24 Questions
What is the primary preoccupation of entrepreneurship research?
Understanding opportunity identification process
What is creativity in the context of entrepreneurship?
Coming up with new and useful ideas
What is innovation in the context of entrepreneurship?
The successful implementation of those ideas
What type of trends signal shifts in the current paradigm of the major population?
Societal trends
What is an example of a societal trend?
Ageing demographics
What is an example of a technological trend?
E-commerce
What can be a source of innovative ideas in entrepreneurship?
All of the above
Who discovered an innovative surprise due to an unexpected occurrence?
Alexander Fleming
What was tested by the founder of Zappos with his 'Wizard of Oz MVP' approach?
Customer willingness to accept a new product
What is the purpose of collecting and analyzing data after creating an MVP?
To decide whether the product is successful or not
What is the term used by venture capitalists to describe the gaps or bottlenecks in the marketplace?
Pain
What type of metrics provide specific and repeatable actions to observed results?
Actionable metrics
What is the result of demographic shifts in the market?
New business opportunities
What is an example of a vanity metric?
Number of registered users
What is the source of innovative ideas that arises from changes in people's interpretation of facts and concepts?
Perceptual changes
What is the next step after creating an MVP?
Collecting and analyzing data
What type of innovation is the result of new thinking, new methods, and new knowledge?
Knowledge-based innovation
What is the purpose of an MVP?
To test the product-market fit
What is an example of a demographic shift that has led to new entrepreneurship opportunities?
Increase in average population age
What type of metrics are 'No. of downloads' and 'Page views' examples of?
Vanity metrics
What is the driving force behind the creation of new medical devices and health foods?
Perceptual changes
What is the outcome of collecting and analyzing data after creating an MVP?
A decision on the product's success or failure
What is the result of continual shifts in the marketplace caused by developments such as consumer attitudes and advancements in technology?
New entrepreneurship opportunities
Who is credited with identifying the contamination as penicillin mould?
Alexander Fleming
Study Notes
Entrepreneurship and Opportunity Identification
- Entrepreneurship revolves around identifying opportunities for creating goods and services in the future.
- Understanding opportunity identification is a primary focus of entrepreneurship research.
Creativity and Innovation
- Creativity involves generating new and useful ideas.
- Innovation is the successful implementation of those ideas.
Sources of Innovative Ideas
- Trends:
- Societal trends (e.g., ageing demographics, health and fitness growth)
- Technology trends (e.g., smartphone technology, e-commerce)
- Economic trends (e.g., higher disposable income, dual wage-earner families)
- Environmental trends (e.g., global warming, pollution)
- Unexpected occurrences:
- Surprises that can lead to innovative discoveries (e.g., Alexander Fleming's discovery of penicillin)
- Process needs:
- Identifying gaps or bottlenecks in existing processes
- Creating solutions to address these needs (e.g., medical devices, health foods)
- Industry and market changes:
- Shifts in consumer attitudes, technological advancements, and industry growth
- Demographics:
- Changes in population, education, income, age, occupation, and geographic location
- Perceptual changes:
- Shifts in people's interpretation of facts and concepts (e.g., increased focus on health and fitness)
- Knowledge-based concepts:
- Inventions and innovations based on new thinking, methods, and knowledge (e.g., smartphone technology)
Developing Creativity
- Improving creative talents through various methods (not specified in the text)
Real-Life Examples of Minimum Viable Products (MVPs)
- Examples of entrepreneurs testing their ideas with minimal investment
- "Wizard of Oz MVP": testing a product without investing in infrastructure and inventory
Measuring Success
- Creating a Minimum Viable Product (MVP) to test an idea
- Collecting data to measure the MVP's success
- Analyzing data to decide whether the product is successful or not
- Types of metrics:
- Vanity metrics: information that can be manipulated, but doesn't prove improvement
- Actionable metrics: ties specific and repeatable actions to observed results
Understanding the process of identifying opportunities for creating goods and services in the future. Creativity and innovation are key to opportunity development for entrepreneurs.
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