Podcast
Questions and Answers
What is the primary focus of idea assessment?
What is the primary focus of idea assessment?
- Conducting primary and secondary market research
- Identifying the entrepreneur's financial capability
- Developing a solution for a market need (correct)
- Assessing the competitive environment
What is not an element of a feasibility analysis?
What is not an element of a feasibility analysis?
- Entrepreneur's financial capability (correct)
- Macro environment forces
- Market research methods
- Competitive environment assessment
Which model is used to assess the competitive environment?
Which model is used to assess the competitive environment?
- PESTEL Analysis Model
- SWOT Analysis Model
- Boston Consulting Group (BCG) Matrix
- Porter’s Five Forces Model (correct)
What is the purpose of using an idea sketch pad in idea assessment?
What is the purpose of using an idea sketch pad in idea assessment?
What are the major elements of a financial feasibility analysis?
What are the major elements of a financial feasibility analysis?
Which aspect is assessed in the process of assessing entrepreneur feasibility?
Which aspect is assessed in the process of assessing entrepreneur feasibility?
What does a feasibility study aim to address?
What does a feasibility study aim to address?
Which of the following is NOT one of the six macro forces used to assess industry attractiveness?
Which of the following is NOT one of the six macro forces used to assess industry attractiveness?
What determines the attractiveness of an industry according to the text?
What determines the attractiveness of an industry according to the text?
What makes an industry more attractive based on the text?
What makes an industry more attractive based on the text?
What influences buyers' influence according to the text?
What influences buyers' influence according to the text?
What forces interact to determine the setting in which companies compete?
What forces interact to determine the setting in which companies compete?
What makes an industry more attractive based on the text?
What makes an industry more attractive based on the text?
What shapes the industry's future according to the text?
What shapes the industry's future according to the text?
Study Notes
Idea Assessment Focus
- Primary focus is evaluating the viability and potential success of business ideas.
Feasibility Analysis
- Elements not included in feasibility analysis typically involve emotional or subjective judgments.
Competitive Environment Model
- Porter's Five Forces model is commonly used to assess the competitive environment of an industry.
Idea Sketch Pad Purpose
- It serves as a tool to visualize and organize ideas, helping to distill and clarify concepts during assessment.
Financial Feasibility Analysis Elements
- Major elements include cost estimation, revenue projections, funding sources, and profitability potential.
Entrepreneur Feasibility Assessment
- Assesses the entrepreneur's skills, experience, and resource availability as well as their fit with the business idea.
Feasibility Study Objectives
- Aims to determine the practicality and likelihood of success of a proposed business venture.
Macro Forces in Industry Attractiveness
- Elements identified as macro forces typically include economic, social, technological, regulatory, and competitive factors; emotional intelligence does not qualify.
Industry Attractiveness Determinants
- Attractiveness defined by factors like market demand, competitive landscape, regulatory environment, and entry barriers.
Factors Enhancing Industry Attractiveness
- Key factors include strong customer demand, low competition, high profit margins, and favorable regulatory conditions.
Buyers' Influence
- Influenced by the number of buyers, availability of substitutes, and price sensitivity.
Competitive Setting Forces
- Market forces such as suppliers, customers, competitors, new entrants, and substitute products interact to shape competition.
Industry Future Shaping Factors
- The industry's future is shaped by emerging trends, technological advancements, and evolving consumer preferences.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge about conducting idea assessment, feasibility analysis, macro environment forces in an industry, and Porter’s Five Forces Model for assessing the competitive environment.
