Idea Generation
How many idea generation methods did we study
nine (9)
the advent of computers and the internet is an example of which source of opportunity
New technology
State the four things a business concept entails
Product offered
Target market
COmpetitive advantage
Key competitors
State three categories of resources needed to start the venture
Physical
Human
FInancial
Intangible
Structural or cultural
What does an entrepreneur need to do to make sure they are achieving performing goals
Monitor performance
using a series of related questions and/or statements to aid in the development of a new idea or ideas.
Checklist method
Rising incomes and literacy rates.... more women entering the workforce is an example of which source of opportunity
A driverless car is an example of which source of business concepts
New development paradigms
List three areas of expertise required for a business
General management expertise
Marketing and sales expertise
technical expertise
It may be impossible to attain new resources if you failed to do what on time
payback resource providers
A controlled group interview of a target audience often led by a facilitator. A set series of questions are covered and the results are used as a guide.
Focus group
social changes
introducing a product to new countries is an example of which source of business concepts
new markets
List three internal sources
equity
family
friends
State the three (3) critical steps that must be carried out by the entrepreneur even before the launch of the business
Planning
Organizing
Implementation
This process tries to anticipate the various possible outcomes to a particular situation
Scenario thinking
The increased purchase of face masks during the pandemic is an example of which source of opportunity
Emerging markets
providing a unique activity or set of activities or experiences is an example of which source of business concepts
New services
An individual who is willing to invest personal capital in return for equity in the venture.
Angel funding
which of the 5 elements of managing the venture is the best way to build wealth
Reinvestment in the business
New ideas are developed without the participants having knowledge of the problem.
Gordon method
List the four issues an entrepreneur should consider relating to the evaluation of opportunities
Market issues
Economic issues
Competitive advantage issues
Management issues
producers acting as intermediaries to push their products using online as well as physical setting to sell and distribute their products
New sales or distribution channels
The use of debt to acquire more assets for the business
Leveraging
What would you need to do if you have more customers than the space could provide or cater for
Expansion