Innovation and Pre-Start Up
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Questions and Answers

Which principle emphasizes the importance of understanding the customer in innovation?

  • Start small
  • Learn from failures
  • Aim high
  • Make the product customer-based (correct)

    • Innovators should aim high by starting with large-scale projects.

    False

    What is one key action innovators should follow to improve their products or services?

    Try/test/revise

    Innovation does not guarantee success; instead, failures often lead to __________.

    <p>innovations</p> Signup and view all the answers

    Match the innovation myth with its explanation:

    <p>Innovation is predictable = Innovation can be introduced by anyone. Technical specifications should be thoroughly prepared = Thorough preparation can hinder timely innovation. Creativity relies on dreams = Innovators create from practical opportunities. Big projects yield better innovations = Smaller groups can often generate creative ideas.</p> Signup and view all the answers

    Why is following a milestone schedule important for innovators?

    <p>To plan and evaluate project progress</p> Signup and view all the answers

    Work is a critical part of successful innovation.

    <p>True</p> Signup and view all the answers

    What approach is suggested to cope with the unpredictability of innovation?

    <p>Try/test/revise</p> Signup and view all the answers

    What is the primary driving force behind innovation?

    <p>Customer or market needs</p> Signup and view all the answers

    Market-driven innovations have a lower probability of success than technology-driven innovations.

    <p>False</p> Signup and view all the answers

    What is the first step in the marketing research process?

    <p>Define the Problem and Research Objectives</p> Signup and view all the answers

    The process of collecting data includes quantitative and __________ methods.

    <p>qualitative</p> Signup and view all the answers

    Match the companies with their corresponding research objectives:

    <p>Flutterwave = Understand local and international payment needs Jumia = Assess customers’ online shopping behaviors Sokowatch = Understand supply needs and pain points of small stores mPharma = Analyze drug pricing and availability challenges</p> Signup and view all the answers

    Which method was NOT used by Jumia in their research?

    <p>Focus groups</p> Signup and view all the answers

    Analyzing collected data helps identify trends and actionable insights.

    <p>True</p> Signup and view all the answers

    What is crucial for a new venture to thrive?

    <p>A market for its product or service</p> Signup and view all the answers

    What sparked Nzambi Matee's curiosity for creating construction bricks?

    <p>The growing plastic waste crisis in Kenya</p> Signup and view all the answers

    The phases of the creative process always occur in the same order for every creative activity.

    <p>False</p> Signup and view all the answers

    What was the primary focus during the preparation phase of Nzambi's project?

    <p>Studying the properties of plastic and exploring recycling technologies.</p> Signup and view all the answers

    Phase 1 of the creative process is called ______.

    <p>Idea Germination</p> Signup and view all the answers

    Match the phase of the creative process with its description:

    <p>Idea Germination = The initial stage where curiosity about a problem arises. Preparation = A focused search for answers or solutions. Incubation = A stage of subconscious processing of ideas. Execution = Turning the idea into a concrete product or service.</p> Signup and view all the answers

    What is required for creativity to occur according to experts?

    <p>A structured and focused chaos</p> Signup and view all the answers

    What was the primary outcome of Nzambi's work with the brick-making machine?

    <p>She developed a durable and cost-effective product.</p> Signup and view all the answers

    Nzambi Matee founded Gjenge Makers to recycle metal waste into construction materials.

    <p>False</p> Signup and view all the answers

    During the preparation phase, Nzambi analyzed existing ______ technologies.

    <p>recycling</p> Signup and view all the answers

    Most innovations require more genius than hard work.

    <p>False</p> Signup and view all the answers

    What is one example of a company that created a unique technology for verifying pharmaceutical products?

    <p>mPedigree</p> Signup and view all the answers

    Innovation often involves more work than __________.

    <p>genius</p> Signup and view all the answers

    Match the following types of innovation with their descriptions:

    <p>Invention = Creation of a new product or service Modification = Improvements to existing products Innovation = Introduction of something new Development = Process of refining or enhancing ideas</p> Signup and view all the answers

    Which step is NOT part of the innovation process as described?

    <p>Focusing solely on perfecting existing ideas</p> Signup and view all the answers

    Nzambi's bricks gained recognition for their durability and strength.

    <p>True</p> Signup and view all the answers

    What is a significant characteristic of successful innovations?

    <p>They are simple and focused.</p> Signup and view all the answers

    What is the primary focus of Yoco's business model?

    <p>Providing payment solutions to small businesses</p> Signup and view all the answers

    The Business Model Canvas consists of seven components.

    <p>False</p> Signup and view all the answers

    Who developed the Business Model Canvas?

    <p>Alexander Osterwalder</p> Signup and view all the answers

    The Business Model Canvas helps entrepreneurs design their _____ models.

