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Questions and Answers
What is the first step in the process of getting an idea?
What method involves gathering a small group of knowledgeable individuals to discuss product ideas?
Which personal characteristic of entrepreneurs helps them to notice market opportunities?
Which technique for generating ideas involves analyzing customer desires?
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In the evaluation step of idea generation, what is primarily considered?
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What distinguishes a good idea from a business opportunity?
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Which of the following is NOT a characteristic of a good business opportunity?
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What is meant by the 'window of opportunity' in entrepreneurship?
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Which of the following methods is NOT mentioned as a way to identify opportunities?
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Which economic factor contributes to observing trends for identifying business opportunities?
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Why might social trends provide opportunities for entrepreneurs?
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Which of the following is a typical example of solving a problem to create a business opportunity?
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Which technological advance is mentioned as a means of creating opportunities?
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Study Notes
Ideas and Opportunities
- An idea is a thought.
- An opportunity is a need for a product or service created by an idea.
- Opportunities should be attractive, durable, timely, and add value.
Business Opportunity
- Opportunity Gap is when there is a need for a product/service in the market.
- Window of Opportunity is the time required to exploit a business opportunity.
- Windows of opportunity should be small in duration.
Identifying Opportunities
- Observing trends in your environment can help identify opportunities.
- Observing trends in the market can be done by analyzing Economic, Social, Technological, Political & Regulatory changes.
Observing Trends
- Economic Forces analyze how much money people are spending based on the strongness of the economy.
- Social Forces explore people’s desires and preferences. For example, people favor fast food for convenience not necessarily taste.
- Technological Advancements reveal opportunities by understanding how technology is being implemented by people in their lives. For example, people use electronic devices to monitor their health.
- Political Action & Regulatory Changes involve checking the ease/difficulty of starting a business in a country.
Examples of Social Trends
- Increase in population globally
- Focus on health and wellness.
- Multi-nationalism
- Increased use of mobile devices
- Demand for clean energy sources like solar power.
- People migrating from rural areas to urban centers.
- People wanting personalized choices and options.
Solving Problems
- Identifying problems people face can lead to business opportunities.
- Solving a problem can create new opportunities for businesses to emerge.
Gaps in the Market
- Identifying products/services lacking in a specific market can lead to successful ventures.
- For example, a lack of a barber shop in a particular town provides an opportunity for an entrepreneur to open one and meet the demand.
Entrepreneurs’ Key Characteristics
- Prior Experience: Having previous experience can help identify business opportunities.
- Cognitive Factors: These are skills or awareness and the ability to observe things.
- Social Network: Establishing a strong social network and knowing many people can be advantageous for finding opportunities.
The Creativity Process
- Preparation: Having the necessary skill or background to understand the idea.
- Incubation: Analyze the idea and think about the problem it addresses.
- Insight: Generate a solution to the identified problem.
- Evaluation: Thoroughly assess the feasibility of the idea for a business.
- Elaboration: Develop and refine the idea into its final form.
Techniques for Generating Ideas
- Brainstorming: This technique involves quickly generating multiple ideas on a specific subject without analyzing them at that stage.
- Focus Groups: Conducting group discussions with 5-10 people who have relevant background knowledge on the product.
- Library/Internet Research: Gathering information about ideas from online or library resources.
- Customer Advisory Board: Consulting with potential customers to understand their needs and preferences.
- Day in Life Research: Companies use this technique to gather feedback from real-world users and improve their products.
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Description
Explore the concepts of ideas and opportunities in business. Learn how to identify opportunities through market trends and external forces, including economic, social, technological, political, and regulatory factors. This quiz will enhance your understanding of what makes a successful business opportunity.
