IDEA GENERATION
What is a business idea?
Creative solution for needs.
What is an opportunity?
Viable, profitable set of conditions.
What does a business concept explain?
What the venture proposes to do.
What are financial resources?
Cash, credit, collateral, equity.
What does managing a venture involve?
Continual decision-making and performance evaluation.
What is brainstorming good for?
Generating many options quickly.
What triggers process need opportunities?
Gaps in process stages.
What should a business concept communicate?
Distinctive features and competitive advantages.
What are 2 examples of intangible resources?
Brand name, patents, trademarks.
What is a harvest strategy?
Maximizing returns while maintaining involvement.
What does the Delphi method involve?
Consensus through expert input.
What influences market opportunities?
Demographics and social changes.
What are sources of business concepts?
Mass media, customer feedback, hobbies.
What is leveraging in resource acquisition?
Using debt to acquire assets.
What is a key goal of mergers?
Increase size and customer base.
What is a focus group?
Structured group discussion for ideas.
How is an opportunity different from an idea?
Opportunities are market-driven.
How can customer feedback help?
Identifies needs, validates ideas.
What is angel funding?
High-risk early investment for equity.
What is a family succession?
Passing ownership to family members.
What is TRIZ used for?
Solving problems with innovation principles.
What makes an opportunity feasible?
Available resources and timing.
Where can entrepreneurs find inspiration for their business concept?
Trade fairs, hobbies, media.
What is bootstrapping?
Self-funded business growth method.
What is an exit strategy?
Selling or relinquishing business ownership.