Introduction to Entrepreneurship Chapter 10

<p>A relationship with the issue being discussed (D)</p> Signup and view all the answers

<p>Judging others' ideas (A)</p> Signup and view all the answers

<p>To lead and guide the discussion (A)</p> Signup and view all the answers

<p>They should freely share all ideas, regardless of feasibility (C)</p> Signup and view all the answers

<p>To collect valuable information from a sample of people (C)</p> Signup and view all the answers

<p>Product testing (C)</p> Signup and view all the answers

<p>The ability of the moderator to ask relevant questions (A)</p> Signup and view all the answers

<p>The ability to produce and sell at a profit (A)</p> Signup and view all the answers

<p>The product has something distinctive that sets it apart (A)</p> Signup and view all the answers

<p>A detailed due diligence evaluation (C)</p> Signup and view all the answers

<p>Improving an existing product or service (A)</p> Signup and view all the answers

<p>Has it solved the customers’ problem or pain? (D)</p> Signup and view all the answers

<p>Customers’ complaints and frustrations (C)</p> Signup and view all the answers

<p>Solving customers' problems (A)</p> Signup and view all the answers

<p>A creative process that includes the development of ideas (D)</p> Signup and view all the answers

<p>Market Analysis Techniques (B)</p> Signup and view all the answers

<p>Identify new business opportunities (A)</p> Signup and view all the answers

<p>Applying relevant thinking techniques (D)</p> Signup and view all the answers

<p>Positive and open-minded (C)</p> Signup and view all the answers

<p>Hobbies and interests (C)</p> Signup and view all the answers

<p>Researching competitors exclusively (B)</p> Signup and view all the answers

<p>Systematically scanning the environment for problems and solutions (D)</p> Signup and view all the answers

<p>Social media platforms (C)</p> Signup and view all the answers

<p>They provide a framework for understanding the relationship between business ideas and market opportunities. (B)</p> Signup and view all the answers

<p>Q2: Existing business idea / New market (D)</p> Signup and view all the answers

<p>Offering a new line of eco-friendly cleaning products to a large grocery chain. (A)</p> Signup and view all the answers

<p>Understanding the needs and problems of their target audience. (B)</p> Signup and view all the answers

<p>Leveraging existing resources and expertise to create new opportunities. (B)</p> Signup and view all the answers

<p>Investing in stocks based on market predictions by financial experts. (A)</p> Signup and view all the answers

<p>Observing, thinking, communicating, and developing (C)</p> Signup and view all the answers

<p>Daily frustrations and customer complaints (A)</p> Signup and view all the answers

<p>It can help identify problems in current systems. (B)</p> Signup and view all the answers

<p>A home baker starting to sell cakes online (C)</p> Signup and view all the answers

<p>How to maintain hobby aspects while managing a business (B)</p> Signup and view all the answers

<p>Through trade exhibitions and networking (C)</p> Signup and view all the answers

<p>Engaging in thorough analysis and communication (B)</p> Signup and view all the answers

<p>It presents opportunities to improve existing products. (C)</p> Signup and view all the answers

Offering a new product or service to a new market.

A creative technique to generate many ideas rapidly without criticism.

In brainstorming, all ideas are valid and may spark further concepts.

A diverse group of individuals from different fields contributing to idea generation.

A small group of people discussing an idea under a moderator's guidance.

The individual who guides the focus group discussion and keeps it on track.

A focused and organized method of engaging participants in an idea-generation session.

A thorough exploration of ideas led by a trained facilitator in a focus group.

The process of systematically examining the environment for business opportunities and challenges.

A tool to evaluate existing and new business ideas across existing and new markets.

Existing business idea in an existing market; selling current products to current customers.

Existing business idea applied to a new market; selling current products to new customers.

New business idea in an existing market; introducing new products to current customers.

Current advancements and developments in technology influencing business.

Recognizing issues or gaps in the market that can be solved through products or services.

Investigating potential customer bases and environments for business opportunities.

The systematic approach to observing, thinking, discussing, and developing ideas.

Ideas may arise from daily experiences, frustrations, or customer feedback.

Work experience is crucial for generating business ideas by resolving current issues.

Personal interests or hobbies can lead to viable business ventures.

A hobby may evolve into a business as demand increases.

New ideas can emerge from insights gained through networking and events.

New ideas can be found from trade exhibitions, universities, or networking with professionals.

Feedback from customers can lead to improvements and new product development.

A technique for collecting information from a sample of people.

Surveys can be conducted formally or informally through interviews, questionnaires, or observations.

Issues or problems customers face that a product or service aims to solve.

Enhancing existing products or services to offer better value.

A feature that makes a product or service stand out from competitors.

An attribute that allows a business to outperform its competitors.

A comprehensive appraisal of a business before purchase to assess its value.

A business concept that can be completely new or an improvement on existing products/services.

The creative process of generating and developing new ideas.

The ability to produce original and valuable ideas or solutions.

The implementation of new ideas to improve products or services.

Possibilities for undertaking ventures that can yield profit.

Methods used to create new business ideas or enhance existing ones.

The process of turning generated ideas into viable business ventures.

An encouraging mindset that fosters creativity and new ideas.

Strategies designed to improve creative thinking and idea generation.