ENT Chapter 4

What led to your business Idea?

1. experience in particular industry/market, 2. discussion with family and friends

entrepreneurial alterness

WHAT set of observational and thinking skills that help entrepreneurs identify good opportunities

What did a guy who worked for IBM create after thanskgiving?

laser cutter for turkey, developed laser eye surgery

license

legal agreement granting you rights to use a particular piece of intellectual property

licensee

person or firm which is obtaining the rights to use a particular piece of intellectual property

licensor

person or organization which is offering the rights to use a particular piece of intellectual property

verification

testing of idea and reducing it to most exact form

incubation

thinking about the problem or opportunity in a "not conscious" way, putting it on the back burner

What are 2 powerful but rarely used sources of ideas?

universities and govt agencies

illumination

light bulb on, ideas flow

what is the most basic and important entrepreneurial behavior?

opportunity recognition

royalty

payment to licensor based on number or value of licensed items sold

opportunity recognition

searching and capturing new ideas that lead to business opportunities: most basic and important entrepreneurial behavior

What did Russel Kendizior of Texas create? What was key in customers?

soap free floor cleaner, chemicals and footwear, frustration

SCAMPER

substitute, combine, adapt, magnify or modify, put to other uses, eliminate, rearrange