Entrepreneurship Module 2: Innovation
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Questions and Answers

Which approach is suggested to enhance creativity and innovation in design?

  • Limit brainstorming to one idea at a time
  • Only focus on achieving the right solution
  • Diversify and seek novelty (correct)
  • Follow established methods without deviation

What is emphasized as a key factor in defining goals and objectives?

  • Setting vague aspirations
  • Clearly defining your goals (correct)
  • Waiting until circumstances are perfect
  • Following trends without personal input

In the context of problem-solving, what should be challenged to seek new opportunities?

  • Successful past outcomes
  • Feedback from peers and mentors
  • Assumptions and established norms (correct)
  • Personal interests and passions

How are concepts useful in cognition?

<p>They categorize similar objects and ideas (D)</p> Signup and view all the answers

What is suggested as a way to discover your creative rhythm?

<p>Finding what you love to do (C)</p> Signup and view all the answers

Which characteristic of creativity involves having a passion for the subject?

<p>Intrinsic motivation (D)</p> Signup and view all the answers

According to Robert Sternberg, what is essential for creating novel ideas?

<p>Expertise in the subject matter (D)</p> Signup and view all the answers

What role does a creative environment play in creativity?

<p>Refines and supports creative ideas (A)</p> Signup and view all the answers

What is an example of a venturesome personality trait?

<p>Tolerating ambiguity and risk (B)</p> Signup and view all the answers

What defines a business opportunity in the context of entrepreneurship?

<p>A situation that allows for creating value (B)</p> Signup and view all the answers

What is the primary focus of entrepreneurship according to the content?

<p>To create and capture value from venture ideas (B)</p> Signup and view all the answers

Which of the following is NOT listed as a source of business ideas?

<p>Customer feedback on product use (D)</p> Signup and view all the answers

In the process of generating business ideas, what must an entrepreneur do to effectively find opportunities?

<p>Reach out to a wider audience and engage with people (D)</p> Signup and view all the answers

Which factor does NOT directly influence the search for business opportunities?

<p>Personal hobbies and interests (D)</p> Signup and view all the answers

What constitutes an idea in a business context according to the content?

<p>A business concept that results in tangible products or services (C)</p> Signup and view all the answers

Which problem-solving method involves guessing different possibilities until finding the correct answer?

<p>Trial and error (B)</p> Signup and view all the answers

What type of bias involves seeking evidence that supports one's ideas while ignoring contradictory information?

<p>Confirmation bias (C)</p> Signup and view all the answers

Which term describes the tendency to view an object only in terms of its usual function?

<p>Functional fixedness (B)</p> Signup and view all the answers

What is a characteristic of creative thinking skills?

<p>Seeking novelty and diversity (B)</p> Signup and view all the answers

Which problem-solving strategy guarantees a solution through a step-by-step procedure?

<p>Algorithm (C)</p> Signup and view all the answers

What is the term for looking at a problem from a stale perspective that limits innovative solutions?

<p>Mental set (B)</p> Signup and view all the answers

What ingredient for creativity refers to the internal drive and passion rather than external pressures?

<p>Intrinsic motivation (D)</p> Signup and view all the answers

Which heuristic involves judging the likelihood of events based on how well they match specific prototypes?

<p>Representative heuristic (B)</p> Signup and view all the answers

What is the main focus of process innovation?

<p>Implementing new or significantly improved production or delivery methods (C)</p> Signup and view all the answers

Which of the following best describes organizational innovation?

<p>The creation of new organizations and business practices (A)</p> Signup and view all the answers

What factor is NOT a driver for innovation?

<p>Higher profit margins (A)</p> Signup and view all the answers

Which of the following describes marketing innovation?

<p>Developing new marketing methods that improve product promotion or pricing (D)</p> Signup and view all the answers

Which of the following is NOT considered a source of business opportunities?

<p>Financial capital (D)</p> Signup and view all the answers

What has become a new condition for innovation in large firms?

<p>A reliance on small startups for new product development (A)</p> Signup and view all the answers

What are the two broad classifications of sources of business opportunities?

<p>Internal and External (B)</p> Signup and view all the answers

What emphasizes the need for solid portfolios of research projects?

<p>The speed and potential value of scientific progress (A)</p> Signup and view all the answers

What is a significant trend in innovation due to advancements in technology?

