ENTP Exam

Business Mission

A business's mission or mission statement describes why it exists and what its business model is supposed to accomplish.

Concept Test

A concept statement is developed. A concept statement is a one-page description of a business that is distributed to people who are asked to provide feedback on the potential of the business idea.

Social entrepreneur, profit not just dollars

Anita Roddick

The primary elements of core strategy are: Business Mission ________, _______ and Product/Market Scope

Basis of Differentiation, Target Market

Tenacity Despite Failure

Because entrepreneurs are typically trying something new, the failure rate is naturally high. A defining characteristic for successful entrepreneurs is their ability to persevere through setbacks and failures.

Prior Industry Experience

By working in an industry, an individual may spot a market niche that is underserved.

Kolb Learning Cycle

Concrete experience, reflective observation, abstract conceptualisation, active experimentation

the conceptualization of entrepreneurship at the firm level.

Corporate Entrepreneurship

Creativity

Creativity is the process of generating a novel or useful idea. Opportunity recognition may be, at least in part, a creative process.

TRUE OR FALSE: At the business model stage, financing projections must be completed to determine the exact amount of money that is needed.

FALSE: do not need to be completed - an approximation is sufficient.

TRUE OR FALSE: more than one section of a firm's business model describes how it earns money

FALSE: only financials describe it

TRUE OR FALSE: the polyneering process does not stop at any of the polyicon levels and must be done in order

FALSE: polyneering is different in that the polyneering process can start or stop at any of the polyicon levels.

lifestyle firms

Firms that provide their owner or owners the opportunity to pursue a particular lifestyle, and make a living at it

Framestorming

Framestorming is about formulating the problem. Framestorming is what we do when we don't know what the problem is. Provides guidance on what kind of people need to be involved, where the boundaries are, what kind of systems are involved, what assumptions are being made, and what the company's values are.

replicative entrepreneur, reforming:

Fred Smith

Immigrant entrepreneur, survival:

George Soros

Components of industry/target market feasibility analysis

Industry Attractiveness Target Market Attractiveness

Industry/Target Market Feasibility Analysis Purpose:

Is an assessment of the overall appeal of the industry and the target market for the proposed business.

Serial entrepreneur, multiple plays

Jack Dorsey

Intrapreneurial entrepreneur, inside out:

Jack Welch

Key Partners - types of partnerships

Joint-venture: entity created by two or more firms pooling a portion of their resources to create a separate, jointly-owned organization Network: a hub and wheel configuration with a local firm at the hub of organizing the interdependence of a complex array of firms Consortia: a group of organizations with similar needs that bands together to address those needs Strategic alliance: an arrangement of two or more firms that establishes an exchange relationship but has no joint ownership involved Trade associations: organizations formed by firms in a similar industry to collect and disseminate trade information, offer legal and technical advice, and provide a platform for collective lobbying

Two components of organizational feasibility analysis

Management Prowess Resource Sufficiency

Hume Resemblance:

Moving from an impression of an object, such as a picture of a waterfall, to the thought of the pictured object, such as the waterfall itself

3 M and 3 F abreviation

Music = Facts Music = Frequency Many languages = Frequency

Four characteristics of successful entrepreneurs

Passion for the business, Product/customer focus, Tenacity despite failure, Execution intelligence

Characteristics that tend to make some people better at recognizing opportunities than others

Prior Experience Social Networks Cognitive Factors Creativity

Components of product/service feasibility analysis:

Product/Service Desirability Product/Service Demand

Hypomanic entrepreneur, spontaneous:

Steve Jobs

TRUE OR FALSE: If critical resources are not available in certain areas, it may be impractical to proceed with the business idea.

TRUE

TRUE OR FALSE: In a general sense we mean for the term polyneering to supplant the terms entrepreneur or engineer, as poly in Latin means many.

TRUE

TRUE OR FALSE: The proper time to develop a business model is following the feasibility analysis stage and prior to fleshing out the operational details of the company.

TRUE

TRUE OR FALSE: entrepreneurship is a societal force

TRUE

Imagineering:

The blending of creative imagination with technical know-how.

Passion for the Business

The number one characteristic shared by successful entrepreneurs Stems from the entrepreneur's belief that the business will positively influence people's lives.

