19 Questions
What is the difference between idea generation and opportunity recognition?
Idea generation is a creative process, while opportunity recognition is a structured one.
What is a key step in identifying a business opportunity?
Evaluating ideas
What are some sources that can help generate ideas in the process?
Professional networks and internet
What did Archimedes discover during a bath?
The principle of water displacement
What did Schumpeter describe in his theory of creative destruction in 1912?
Market disequilibrium theory
What is the main focus of Chapter 2.9 'Exploiting opportunities: Market entry and marketing mix'?
Market entry and marketing mix
How are entrepreneurship, entrepreneurship, and technology management related in start-ups?
They are interrelated concepts in start-ups
What role do founding personalities play in start-ups?
They face special challenges
What is the demarcation of the customer according to Kim and Mauborgne (1999)?
Who buys and uses the product or service
In the case of Southwest Airlines, what was their main purpose in creating a new low-cost market space?
To beat the car, not the other airlines
What is one of the steps mentioned for applying the Market Space approach?
Recording the status quo of current border demarcations
What does 'recording of value curves' involve in the Market Space approach?
Capturing the current boundary setting in relation to industry, strategic group, customer, product, and emotionality/functionality
What is a consideration when deriving options for action in value curves?
Elimination of product properties
What do gyms for women position themselves between, according to the text?
High-end and minimalist offering
What was Southwest Airlines comparing its average travel cost to?
~USD 86 (Greyhound Bus) and ~USD 136.59 (Car)
What is one of the criteria used to evaluate individual options in the Market Space approach?
Identification of potential new markets for the defined options
What was the main purpose of Southwest Airlines when comparing its average travel cost to those of a car and a bus?
To establish a new low-cost market space in the airline industry
What is part of a product or service according to Kim and Mauborgne (1999)?
What is part of a product or service and what is not?
Based on the text, what was Southwest Airlines' focus when comparing its travel costs?
Not to compete with established airlines but to beat the car
This quiz covers various aspects of entrepreneurship in start-ups, including recognizing opportunities, evaluating opportunities, exploiting opportunities through business models, planning, resource acquisition, legal form choices, market entry, marketing mix, business growth, and exit strategies.
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