Podcast
Questions and Answers
Which of the following best describes a 'good' in a business context?
Which of the following best describes a 'good' in a business context?
- A financial investment in the stock market.
- The overall reputation of a company.
- An item that people pay for and use. (correct)
- An intangible activity performed for a fee.
Which activity is typically classified as providing a service?
Which activity is typically classified as providing a service?
- Selling clothes in a retail store.
- Delivering goods. (correct)
- Manufacturing furniture.
- Growing agricultural products.
A business that produces customized furniture would be classified under which type of business?
A business that produces customized furniture would be classified under which type of business?
- Wholesaling
- Service Provision
- Retailing
- Manufacturing (correct)
Which of the following business types focuses on selling goods to other businesses rather than directly to consumers?
Which of the following business types focuses on selling goods to other businesses rather than directly to consumers?
What is the primary focus of a retail business?
What is the primary focus of a retail business?
If someone starts a business offering school bus services, under which category does this fall?
If someone starts a business offering school bus services, under which category does this fall?
Which field of business would a vegetable farm fall under?
Which field of business would a vegetable farm fall under?
A cement distributor is MOST accurately classified under which type of business?
A cement distributor is MOST accurately classified under which type of business?
Which of the following is an example of a 'tie-based source' for opportunity recognition?
Which of the following is an example of a 'tie-based source' for opportunity recognition?
Which of these is considered a 'non-tie-based source' of opportunities?
Which of these is considered a 'non-tie-based source' of opportunities?
According to the material, what is the role of 'SCAMPER' in business innovation?
According to the material, what is the role of 'SCAMPER' in business innovation?
In the SCAMPER technique, what does the 'Substitute' step involve?
In the SCAMPER technique, what does the 'Substitute' step involve?
Which SCAMPER technique involves joining elements or ideas together?
Which SCAMPER technique involves joining elements or ideas together?
What is the focus of the 'Adapt' step in the SCAMPER technique?
What is the focus of the 'Adapt' step in the SCAMPER technique?
Which SCAMPER technique is MOST focused on reducing waste and complexity?
Which SCAMPER technique is MOST focused on reducing waste and complexity?
In the context of SCAMPER, what does 'Reverse' primarily aim to achieve?
In the context of SCAMPER, what does 'Reverse' primarily aim to achieve?
Which cognitive attribute is LEAST directly associated with opportunity recognition, according to the presented characteristics of entrepreneurs?
Which cognitive attribute is LEAST directly associated with opportunity recognition, according to the presented characteristics of entrepreneurs?
An entrepreneur decides to start a business based solely on a 'Gut Feeling', disregarding market research or advice from others. Which entrepreneurial characteristic is MOST likely underdeveloped in this scenario?
An entrepreneur decides to start a business based solely on a 'Gut Feeling', disregarding market research or advice from others. Which entrepreneurial characteristic is MOST likely underdeveloped in this scenario?
Imagine a company that initially sold only within its own country but successfully expanded its operations internationally. This expansion primarily leverages which type of knowledge, according to the 'Characteristics of Entrepreneurs'?
Imagine a company that initially sold only within its own country but successfully expanded its operations internationally. This expansion primarily leverages which type of knowledge, according to the 'Characteristics of Entrepreneurs'?
An entrepreneur identifies a new market need by combining their existing knowledge of consumer behavior with emerging technological trends. This scenario BEST exemplifies the synergistic application of:
An entrepreneur identifies a new market need by combining their existing knowledge of consumer behavior with emerging technological trends. This scenario BEST exemplifies the synergistic application of:
Flashcards
What is a good?
What is a good?
An item that people pay for and use, either made by yourself or bought for resale.
What is a service?
What is a service?
An action or activity performed for someone, who then pays for it.
Manufacturing
Manufacturing
Creates products, often using raw materials or components.
Wholesaling
Wholesaling
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Retailing
Retailing
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Service Provision
Service Provision
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What is SCAMPER?
What is SCAMPER?
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SCAMPER: Substitute
SCAMPER: Substitute
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SCAMPER: Combine
SCAMPER: Combine
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SCAMPER: Adapt
SCAMPER: Adapt
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SCAMPER: Modify
SCAMPER: Modify
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SCAMPER: Put to another use
SCAMPER: Put to another use
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SCAMPER: Eliminate
SCAMPER: Eliminate
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SCAMPER: Reverse
SCAMPER: Reverse
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Study Notes
- Entrepreneurship and Innovation are the topics covered
What is a Business?
- A business involves goods and/or services
- There are different types of businesses and fields of businesses
Goods
- Goods are items that people pay for and use
- Goods can be things made or bought for resale
- Tools, baked goods, clothes, and retail items are examples
Services
- Services are actions performed for people in exchange for payment
- Delivering goods, banking, and babysitting are examples of services
Types of Businesses
- Manufacturing: Making products
- Wholesaling: Selling goods in bulk to retailers
- Retailing: Selling goods directly to consumers
- Service Provision: Offering services to customers
Fields of Businesses
- Agriculture, construction, transportation, clothes
- Within these fields, types of businesses include manufacturing, wholesaling, providing service, and retailing
Where Do Business Ideas Come From?
- Business ideas come from possible business fields and types
- They originate in interests, experience, business networks and preferences
Characteristics of Entrepreneurs
- Entrepreneurs possess prior knowledge, alertness, and activeness
- Prior knowledge includes experience, industry, internationalization, and market-specific knowledge, along with vision
- Alertness includes high intelligence, creativity, and optimism
- Activeness includes personal contacts and public information
Opportunity Recognition
- Sources of opportunities are categorized into tie-based and non-tie-based sources
- Tie-based sources include social and business networks
- Non-tie based sources include formal search, fair-based, and advertising-based methods, plus serendipity
SCAMPER Technique
- SCAMPER is a creativity-enhancing tool to help people think outside the box
- SCAMPER helps to develop creative ideas to improve existing products, services, or processes
- It can be a starting point for future development or fixing issues with existing items
- SCAMPER, along with brainstorming, generates next-level creative possibilities
SCAMPER Acronym
- Substitute: Replace a part, material, or process with something else
- Combine: Join elements, ideas, or functions together in new ways
- Adapt: Modify something to better suit a new purpose, person, or context
- Modify: Enlarge, reduce, change the shape, or alter attributes
- Put to another use: Rather than changing the thing itself, consider changing the context in which it exists
- Eliminate: Remove elements, simplify, or pare down to essentials
- Reverse: Flip the script, re-order priorities, invert cause and effect, and turn it all upside-down
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