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Questions and Answers
What is an example of a domestic purpose for which drones can potentially be used?
What is an example of a domestic purpose for which drones can potentially be used?
In what way can drones contribute to delivering services in remote locations?
In what way can drones contribute to delivering services in remote locations?
Which factor can lead to new business and product opportunities according to the text?
Which factor can lead to new business and product opportunities according to the text?
What is an example of a political change mentioned in the text that can create new opportunities?
What is an example of a political change mentioned in the text that can create new opportunities?
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In what industry are several start-ups poised to commercialize the use of drones?
In what industry are several start-ups poised to commercialize the use of drones?
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How can drones potentially assist filmmakers?
How can drones potentially assist filmmakers?
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What type of change can lead to new business and product opportunities, as per the text?
What type of change can lead to new business and product opportunities, as per the text?
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What role does political change play in creating business opportunities?
What role does political change play in creating business opportunities?
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Entrepreneurship: Launching New Ventures 39 (Cont’d) mainly discusses:
Entrepreneurship: Launching New Ventures 39 (Cont’d) mainly discusses:
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What are some potential applications of drones mentioned in the text?
What are some potential applications of drones mentioned in the text?
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Study Notes
Recognizing Opportunities and Generating Ideas
- An opportunity is a favorable set of circumstances that creates a need for a new product, service, or business.
- Most entrepreneurial ventures are started in one of two ways:
- Externally stimulated: An entrepreneur decides to launch a firm, searches for and recognizes an opportunity, and then starts a business.
- Internally stimulated: An entrepreneur recognizes a problem or an opportunity gap and creates a business to address the problem or fill the identified gap.
The Differences Between Opportunities and Ideas
- Identifying a product, service, or business opportunity that isn’t merely a different version of something already available is difficult.
- A common mistake entrepreneurs make is picking a currently available product or service that they like or are passionate about, and then trying to build a business around a slightly better version of it.
Economic Forces
- Economic forces help determine areas that are ripe for new business ideas, as well as areas to avoid.
- These forces include:
- Consumer spending trends
- Housing starts
- International trade
- Interest rates
- When personal income is rising, consumers have more money to spend and are willing to buy discretionary products and services.
- When personal income is falling, people have less money to spend and are less willing to spend it.
Social Trends
- Changes in social trends alter how people and businesses behave and set their priorities.
- These changes affect how products and services are built and sold.
- Examples of social trends that are currently affecting how individuals behave and set their priorities include:
- The continual migration of people from small towns and rural areas to cities
- The aging of the population
- The increasing interest in social networking sites
Government Regulations
- On some occasions, entire industries hinge on whether certain government regulations evolve in a manner that is favorable to the industry.
- Examples of government regulations that can affect business opportunities include:
- Regulations surrounding the use of drones
- Political instability and new policies
Techniques for Generating Ideas
- There are several techniques for generating ideas, including:
- Evaluating economic forces and social trends
- Identifying areas that are ripe for new business ideas
- Recognizing problems or opportunity gaps and creating a business to address them.
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Description
Test your knowledge on Chapter 2 from the ENT 101 course - Entrepreneurship Successfully Launching New Ventures. Explore topics such as differences between opportunities and ideas, ways to identify opportunities, and personal characteristics of entrepreneurs.