Engineering tool set:

The two methods, engineering and entrepreneurship, are inextricably linked. Engineering is a rule of thumb strategy method "for causing the best change in a poorly understood situation with the available resources quote"

Observing Trends:

Trends create opportunities for entrepreneurs to pursue.

Spontaneous expectations

a Philosophy of sudden inner impulse or inclination without premeditation to achieve something positive; an immediate recognition that something really good that was not expected previously

Industry

a group of firms producing a similar product or service.

Bricolage

an action over engagement, combining resources by "making do"

Spirit forms the lifeblood of ______, and a pioneering spirit is the _______, an exponential multiplier of _________.

being, derivative, doing

Revenue Streams

describe the ways in which it makes money.

Listen

for fundamental, far-reaching strategic goals; without listening, marching is moot

Core Strategy

how the firm plans to compete relative to its competitors.

A polyneer finds its beginnings in the Latin word _______ used to describe the formation of someone educated in the virtues of character suited for an active life of public service.

humanitias

Surrogate imagination strategy is based on:

imaging something that is repeated, reproduced, or duplicated, from a previous experience or strategy

Prophesy imagination strategy is based on:

imagining something that is liberated from a declaration or divine inspiration - developed from predation and foretelling imaginations

Replication imagination strategy is based on:

imagining something that is repeated, reproduced or duplicated from the previous experience or situation, similar to using a recipe to create a new meal based on previous knowledge.

Entrepreneurial thinking

individuals mental process of overcoming ignorance to decide whether a signal represents an opportunity for someone is also an opportunity for them specifically and/or processing feedback from action steps taken

Abstract imagination strategy is based on imagining something that is not __________ or __________

initially real, possible

Economic Impact of Entrepreneurial Firms

innovation, job creation, impact on society, impact on larger firms

Operations

integral to a firm's overall business model and represent the day-to-day heartbeat of a firm.

Crossdisciplinary

integrates aspects from multiple academic disciplines to address problems arising from narrow concentrations or specialized fields

Intradisciplinary

integration that makes connections within a discipline

11:11 metaphor

listen, look, leap, learn The 11s dub as ones and the L's as an Alliterative Way to change the parable of a broken clock being right twice today.

Cause-and-effect:

moving from the thought of a car to thinking of pain.

Contiguity in time and space:

moving from the thought of an event, such as the Moonlanding, to something else that happened at the same time, like the increased participation of the United States in Vietnam.

Learn

observe the actions taken and modified for improvement; roll out and begin

interdisciplinary

overlapping or harmonization of disciplines occurs forming sub disciplines

PEDEP stands for:

pioneering, entrepreneurial, design thinking, engineering, pollinating process.

Multidisciplinary

problem solving within established boundaries

Forms of Feasibility Analysis

product/service feasibility, industry/target market feasibility, organizational feasibility, financial feasibility

weak-tie relationships

relationships characterized by infrequent interaction that form between casual acquaintances who do not have a lot in common and, therefore, may be the source of completely new ideas

Entrepreneurship action:

requires action through the creation of new products/processes and/or the entry into new markets which may occur through a newly created organizations or within an established organization

Entrepreneurial Opportunistes

situations in which new goods, materials, services, and organizing methods can be introduced and sold at greater than their price of production

Dreamer:

strategy to let teams imagination run free and dream of the ultimate picture if they would like to have.

Realist:

strategy to take the ideas of the dreamer and turn them into something that could work. A step-by-step plan using logic, breezing, and pragmatism

Law of contrast:

the experience or recall of one object will elicit the recall of opposite things

Law of similarity:

the experience or recall of one object will elicit the recall of things similar to that object

Resources

the inputs a firm uses to produce, sell, distribute, and service a product or service.

Target market

the limited portion of the industry it plans to go after.

Academic definition of entrepreneurship

the process by which individuals pursue opportunities without regard to resources they currently control

Effectuation

using a means over expectations to the best of ones ability

Basis of Differentiation

what causes consumers to pick one company's products over another's

Transdisciplinary

when one with new knowledge and theoretical solutions draws on non-traditional ideas to cross-pollinate contradictory assumptions, restrictions, and philosophies

Thing + ______ = _______

working principle! value

A method is defined as

"a way of thinking and acting, built on a set of assumptions using a portfolio of techniques to create guidance for action" The mode of thinking entails inquiry under a systematic directions to understand entrepreneurship as a set of ideas applying either theoretical or practical activities.

