Entrepreneurial Discovery
What is the term for identifying unmet needs or new ways to solve problems in the market?
What is entrepreneurial discovery?
The first step in the entrepreneurial discovery process is identifying this in the market.
What is a gap (or need)?
Digital transformation has created new opportunities in this sector, allowing businesses to reach more customers online.
What is e-commerce?
The first step in creating a business is identifying this in the market.
What is a need (or market gap)?
Sausage and Egg Twisty Pasta
Hong Kong
This key characteristic of an entrepreneur involves taking calculated risks to seize opportunities
What is risk-taking?
This method is commonly used in entrepreneurial discovery to understand customer needs and preferences.
What is a customer survey?
This global trend has led to increased demand for eco-friendly products and sustainable business practices.
What is environmental sustainability?
Entrepreneurs must assess these two costs before launching a business to ensure the venture is financially feasible
What are startup costs and market demand?
Oreo Affogato
South Korea
Entrepreneurs play an important role in economic growth because they create new products/services and ________.
What are jobs?
During this stage, an entrepreneur evaluates different business ideas to determine which is most feasible.
What is assessing business opportunities?
This trend has made working from home (or the beach) more popular and given rise to flexible workspaces and collaboration tools.
What is the rise of remote work?
Before launching a new venture, entrepreneurs must determine if they have access to these important things, such as materials, equipment, and technology.
What are resources?
Shaka Chiki
Japan
Entrepreneurs help drive innovation by turning these into new products or services.
What are ideas?
This step involves determining the resources, costs, and market demand for a new business idea.
What is feasibility analysis?
Entrepreneurs can identify new opportunities by analyzing how this type of change impacts customer needs, technology, and competition.
What are global trends?
This process involves analyzing the resources, costs, and potential profitability of a business idea before moving forward with the launch.
What is feasibility analysis?
Chicken Maharaja Burger
India
This key element of entrepreneurship allows businesses to adapt to changing market conditions and stay competitive by creating new products or improving current ones.
What is innovation?
Name one tool entrepreneurs use to research market trends and assess the potential of new business ideas.
What is market research (or surveys, interviews, data analysis)?
Understanding this trend has helped businesses adapt by creating health-focused products and services.
What is the health and wellness trend?
Entrepreneurs must assess whether their business idea is sustainable long-term and has this type of potential to grow.
What is scalability?
Cadbury Creme Egg McFlurry
United Kingdom