging a fee for access, often supplemented by advertising.
Signup and view all the flashcards
Social Commerce
Social Commerce
A form of e-commerce that leverages social media platforms to drive sales and generate revenue.
Signup and view all the flashcards
E-commerce Applications
E-commerce Applications
Software and technology designed to simplify and facilitate online business operations, such as inventory management or payroll.
Signup and view all the flashcards
SWOT Analysis
SWOT Analysis
A framework for evaluating the strengths, weaknesses, opportunities, and threats related to a business idea or venture.
Signup and view all the flashcards
Patent Protection
Patent Protection
The ability of a product or service to be protected legally, giving its owner exclusive rights to manufacture, use and sell for a specified period.
Signup and view all the flashcards
Production Cost
Production Cost
Cost associated with producing or acquiring a product or service, including materials, labor, and overhead.
Signup and view all the flashcards
Established Competitor
Established Competitor
A competitor that already offers a similar product or service in the market.
Signup and view all the flashcards
Informal Market Research
Informal Market Research
The process of gathering information from potential customers about their interest in a product or service, including their willingness to pay.
Signup and view all the flashcards
Global Reach
Global Reach
The ability to reach a global audience through the internet, breaking down geographical barriers.
Signup and view all the flashcards
Niche Product Marketing
Niche Product Marketing
Selling unique or specialized products to a specific group of customers with unique needs.
Signup and view all the flashcards
Low Startup Costs
Low Startup Costs
Starting an online business is easier and less expensive compared to traditional brick-and-mortar stores.
Signup and view all the flashcards
Easy Setup & Management
Easy Setup & Management
Online platforms and marketplaces streamline the process of setting up and managing an e-commerce business.
Signup and view all the flashcards
Financial Opportunity
Financial Opportunity
The internet offers the potential to create wealth and achieve financial independence through online business.
Signup and view all the flashcards
Diverse Business Concepts
Diverse Business Concepts
The internet supports a wide range of business ideas, making it a versatile platform for entrepreneurs.
Signup and view all the flashcards
Simple Sales Process
Simple Sales Process
The process of offering products and services for sale online, often made easier with user-friendly online tools and platforms.
Signup and view all the flashcards
Gartner Hype Cycle
Gartner Hype Cycle
A graphical representation developed by Gartner that shows the maturity, adoption, and social application of new technologies.
Signup and view all the flashcardsStudy Notes
Digital Entrepreneurship Key Points
- Wide Applicability: The internet supports many business models; virtually all ideas have potential, although some are better for long-term success.
- Niche Potential: Unique/custom products, even with low local demand, can find success online due to broader reach.
- Easy Start: Existing online platforms (e.g., eBay, Amazon) offer streamlined setup for webstores, payment processing, and inventory management.
- Financial Freedom: Online businesses hold the potential for significant income generation and wealth creation.
- Global Reach: Internet businesses transcend geographical limitations, allowing sales to anyone worldwide.
- Affordability: Online business start-up costs are typically low compared to traditional brick-and-mortar stores due to website accessibility and low maintenance.
- Flexible Schedule: Digital entrepreneurship offers flexible work hours, suitable for various schedules (part-time, full-time, seasonal).
- Beginner-Friendly: E-commerce platforms have become user-friendly, enabling entrepreneurs with minimal experience to quickly establish presence.
- All Ages Welcome: Online businesses offer opportunities for individuals of all ages, from retirees to teenagers.
- Existing Business Expansion: Existing businesses can utilize the internet to reach new clients and increase sales.
- Gartner Hype Cycle: A graphical representation of emerging technology maturity and adoption, with five phases illustrating the innovation lifecycle.
Business Types & Revenue Models
- B2C (Business-to-Consumer): Products or services for individual consumers.
- B2B (Business-to-Business): Products or services for other businesses (e.g., materials, supplies).
- Content Sites: Generate income via content fees or advertising.
- Social Commerce: Leveraging social media for sales and marketing.
- E-commerce Applications: Tools or technology that streamline online business operations (e.g., inventory, payment processing).
Researching Business Ideas
- Informal Research: Begin with feedback from friends, family, and colleagues to gauge early interest.
- Professional Input: Seek advice from industry specialists, investors, or experienced entrepreneurs.
- Customer Feedback: Gather direct insights from potential customers regarding needs and willingness to pay.
- Step 1: Friends, family and coworkers: Gather initial insights from close sources to assess viability, through questions like product/service awareness, purchase interest, and overall desirability.
- Step 2: Industrial professionals, investors, experts: Seek input from experienced professionals (e.g., small business administration, development centers, chambers, incubators) for expert advice.
- Step 3: Potential customers: Directly gauge customer interest, pricing expectations, and online purchase habits.
SWOT Analysis
- Strengths: Advantages of the product or service; potential for patent protection.
- Weaknesses: Production costs, supply chain challenges, difficulties involved.
- Opportunities: Use of new technologies, demand for the product or service, relevant policy changes.
- Threats: Competition, lower prices from competitors.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