Four essential qualities of an opportunity

1) Attractive 2) Timely 3)Durable 4) Anchored in a product, service, or business that creates or adds value for its buyer or end user

Three steps of the imagination process

1) Challenge: requires a complete understanding of the problem, space, or opportunity you want to think about 2) Thinking: create a challenge statement - referred to as the scope, purpose, or problem statement Technique 3) Technique: propose the imagination technique

5 elements of a Polyneer

1) Pioneering 2) Entrepreneuring 3) Designing 4) Engineering 5) Pollinating

Four elements of entrepreneurial thinking:

1) think structurally 2) engage in bricolage 3) effectuate 4) cognitively adapt

Barringer/Ireland Business Model Template

1. Core Strategy 2. Resources 3. Financials 4. Operations

Common Myths about Entrepreneurs

1. Entrepreneurs are born, not made 2. Entrepreneurs are gamblers 3. Entrepreneurs are motivated primarily by money 4. Entrepreneurs should be young and energetic 5. Entrepreneurs love the spotlight

Types of Start-Up Firms

1. Salary-substitute firms 2. Lifestyle firms 3. Entrepreneurial firms

Three Ways to Identify an Opportunity

1. observing trends 2. solving a problem 3. finding gaps in the marketplace

Core Competencies

A core competency is a specific factor or capability that supports a firm's business model and sets it apart from rivals.

Finding Gaps in the Marketplace

A gap in the marketplace is often created when a product or service is needed by a specific group of people but doesn't represent a large enough market to be of interest to mainstream retailers or manufacturers Product gaps in the marketplace represent potentially viable business opportunities

Overall Financial Attractiveness of the Proposed Investment

A number of other financial factors are associated with promising business start-ups. In the feasibility analysis stage, the extent to which a business opportunity is positive relative to each factor is based on an estimate rather than actual performance.

Target Market

A target market is a place within a larger market segment that represents a narrow group of customers with similar interests.

Opportunity:

An opportunity is a favorable set of circumstances that creates a need for a new product, service, or business

Three categories of costs:

Capital costs. One-time expenses, such as building a Web site and training initial employees. Provisions for ramp-up expenses (most businesses incur costs before they earn revenues).

Cost Structure

Describes the most important costs incurred to support its business model. Generally, the goal for this is threefold: 1) Identify whether the business is a cost-driven or value-driven business. 2) Identify the nature of a business's costs. 3) Identify the business's major cost categories.

Disruptive Business Models

Do not fit the profile of a standard business model. Impactful enough that they disrupt or change the way business is conducted in an industry or an important niche within an industry.

Explanation of the the four trends

Economic trends help determine areas that are ripe for new start-ups and areas that start-ups should avoid. Social trends alter how people and businesses behave and set their priorities. These trends provide opportunities for new businesses to accommodate the changes. Advances in technology frequently create business opportunities. Political action and regulatory changes also provide the basis for opportunities.

Inovative entrepreneur, role creator:

Elon musk

Entrepreneurial Firms vs Conservative firms:

Entrepreneurial Firms: Proactive Innovative Risk taking Conservative firms: Take a more "wait and see" posture Less innovative Risk averse

This "sixth sense" is called __________ which is formally defined as the ability to notice things without engaging in deliberate search.

Entrepreneurial alertness

Explanation of What Entrepreneurs Do:

Entrepreneurs assemble and then integrate all the resources needed - the money, the people, the business model, the strategy - to transform an invention or an idea into a viable business.

Financial Performance of Similar Businesses

Estimate the proposed start-up's financial performance by comparing it to similar, already established businesses

TRUE OR FALSE: the polyneer sees sensibility by identifying user needs, determining what is technically possible by generating strategic value, and designing from the front rather than the end

FALSE: Designing from the end rather than from the front.

TRUE OR FALSE: brainstorming comes before frame storming

FALSE: frame storming comes before brainstorming

TRUE OR FALSE: The imagination process allows you explore any space in theory but in practice it does not guarantee results

FALSE: it DOES guarantee results

TRUE OR FALSE: A firm's most important resources, both tangible and intangible, need to be either difficult to imitate or hard to find a substitute for, but not both.

FALSE: need to be difficult to imitate AND hard to find a substitute for.

TRUE OR FALSE: we have a complete and accurate measurement of imagination, which is mapped against creative thinking

FALSE: we have a ROUGH measure

Financial Feasibility Analysis

Final component of a comprehensive feasibility analysis. A preliminary financial assessment is sufficient.

