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Entrepreneurship Opportunity Seeking Framework

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Entrepreneurship Opportunity Seeking Framework

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Questions and Answers

What are the learning objectives presented in the text?

Analyzing the market need, determining possible products or services, screening proposed solutions, selecting the best product or service.

What is the starting point of any new venture?

Scanning the Marketing Environment.

What does the text emphasize about being a Beacon in the darkness?

Reflecting the bright light that can only come from God.

What is the ultimate goal mentioned in the text for the work done through Jesus Christ?

To do what is pleasing to God. Signup and view all the answers

What is the first step in the framework used by promising entrepreneurs to come up with a product or service suited for a specific opportunity?

Seeking the opportunity Signup and view all the answers

What does the term 'Opportunity' refer to in the context of entrepreneurship?

An entrepreneur’s business idea that can potentially become a commercial product or service in the future Signup and view all the answers

What are some of the macroenvironmental sources that entrepreneurs can consider for opportunity identification?

STEEPLED (Sociocultural, Technological, Economic, Environmental, Political, Legal, Ethical, Demographic), Industry, New Discovery or Knowledge, Futuristic Opportunities Signup and view all the answers

Why is opportunity seeking considered the most difficult process for entrepreneurs?

Due to the number of options that the entrepreneur will have to choose from Signup and view all the answers

What method involves a moderator facilitating a discussion with a group of people to gather insightful ideas for a new product or service?

Focused group discussion (FGD) Signup and view all the answers

What are the rules for brainstorming mentioned in the text?

a) no destructive criticism or judgment is allowed, b) wilder ideas are accepted, c) more ideas are preferred, d) improvement of others' ideas is allowed Signup and view all the answers

How does brainwriting differ from brainstorming?

Brainwriting is done in writing or online, not face-to-face like brainstorming. Signup and view all the answers

What is Problem Inventory Analysis as mentioned in the text?

Problem inventory analysis is a method of generating ideas by identifying recurring problems or situations without hope for a solution, which can lead to business opportunities. Signup and view all the answers