<p>A shift towards more radical innovations and top-line growth (C)</p> Signup and view all the answers

Which of the following questions should be asked to evaluate a new business concept?

<p>What produces the opportunity? (A)</p> Signup and view all the answers

What does business model innovation primarily involve?

<p>Changing the way business captures value (D)</p> Signup and view all the answers

According to Drucker, which source involves identifying gaps between reality and expectations?

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

What is a key factor in ensuring that a business opportunity aligns with the entrepreneur's goals?

<p>Consistency with strategy (D)</p> Signup and view all the answers

Which of the following is identified as a root of opportunity?

<p>Problems that can be solved (C)</p> Signup and view all the answers

What does the evaluation of a new business opportunity often require consideration of?

<p>Market trends (C)</p> Signup and view all the answers

Which of the following is a top major export of the Philippines?

<p>Coconut oil (A)</p> Signup and view all the answers

Flashcards

Process Innovation

Implementing new or improved production/delivery methods.

Marketing Innovation

Developing new marketing methods, improving product design/packaging, or promotion/pricing strategies.

Organizational Innovation

Creating new organizations, business practices, or organizational behavior.

Business Model Innovation

Changing how a business generates value, e.g., Compaq vs. Dell.

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Drivers of Innovation

Factors pushing for new developments, like increased competition and shorter product lifecycles.

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New Conditions for Innovation

Large firms rely on smaller companies for new product development, knowledge, and organizational renewal.

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New Developments in Innovation

Emphasis on commercializing scientific discoveries (especially in IT/bio-sciences), well-planned research portfolios, and university-industry partnerships.

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Radical Innovation

Searching for breakthroughs and significant growth in the market.

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Innovation Framework

A suggested process for generating innovative ideas, emphasizing taking risks, seeking novelty, and setting clear goals.

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Concept

A mental grouping of similar objects, events, ideas, etc., used to simplify thinking.

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Prototype

An example of a concept, which is used as a reference point for similar items or ideas.

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Problem Solving

The process of identifying challenges or opportunities, and finding innovative solutions.

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Cognitive Activities

Mental processes involving thinking, knowing, remembering, and communicating.

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Trial and Error

A problem-solving approach where solutions are found by trying different possibilities until a successful one is discovered.

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Algorithm

A step-by-step set of instructions that guarantees a solution to a problem.

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Insight

A sudden and often novel understanding or realization of the solution to a problem.

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Heuristic

A simple mental shortcut or strategy that helps us make judgments and solve problems quickly, but can sometimes lead to errors.

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Confirmation Bias

The tendency to seek out evidence that confirms our existing beliefs and ignore information that contradicts them.

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Fixation

The inability to see a problem from a new perspective, often due to preconceived ideas or past experiences.

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Creativity

The ability to produce new and valuable ideas or solutions. It requires domain skills, creative thinking skills, and intrinsic motivation.

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What are the components of creativity?

According to Robert Sternberg, creativity has 5 components: Expertise, Imaginative Thinking Skills, Venturesome Personality, Intrinsic Motivation, and Creative Environment.

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Business Opportunity

A situation where a person can exploit an advantage to succeed. This typically involves providing a new product or service that meets a need.

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What makes a business opportunity successful?

Successful business opportunities address real needs in the marketplace, provide genuine value, and create new customers.

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Where to find business opportunities?

Look around your community and identify what's missing or needed. Opportunities can come from any sphere of life.

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Opportunity Generation

The process of identifying and developing new business ideas based on market trends, customer needs, and existing problems or inefficiencies.

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Entrepreneur's Role

An entrepreneur's key role is to identify opportunities, develop business plans, and execute those plans to bring new products or services to market.

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Value Creation

The process of developing a product or service that delivers significant value to customers, thereby exceeding their expectations and generating profits.

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Enlarging the Coast

In the pursuit of a business opportunity, entrepreneurs need to broaden their understanding of market needs by interacting with a wide range of customers and potential users.

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Internal Sources

Business opportunities that arise from within the company itself, such as existing products, processes, or resources.

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External Sources

Business opportunities stemming from factors outside the company, like market trends, technological advancements, or changes in regulations.

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Demographic Changes

Shifts in population size, age distribution, or geographic location that create new needs or markets.

