Podcast
Questions and Answers
What is the main goal of an idea assessment?
What is the main goal of an idea assessment?
Which tool is used to help entrepreneurs assess their business ideas?
Which tool is used to help entrepreneurs assess their business ideas?
How many key parameters does the idea sketch pad address?
How many key parameters does the idea sketch pad address?
What does the term 'funnel' refer to in the context of entrepreneurship?
What does the term 'funnel' refer to in the context of entrepreneurship?
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Which foundational macro force is associated with changes in societal norms and behaviors?
Which foundational macro force is associated with changes in societal norms and behaviors?
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What is one of the four interrelated components of a feasibility analysis?
What is one of the four interrelated components of a feasibility analysis?
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What does 'windshield' research involve?
What does 'windshield' research involve?
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Which generation is described as being more cautious with their spending due to economic uncertainties?
Which generation is described as being more cautious with their spending due to economic uncertainties?
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What is one effective way to gauge customer interest in a product?
What is one effective way to gauge customer interest in a product?
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What is a common cause of small business failure according to U.S. Bank?
What is a common cause of small business failure according to U.S. Bank?
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What is the primary focus of an idea assessment?
What is the primary focus of an idea assessment?
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Which of the following is NOT one of the five key parameters in the idea sketch pad?
Which of the following is NOT one of the five key parameters in the idea sketch pad?
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What does a feasibility analysis help determine?
What does a feasibility analysis help determine?
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What foundational macro force can significantly impact industries?
What foundational macro force can significantly impact industries?
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Which generation is characterized by a more realistic view of finances due to economic uncertainties?
Which generation is characterized by a more realistic view of finances due to economic uncertainties?
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Study Notes
Idea Assessment
- Goal: To evaluate market needs and entrepreneurial capabilities.
-
Tool: Idea sketch pad - Helps entrepreneurs assess ideas by addressing five key parameters:
- Customers
- Offering
- Value proposition
- Core competencies
- People
Entrepreneurship
- Funnel: Generating many ideas and narrowing them down to a few viable options.
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Feasibility analysis: Evaluates whether an idea should be pursued or abandoned. It includes four interrelated components:
- Product or service feasibility analysis
- Marketing feasibility analysis
- Operational feasibility analysis
- Financial feasibility analysis
- Windshield research: Observing customer behavior in real-world settings.
Foundational Macro Forces
- Socio-cultural: Impact changes in societal norms and behaviors, leading to the creation of new industries and changing consumer behavior.
- Technological advancements: Can lead to new products and industries, changing existing markets.
Generation Z
- Financial approach: More realistic view of finances due to economic uncertainties faced by previous generations.
Customer interest
- Assessment: In-home trials are effective in providing direct observation of how customers use a product.
Business Failure
- Common Cause: Running out of cash before breaking even, emphasizing the importance of financial planning.
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Description
This quiz evaluates key concepts in entrepreneurship, including market needs and the assessment of entrepreneurial ideas. It covers essential parameters such as customers, offerings, and feasibility analyses. Test your knowledge on how macro forces influence entrepreneurial ventures.