Target Market Attractiveness

Find a market that's large enough for the proposed business but is yet small enough to avoid attracting larger competitors.

salary-substitute firms

Firms that basically provide their owner or owners a similar level of income to what they would be able to earn in a conventional job

Key Assets

Key assets are the assets that a firm owns that enable its business model to work.

Key assets: physical, financial, intellectual, or human - explanation of each category

Physical assets include physical space, equipment, vehicles, and distribution networks. Intellectual assets include resources such as patents, trademarks, copyrights, and trade secrets, along with a company's brand and its reputation. Financial assets include cash, lines of credit, and commitments from investors. Human assets include a company's founder or founders, its key employees, and its advisors.

The mindset of a polyneer is said to be adept at being ______, ________.

Resourcefully resourceful.

Job Creation

Small businesses create a substantial number of net new jobs in the United States. Firms with 500 or fewer employees create 65% of new jobs on an annual basis.

Utilizing Online Tools, Such as Google AdWords and Landing Pages, to Assess Demand

Some entrepreneurs purchase text ads on search engines that show up when a user is searching for a product that is close to their idea. If the searcher clicks on the text ad, they are directed to a landing page that describes the idea. There may be a link on the landing page that says "For future updates please enter your e-mail address." Demand for the idea can be assessed by how many people click on the text ad and enter their e-mail address.

Solving a Problem

Sometimes identifying opportunities simply involves noticing a problem and finding a way to solve it.

Financial Factors Associated With Promising Business Opportunities

Steady and rapid growth in sales during the first 5 to 7 years in a clearly defined market niche High percentage of recurring revenue—meaning that once a firm wins a client, the client will provide recurring sources of revenue. Ability to forecast income and expenses with a reasonable degree of certainty. Internally generated funds to finance and sustain growth. Availability of an exit opportunity for investors to convert equity to cash.

Product/Customer Focus

Stems from the fact that most entrepreneurs are, at heart, craftspeople.

The Entrepreneurial Process Consists of Four Steps:

Step 1: Deciding to become an entrepreneur. Step 2: Developing successful business ideas. Step 3: Moving from an idea to an entrepreneurial firm. Step 4: Managing and growing the entrepreneurial firm.

There are two steps to assessing product/service demand:

Step 1: Talking Face-to-Face with Potential Customers. Step 2: Using Online Tools, Such as Google AdWords and Landing Pages, To Assess Demand.

Cognitive Factors

Studies have shown that opportunity recognition may be an innate skill or cognitive process. Some people believe that entrepreneurs have a "sixth sense" that allows them to see opportunities that others miss.

superficial similarities vs structural similarities

Superficial similarities: exist when basic elements of the technology resemble the basic elements of the market (relatively easy to observe). Structural similarities: exist when the underlying mechanisms of the technology resemble or match the underlying mechanisms of the market

TRUE OR FALSE: A core competency can take on various forms, such as technical know-how, an efficient process, a trusting relationship with customers, expertise in product design, and so forth.

TRUE

TRUE OR FALSE: An artifact can be any object made or modified by human culture that shows signs of human modification

TRUE

TRUE OR FALSE: Assessing the attractiveness of a target market is tougher than assessing the attractiveness of an entire industry.

TRUE

TRUE OR FALSE: Entrepreneurs think different from non-entrepreneurs

TRUE

TRUE OR FALSE: engineering itself seems hard to define because they exist no guaranteed outcome, no hint of the absolute, no deterministic truth. For theoretical problem sets, we solve for X. Real engineering always reeks of the uncertain.

TRUE

TRUE OR FALSE: imagination is a nonexistent complex mental image assembled from the input of our senses.

TRUE

TRUE OR FALSE: some businesses have a single revenue stream while others have several.

TRUE

TRUE OR FALSE: It is more likely that an entrepreneur will get new business ideas through weak-tie rather than strong-tie relationships

TRUE: Strong-Tie Relationships: typically form between like-minded individuals which will reinforce insights and ideas that people already have Weak-Tie Relationships: between casual acquaintances are not as apt to be between like-minded individuals, someone may say something to another that sparks a completely new idea.