    <p>business</p> Signup and view all the answers

    Match the following components of the Business Model Canvas with their descriptions:

    <p>Key Partners = Entities that help the business in its operations Customer Segments = Groups of people the business aims to serve Value Propositions = Offers that create value for customers Customer Relationships = The types of engagement a business maintains with customers</p> Signup and view all the answers

    Which of the following is NOT a component of the Business Model Canvas?

    <p>Marketing Strategies</p> Signup and view all the answers

    Focusing solely on product development is a common pitfall for startups.

    <p>True</p> Signup and view all the answers

    What are the main areas necessary for business success according to the Business Model Canvas?

    <p>Nine building blocks</p> Signup and view all the answers

    Which political factor is considered important for understanding market conditions?

    <p>Government stability</p> Signup and view all the answers

    Economic indicators like unemployment rates are irrelevant for evaluating business success.

    <p>False</p> Signup and view all the answers

    What is one benefit that favorable tax breaks provide to businesses in Ethiopia?

    <p>Encouragement of local production and exports</p> Signup and view all the answers

    _________ is a taxi-hailing app that has capitalized on smartphone trends in Ethiopia.

    <p>ZayRide</p> Signup and view all the answers

    Match the following entrepreneurial elements with their descriptions:

    <p>Mission Statement = Purpose and goals of the venture Product/Service Description = Features and innovations of offerings Location and Size = Physical or digital reach of the business Personnel and Equipment Needs = Human resources and essential assets</p> Signup and view all the answers

    Which of the following trends have Ethiopian agritech startups responded to?

    <p>Rising demand for eco-friendly practices</p> Signup and view all the answers

    Legal regulations have no impact on business operations.

    <p>False</p> Signup and view all the answers

    What should an industry analysis examine regarding industry demand?

    <p>Market growth, entry of competitors, and evolving consumer needs</p> Signup and view all the answers

    Study Notes

    Innovation and Pre-Start Up

    • Innovation is a key function in entrepreneurship

    • Innovation creates new wealth-producing resources and enhances existing resources' potential

    • It's the process of turning opportunities into viable ideas, acting as a catalyst for change

    • Creativity is essential, involving process and people

    • The creative process is structured and goal-oriented, with stages to address challenges

    • People bring unique perspectives, skills, and experiences influencing the creative outcome

    • Creativity can be developed and improved; everyone is creative to some degree

    • Innovation often involves more work than genius

    • Requires a conscious, purposeful search for new opportunities

    • Innovation is both conceptual and perceptual; innovators need to research, ask questions, and listen to potential customers

    • Most innovations are simple and focused, targeting a specific, clear, and carefully designed application

    • Four basic types of innovation:

      • Invention: creating something new or untried
      • Extension: building on existing concepts
      • Duplication: copying with a unique touch for enhancement
      • Synthesis: combining existing concepts into a new formulation

    The Creative Process

    • The creative process has five generally agreed-upon phases, though their order might vary depending on the activity
    • Phase 1: Idea Germination involves generating initial ideas from curiosity or interest in a specific problem
    • Phase 2: Preparation involves seeking information about the problem and how others have tried to solve it; market research
    • Phase 3: Incubation is "mulling over" the idea, letting the subconscious process the information and possible solutions
    • Phase 4: Illumination is when the idea resurfaces as a realistic solution
    • Phase 5: Verification is turning the idea into a realistic, useful application and testing its efficacy

    Market Research

    • Market research is essential for validating business ideas and understanding market dynamics
    • Understanding customer demographics and characteristics is key to targeting the right audience
    • Market research considers factors like age, income status, occupation, and other characteristics to define and segment the market
    • It's used to evaluate market size, location, and specific characteristics, such as local market characteristics and market size
    • Competitor analysis helps businesses find unique ways to differentiate their products or services

    Business Model Development

    • A business model outlines how a company delivers value, making it a crucial component of a successful venture
    • The Business Model Canvas is a visual representation that breaks down a business into nine components, which provides a blueprint for design and invention
    • This framework ensures clarity and precision in development and refinement of business models
    • Essential components of the Business Model Canvas include key partners, key activities, key resources, value propositions, customer relationships, channels, customer segments, revenue streams, and cost structure

    Financial Plan

    • A financial plan for a startup includes start-up costs, funding options, financial projections, profit forecasts, and balance sheets, with specific emphasis on projected balance sheets, income statements, and cash flow statements
    • Funding sources can be debt financing (loans) or equity financing (investor capital)
    • Investment planning helps understand the venture's financial stability and viability

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    Description

    This quiz explores the vital role of innovation in entrepreneurship. It covers how innovation transforms opportunities into viable ideas and enhances existing resources. You will learn about the structured creative process, the importance of unique perspectives, and the various types of innovation.

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