Podcast
Questions and Answers
Which of the following is the BEST example of a 'good' as defined in the content?
Which of the following is the BEST example of a 'good' as defined in the content?
- Delivery of groceries to a home.
- A tailored financial consultation.
- Repairing a broken appliance.
- A freshly baked loaf of bread. (correct)
Which activity is categorized as providing a service?
Which activity is categorized as providing a service?
- Retailing clothes.
- Growing agricultural products.
- Manufacturing furniture.
- Operating guided tours. (correct)
Which business type involves selling goods directly to consumers?
Which business type involves selling goods directly to consumers?
- Wholesaling
- Retailing (correct)
- Manufacturing
- Service Provision
A company that produces customized furniture is operating in which field of business?
A company that produces customized furniture is operating in which field of business?
If a business specializes in delivering goods from manufacturers to retail stores, which type of business does it conduct?
If a business specializes in delivering goods from manufacturers to retail stores, which type of business does it conduct?
A vegetables and fruit farm falls under which field of business?
A vegetables and fruit farm falls under which field of business?
Which of the following is the MOST direct application of the 'Adapt' principle from the SCAMPER technique?
Which of the following is the MOST direct application of the 'Adapt' principle from the SCAMPER technique?
What is the purpose of the SCAMPER technique?
What is the purpose of the SCAMPER technique?
Using the SCAMPER technique, which action BEST exemplifies the 'Eliminate' principle in improving a product?
Using the SCAMPER technique, which action BEST exemplifies the 'Eliminate' principle in improving a product?
In the context of business innovation, how does having 'industry-specific knowledge' as a characteristic of entrepreneurs, influence opportunity recognition?
In the context of business innovation, how does having 'industry-specific knowledge' as a characteristic of entrepreneurs, influence opportunity recognition?
When applying the 'Combine' element of the SCAMPER technique to a bicycle manufacturing business, which action would MOST directly exemplify this principle?
When applying the 'Combine' element of the SCAMPER technique to a bicycle manufacturing business, which action would MOST directly exemplify this principle?
Considering the 'Reverse' technique within the SCAMPER framework, how could a restaurant apply this concept to improve customer service?
Considering the 'Reverse' technique within the SCAMPER framework, how could a restaurant apply this concept to improve customer service?
A business is looking to expand, and its leader is actively engaging in industry conferences, networking events, and online forums. According to the entrepreneurship characteristics, which trait is MOST prominently demonstrated by the leader?
A business is looking to expand, and its leader is actively engaging in industry conferences, networking events, and online forums. According to the entrepreneurship characteristics, which trait is MOST prominently demonstrated by the leader?
In which scenario would the 'Substitute' element of the SCAMPER technique be MOST effectively applied to enhance a product's sustainability?
In which scenario would the 'Substitute' element of the SCAMPER technique be MOST effectively applied to enhance a product's sustainability?
How might a business leverage 'serendipity' as a non-tie-based source of opportunity to innovate its product line?
How might a business leverage 'serendipity' as a non-tie-based source of opportunity to innovate its product line?
Flashcards
What are goods?
What are goods?
An item that people pay for and use; can be made or bought for resale. Includes tools, baked goods, clothes, and retail items.
What are services?
What are services?
Something you do for people that they then pay you for. Examples include delivering goods, banking, babysitting, repairing items.
What is manufacturing?
What is manufacturing?
Transforming raw materials or components into finished products. Examples are furniture and clothes.
What is wholesaling?
What is wholesaling?
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What is retailing?
What is retailing?
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What is service provision?
What is service provision?
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What are business fields?
What are business fields?
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What is SCAMPER?
What is SCAMPER?
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SCAMPER: Substitute
SCAMPER: Substitute
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SCAMPER: Combine
SCAMPER: Combine
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SCAMPER: Adapt
SCAMPER: Adapt
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SCAMPER: Modify
SCAMPER: Modify
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SCAMPER: Put to another use
SCAMPER: Put to another use
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SCAMPER: Eliminate
SCAMPER: Eliminate
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SCAMPER: Reverse
SCAMPER: Reverse
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Study Notes
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Goods are items people pay for and use
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Goods include things you make yourself or buy to resell
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Examples of goods are tools, baked goods, clothes, and retail items
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Services involve doing something for people in exchange for payment
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Services include delivering goods, banking, babysitting, repairing items, collecting recyclable waste, and operating tours
Types of Businesses
- Manufacturing: making goods
- Wholesaling: selling goods in bulk to retailers
- Retailing: selling goods directly to consumers
- Service Provision: offering services to customers
Fields of Businesses
- Agriculture involves farming and cultivation
- Construction involves building and infrastructure development
- Transportation involves moving goods and people
- Clothes involves the apparel industry
- Furniture involves the production of furniture
SCAMPER Technique
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SCAMPER is a tool to enhance creativity to help people think outside the box
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SCAMPER helps develop creative ideas to improve products, services, or processes
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SCAMPER can be a starting point for future development or fixing issues
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SCAMPER, combined with brainstorming, generates creative possibilities
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Substitute: Replacing a part, material, or process
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Combine: Joining elements, ideas, or functions
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Adapt: Modifying something to suit a new purpose
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Modify: Enlarging, reducing, or altering attributes
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Put to another use: Changing the context of something
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Eliminate: Removing or simplifying elements
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Reverse: Reordering priorities or inverting cause and effect
Where Business Ideas Come From
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Possible fields of business
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Personal interests
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Past experiences
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Business networks and connections
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Personal preferences
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Prior knowledge such as experience, industry-specific or market-specific knowledge are characteristics of entrepreneurs
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Alertness involving high intelligence, creativity, and optimism is key
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Activeness through personal contacts and public information is needed
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Recognizing opportunities arise from tie-based sources like social and business networks or Non tie-based sources like formal search or advertising
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