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New Knowledge

Scientific discoveries or technological advancements that open up new possibilities for products or services.

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Incongruities

Gaps between reality and expectations, like unmet customer needs or inefficient processes, creating opportunities for improvement.

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Unexpected Successes or Failures

Unforeseen events, like a competitor's product recall or an unexpected industry boom, that can create opportunities for others.

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What Produces the Opportunity?

Understanding the root cause of the business opportunity, whether it's a problem to solve, a trend to capitalize on, or a new technology to exploit.

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Is the Opportunity Feasible?

Assessing the practicality and viability of pursuing the opportunity, considering factors like resources, expertise, and market potential.

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Study Notes

Entrepreneurship Module 2, Part 1 & 2

  • Innovation: Defined as the process and outcome of creating something new and valuable.
  • The whole process of innovation encompasses opportunity identification, ideation/invention, development, prototyping, production, marketing, and sales.
  • Schumpeter's view of innovation focuses on new combinations by entrepreneurs, leading to new products, processes, markets, business organization, and sources of supply.
  • Hamel's view emphasizes radical reconceiving of products and services, redefining market spaces, and redrawing industry boundaries.
  • Innovation is driven by financial pressures to increase efficiency, competition, shorter product cycles, stricter regulations, sustainable development needs, accountability demand, socio-demographic changes, and consumer expectations.
  • Dimensions of Innovation: Types of innovation can range from incremental (small improvements) to radical (fundamental changes) in impact and newness.
    • Product innovation: Introducing new or improved goods/services (e.g., technical enhancements, usability improvements).
    • Process innovation: Improving existing production or delivery methods.
    • Marketing innovation: Developing innovative marketing strategies (e.g., new packaging, promotion, pricing).
    • Organizational innovation: Creating new organizations, business practices, or approaches.
  • Business model innovation: Changing the way businesses generate and capture value (e.g., Compaq vs. Dell).

Generating Business Ideas

  • Sources of Business Opportunities: Opportunity identification is a systematic process monitoring seven key factors.
    • Demographic changes
    • New knowledge
    • Incongruities (reality vs. expectations)
    • Unexpected successes/failures
    • Process changes
  • Root of Opportunity: Sources that lead to business opportunities.
    • Problems solvable with new products/services(solutions) -Changes in trends, situations, laws,
  • Competition considerations (price, quality, service, and location)
  • Technological inventions
  • Unique knowledge/expertise

Evaluating Business Opportunities

  • Opportunity Evaluation: Determining the viability of a new idea.
    • Feasibility assessment: Determining if the opportunity is achievable.
    • Market analysis: Assessing the market size, character, and demand.
    • Profitability analysis: Assessing the potential financial worth.
    • Key questions for evaluation: What produces the opportunity? What are market characteristics? Is it worth the effort? Is it feasible?
  • Selection Process: Factors to consider when selecting business opportunities.
    • Practicality
    • Legal compliance
    • Identifying needs to satisfy
    • Customer willingness to pay
  • Generating Business Ideas: Internal and external sources for generating business ideas.
    • Personal insights
    • External trends, changes, and innovations

Other Relevant Concepts

  • Thinking: Cognition encompasses mental activities.
  • Creative Thinking: A combination of domain expertise, imaginative thinking skills, venturesome personality, intrinsic motivation, and supportive environment to produce novel and valuable ideas.
  • Problem Solving: Methods for finding solutions to problems (trial and error, algorithm, insight, heuristics).
  • Obstacles to problem-solving: Confirmation bias, fixation, mental sets, functional fixedness and how divergent thinking can overcome these obstacles.
  • Crisis-Proof Business Ideas: Examples of businesses less affected by economic downturns (e.g., online therapy, tutoring, e-commerce, and services related to the pandemic).
  • Government Support: The importance of government policies and infrastructure in fostering entrepreneurship and business opportunities.

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Related Documents

Entrepreneurship Module 2 Part 1 PDF

Description

This quiz covers the essential aspects of innovation within entrepreneurship, focusing on the process, dimensions, and influential theories by Schumpeter and Hamel. Participants will explore opportunity identification, ideation, and the various types of innovation. Understand how market dynamics and consumer expectations drive the innovation landscape.

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