PEDEP model

The PEDEP polyneering model is a pictographic and holistic perspective drawing from five artifacts observable through five affects within three distinct disciplines into catalysts. Symmetrically, the separation occurs between the left side of the brain which is analytical and the right side of the brain which is intuitive and drawing from both creates a polyphonic mind of creators such as pianist and composers.

Execution Intelligence

The ability to fashion a solid business idea into a viable business is a key characteristic of successful entrepreneurs.

polyneering pineapple:

The emblem of polyneering, each wedge of the pollen here can be used solely or collectively. Metaphor of a pineapple - the conical sharp spine, thorny on the outside, sweet on the inside through with interlocking helices, a center core, and tuft of trough leaves for a crown. Hummingbirds pollinate the pineapple by day and bats by night

Entrepreneurial mindset:

The entrepreneur stands as the primary agent of "creative destruction," which loosely means that the manifestation of all ideas or processes might be a dispositional trait adopted through a learning state.

Law of contiguity:

The experience or recall of one object will elicit the recall of things that were originally experienced along with that object.

Social Networks

The extent and depth of an individual's social network affects opportunity recognition. People who build a substantial network of social and professional contacts will be exposed to more opportunities and ideas than people with sparse networks.

Total Start-Up Cash Needed

The first issue refers to the total cash needed to prepare the business to make its first sale. An actual budget should be prepared that lists all the anticipated capital purchases and operating expenses needed to generate the first $1 in revenues. The point of this exercise is to determine if the proposed venture is realistic given the total start-up cash needed.

Talking Face-to-Face with Potential Customers

The idea is to gauge customer reaction to the general concept of what you want to sell, and tweak, revise, and improve on the idea based on the feedback.

Impact on Society

The innovations of entrepreneurial firms have a dramatic impact on society. Think of all the new products and services that make our lives easier, enhance our productivity at work, improve our health, and entertain us in new ways.

Cross pollinating handset:

The me including and foregoing new capacities. Pollination serves as an elixir for change, not an algorithm for faster, better, cheaper. It is not to be reduced but rather perpetuated, augmented, and randomized against any bias.

Law of frequency:

The more frequently two things are experience together, the more likely it will be that the experience of recall of one will stimulate the recall of the second.

Changing Demographics of Entrepreneurs

The number of women-owned businesses is increasing Substantial increase in minority entrepreneurs in the United States Numbers of seniors (those 50 years old and older) starting businesses is substantial and growing Desire to pursue an entrepreneurial career is high among young people.

Two keys of management prowess

The passion that the sole entrepreneur or the founding team has for the business idea. The extent to which the sole entrepreneur or the founding team understands the markets in which the firm will participate.

Innovation

The process of creating something new, which is central to the entrepreneurial process. Small innovative firms are 16 times more productive than larger innovative firms in terms of patents per employee.

Timing of Feasibility Analysis

The proper time to conduct a feasibility analysis is early in thinking through the prospects for a new business. The thought is to screen ideas before a lot of resources are spent on them.

Ethnosphere

The sum total of all thoughts and dreams, myths, ideas, inspirations, intuitions brought into being by the human imagination since the dawn of consciousness.

Components of financial feasibility analysis

Total Start-Up Cash Needed Overall Financial Attractiveness of the Proposed Venture

________ created ________ and mental images that propose that the _________ is _________ and that the three byproducts of imagination are curiosity, exploration, and disruption.

Walt Disney, illusions, imposible, possible

In general, the most attractive industries have the characteristics such as being:

Younger earlier in life cycle Fragmented and not concentrated Growing rather than shrinking "Must haves" rather than wants Are not crowded. Have high rather than low operating margins. The degree to which environmental and business trends are moving in favor rather than against the industry.

Business Model

a firm's plan or recipe for how it creates, delivers, and captures value for its stakeholders. A firm's business model is integral to its ability to succeed both in the short and long term.

wicked problem

a problem that is difficult or impossible to solve because of incomplete, contradictory, and changing requirements that are often difficult to recognize

Components of a Properly Conducted Feasibility Analysis:

a properly conducted feasibility analysis includes four separate components, as discussed in the following slides.

First Screen

a tool that can be used in the initial pass at determining the feasibility of a business idea. If a business idea cuts muster at this stage, the next step is to complete a business plan

Five unique categories referred to as wild imagination's:

abstract, replication, surrogate, prophecy, and ingenious.

