Chapter 4 - Small Business Ideas: Creativity, Opportunity, and Feasibility

Creativity:

a process producing an idea or opportunity that is novel and useful, frequently derived from making connections among distinct ideas or opportunities.

Entrepreneurial Alertness:

a special set of observational and thinking skills that help entrepreneurs identify good opportunities; being able to notice things that have been overlooked, without actually launching a formal search for opportunities, and being motivated to look for opportunities.

Radical Innovation Strategy:

: rejecting existing ideas, and presenting a way to do things differently.

Feasibility:

The extent to which an idea is viable and realistic and the extent to which you are aware of internal (to your business) and external (industry, market, and regulatory environment) forces that could affect your business.

Imitative Strategy:

an overall strategic approach in which the entrepreneur does more or less what others are already doing.

Opportunity Recognition:

searching and capturing new ideas that lead to business opportunities. This process often involves creative thinking that leads to discovery of new and useful ideas.

Incremental Strategy:

taking an idea and offering a way to do something better than it is done presently.

Pilot test:

a preliminary run of a business, sales effort, program or website with the goal of assessing how well the overall approach works and what problems it might have.