Entrepreneurship Lesson 2: Business Opportunities

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Questions and Answers

What is a sound business idea primarily characterized by?

  • Popularity among other entrepreneurs
  • Feasibility and desirable value (correct)
  • High potential for immediate profit
  • Unique market trends

What is the first step in determining the best business idea?

  • Screening Business Ideas
  • Final Selection
  • Evaluation of Market Demand
  • Preparation of the Procedure (correct)

Which of the following is NOT a method under unanticipated means for generating business ideas?

  • Work
  • Customer Request (correct)
  • Hobbies
  • Chance Event

What is one of the methods for deliberate search when generating business ideas?

<p>Using Search Questions (C)</p> Signup and view all the answers

Which method for searching business ideas involves leveraging existing concepts from others?

<p>Idea Prompting (D)</p> Signup and view all the answers

What mindset should entrepreneurs adopt when generating business ideas?

<p>Let money follow their ideas (A)</p> Signup and view all the answers

Which of the following is a source of business ideas categorized as unanticipated means?

<p>Chance Events (B)</p> Signup and view all the answers

What is the purpose of screening business ideas?

<p>To eliminate irrelevant ideas (C)</p> Signup and view all the answers

Which of the following activities falls under deliberate search methods?

<p>Using Search Questions (D)</p> Signup and view all the answers

How can hobbies contribute to generating business ideas?

<p>As a source of unanticipated ideas (D)</p> Signup and view all the answers

Which of the following factors is NOT directly involved in the search for business opportunities?

<p>Government Regulations (B)</p> Signup and view all the answers

What is the initial step in the process of ideation?

<p>Identifying a problem (B)</p> Signup and view all the answers

What is the main difference between ideation and innovation?

<p>Ideation is about generating ideas, while innovation is about creating them (B)</p> Signup and view all the answers

Which of the following is NOT a step in market research?

<p>Developing a business plan (C)</p> Signup and view all the answers

What is the significance of evaluating a business opportunity based on 'individual interests'?

<p>It ensures that the business is aligned with the entrepreneur's passions and skills (D)</p> Signup and view all the answers

Which of the following is a characteristic of a successful business idea?

<p>It has the potential to serve a current and future market demand (D)</p> Signup and view all the answers

What is the role of creativity in the innovation process?

<p>Creativity is the starting point for an innovation process that brings ideas into reality (D)</p> Signup and view all the answers

Which of these options represents a 'home-based business option'?

<p>Establishing an online marketing agency (A)</p> Signup and view all the answers

What is the key role of market research in the search for a business opportunity?

<p>To provide data about the target market and its needs (D)</p> Signup and view all the answers

What is the main goal of evaluating a business opportunity based on 'manpower'?

<p>Assessing the availability of skilled workers in the area (B)</p> Signup and view all the answers

Flashcards

Entrepreneurial Activities

Actions taken to find and evaluate business opportunities.

Market Research Steps

A series of steps to study marketing problems systematically.

Ideation

The process of generating ideas for a business venture.

Creativity

An innate skill that helps generate new ideas and innovations.

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Innovation

The process of developing creative ideas into usable products or services.

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Evaluating Business Opportunity

Studying problems in marketing a product to find a viable business.

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Key Resources for Opportunity

Factors like markets, skills, and capital necessary for business success.

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Successful Entrepreneurs

Individuals whose business achievements can guide new entrepreneurs.

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Problem Area Response

Addressing an issue to find a business solution or opportunity.

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Home-Based Business Option

A small business setup from home, often with lower costs.

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Business Idea

An economic opportunity available to an entrepreneur that offers desirable value.

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Sound Business Idea

A well-grounded business concept that saves time, effort, and money for an entrepreneur.

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Preparation of Business Ideas

The initial step of generating a list of potential business concepts for evaluation.

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Screening Business Ideas

The process of evaluating potential business ideas to identify the best options.

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Final Selection

The concluding phase of choosing the most viable business idea from the screened options.

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Unanticipated Means

Methods of generating business ideas that occur unexpectedly, through various personal experiences.

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Deliberate Search

A proactive approach to generating business ideas through specific methods like questions or prompts.

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Using Search Questions

A method in deliberate search that involves asking targeted questions to uncover business ideas.

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Idea Prompting

A technique used in deliberate search to inspire new business ideas through various stimuli.

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Change for Excellence

The pursuit of innovation and high-quality outcomes in business rather than just profit.

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Study Notes

Lesson 2: The Search for Business Opportunity, Ideation, and Creativity

  • Entrepreneurial activities are crucial for finding business openings.
  • Market research is a process to analyze opportunities.
  • Ideation, innovation, and creativity are key concepts to create a successful business.
  • Factors to evaluate when discovering business opportunities include: markets, individual interests, capital, skills, suppliers of inputs, manpower, and technology.
  • Other methods to find opportunities include: looking at successful businesses and entrepreneurs, addressing problem areas, and considering home-based business options.
  • Market research steps include: defining the problem, preliminary investigation, planning research, gathering data, analyzing data, reaching conclusions, and implementing and evaluating decisions.

Ideation

  • Represents the initial stage of a business venture.
  • It is the very first investment in entrepreneurship.
  • Business-worthy ideas must have immediate and future market potential.

Creativity

  • A fundamental component of innovation, it's the source that inspires novel ideas.
  • Creativity is typically an innate attribute.
  • Social environments can influence the level and frequency of creative behavior.

Innovation

  • Involves doing something different, which might be introducing something new or different from the norm.
  • It's the capacity to generate ideas and transform them into usable goods and services.

Sound Business Idea

  • An economic opportunity within the entrepreneur's reach that offers value.
  • A strong understanding of a sound business idea allows entrepreneurs to maintain efficiency and conserve resources.

Procedure to Determine the Best Business Idea

  • Preparation of a list of business ideas
  • Screening of ideas
  • Final selection of ideas

Methods for Searching Ideas

  • Two broad categories of methods for idea generation: unanticipated means and deliberate search.

Unanticipated Means

  • Based on:
    • Work experiences
    • Hobbies
    • Acquaintances
    • Chance events

  • Based on:

    • Using search questions
    • Idea prompting (e.g., someone else's idea, customer requests, other events)

  • Key takeaway: Entrepreneurs shouldn't let money dictate ideas, rather, ideas should drive investment decisions.

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Related Documents

The Search for Business Opportunity, Ideation, and Creativity - Entrep 2 PDF

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