The engineer toolset is a metaphor for the ability to __________ by manipulating a __________ regardless of a choice between ________ or __________, since there is not one right answer to a problem.

achieve a solution, a perceived reality, efficiency, thoroughness

Artefact

an artificial product or a fact observed in a natural system, especially one introduced by the technology used in scientific investigation or by experimention.

Product/Service Feasibility Analysis:

an assessment of the overall appeal of the product or service being proposed

Resource Sufficiency

an assessment of whether an entrepreneur has sufficient resources to launch the proposed venture.

Growth versus fix mindsets - entrepreneurial mindset

an entrepreneurship mindset is simply a choice for anyone to understand and enact a method to improve ability by embracing any challenge. Entrepreneurship is about creating, whereas leader ship is about influencing, and management is about facilitating.

Look

at the intellectual, institutional, technical, financial circumstances for optimal uses.

strong-tie relationships

characterized by frequent interaction and form between coworkers, friends, and spouses.

Taxonomy

classifying entrepreneurs

Organizational Feasibility Analysis

conducted to determine whether a proposed business has sufficient management expertise, organizational competence, and resources to successfully launch a business. Focuses on non-financial resources.

Design thinking skill set:

create a solution that operates within working precepts on a daily basis.

positive imagination

creates a feeling of euphoria, happiness, optimism, and a positive mental attitude. This type of imagination can create a mental belief that something from fantasy is possible and that unique elements can be reassembled into something new and feasible.

negative imagination

creates a feeling of insecurity, anxiety, or fear of bad things happening, leading to unstable negative mental emotions. The basic premise holds of imagining the worst or catastrophic thinking can lead us to mental suffering.

Product/Market Scope

defines the products and markets on which it will concentrate Most firms start with a narrow (or limited) product/market scope, and pursue adjacent product and market opportunities as the company grows and becomes more financially secure.

Standard Business Models

depict existing plans or recipes firms can use to determine how they will create, deliver, and capture value for their stakeholders

Channels

describe how it delivers its product or service to its customers. businesses either sell direct, through intermediaries (such as distributors and wholesalers), or via a combination of both.

Leap

do not wait. Build in deploy. The purpose of a project or company is prosperity.

Disney's secret sauce about imagination is closest achieved by a description of strategy to tell stories based on three mental trigger areas called the ______, _______, and _______

dreamer, realist, spoiler/ critic.

Most important trends are:

economic forces, social forces, technological advances, political and regulatory changes

All firms fall along a conceptual continuum that ranges from highly conservative to highly entrepreneurial: the position of a firm on this continuum is known as:

entrepreneurial intensity.

Venture Capitalist (Fred Wilson) definition:

entrepreneurship is the art of turning an idea into a business.

Management Prowess

evaluate the ability of its management team to satisfy itself that management has the requisite passion and expertise to launch the venture.

McMullen Shepherd Model

explains how knowledgable and motivation influence two stages of entrepreneurial action If the individual overcomes enough doubt to form (1) the belief that the situation represents an opportunity for someone in general and (2) the belief that the opportunity for someone is also an opportunity for them personally, the individual may act.

Entrepreneurial firms

firms that bring new products and services to the market by creating and seizing opportunities regardless of the resources they currently control

Product (or Service) Production

focuses on how a firm's products and/or services are produced.

Pioneering spirit - the pioneer

sees potential long before the concept or idea becomes validated or comes to fruition. A pioneer is an innovator willing to try new things by pushing boundaries to advance the cause. Pioneers probe, inquire, enterprise, and process new methods, new roads, making cat mints, and even create new occupations. This drive requires the ability and skill set to challenge mindsets and create new revolutionary paradigms

Spoiler or critic:

strategy used a key stages of the creative process and group meetings, using vivid imagination and keen business sense to bridge the gap between imagination and reality. You can identify constraints and limits.

Feasibility analysis

the process of determining whether a business idea is viable. the preliminary evaluation of a business idea, conducted for the purpose of determining whether the idea is worth pursuing.

Financials

third component of a firm's business model focuses on its financials. Describes how it earns money One of the most fundamental aspects of its business model.

Disruption:

your imagination allows you to construct any reality you desire at any moment to tell a fictitious story.

Exploration:

your imagination allows you to travel anywhere in the universe and experience the possibilities of being anyone.

Curiosity:

your imagination makes you consider the impossible; you can ponder the "what if" possibilities of anything