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

    Description

    Explore the critical aspects of identifying business opportunities in this quiz on entrepreneurial activities. Learn about the importance of market research, ideation, and creativity in building a successful venture. Assess various factors that influence business decisions and discover methods for finding opportunities in the market.

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