ENTR Ch.2: Recognizing Opportunities & Generating Ideas
Problems can be recognized by observing the ______ that people encounter in their daily lives
challenges
Intuit (which makes Quicken and TurboTax products) routinely sends teams of testers to the homes and businesses of its users to see how its products are working and to see insights for new product ideas. Intuit uses ________ research.
day-in-the-life
Elon Musk, the founder of the electric car company Tesla and co-founder of the solar panel company SolarCity is credited with having a "sixth sense" that allows him to see opportunities that others miss. This sixth sense that Elon Musk has is called _______.
entrepreneurial alertness
solo entrepreneurs
entrepreneurs who identified their business idea on their own
Focus groups typically consist of a group of people who are _____ with a topic.
familiar
____ in the marketplace are a source of business opportunities.
gaps
Which one of the following is NOT an essential quality of an opportunity? A. It is durable B. It is anchored in a product, service, or business that creates or adds value to buyer or end-user C. It is attractive D. It is timely E. It is profitable
E. It is profitable
Observing trends can lead to spotting opportunities. Which of the following is NOT an area of environmental trends that suggest business or product opportunity gaps? A. Economic forces B. Technological advances C. Social Forces D. Political & regulatory changes E. Personnel changes
E. Personnel changes
network entrepreneurs
Entrepreneurs who identified their idea through social contacts.
Weak-tie relationships are not very likely to be between _______ individuals.
like-minded
Usually, focus groups are conducted by trained ______.
moderators
Bud Smith and John Knowles, college dormmates identified their business idea through social contacts. Bud and John are called _____ entrepreneurs.
network
The number one rule for a brainstorming session is that __________.
no criticism is allowed
An idea may or may not meet the criteria of a(n) _______.
opportunity
Customer advisory board
panels of individuals set up by some companies to meet regularly to discuss needs, wants, & problems that may lead to new product, service, or customer service idea
Opportunity recognition refers to the process of _____ the possibility of a profitable new business or a new product or service
perceiving
One popular quote says "Every ___ is a brilliantly disguised opportunity."
problem
Weak-tie relationship
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
John and Amy both work in the billings department of Acme Corp. The nature of their job involves frequent interaction with each other every working day. The tie between John and Amy is an example of a_______ relationship
strong tie
entrepreneurship alertness
the ability to notice things w/o engaging in deliberate search
creativity
the process of generating a novel or useful idea
opportunity recognition
the process of perceiving the possibility of a profitable new business or a new product or service
window of opportunity
the time period in which a firm or an entrepreneur can realistically enter a new market
Once the market for a new product is established, its _________ opens
window of opportunity
4 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
3 ways to identify an opportunity
1. observing trends 2. solving a problem 3. finding gaps in the marketplace
Research results over time consistently suggest that somewhere between ____ and ____ percent of those who start businesses got their ideas through social contacts.
40-50
mind map
A diagram used to visually organize information.
Day-in-the-life research
A form of anthropological research used by companies to make sure customers are satisfied and to probe for new product ideas by sending researchers to the customers' homes or business.
Which one of the following is NOT a social trend that is currently affecting how individuals behave and set up priorities? A. Passage of the Affordable Care Act (Obamacare) B. The increasing diversity of the workforce C. Growth in the use of mobile devices D. Aging of the population E. Increased participation in social networks
A. Passage of the Affordable Care Act (Obamacare)
In brainstorming, ____ means using one idea as a means of jumping forward quickly to other ideas.
Leapfrogging
Strong-tie relationships
Relationships characterized by frequent interaction that form between like-minded individuals such as coworkers, friends, and spouses; these relationships tend to reinforce insights and ideas the individuals already have and, therefore, are not likely to introduce new ideas.
Starting in high school and all the way through college, Peter and his neighborhood pal, Winston have a relationship where each tends to reinforce insights and ideas the other already has. This is an example of ____ relationship.
Strong-tie
Opportunity
a favorable set of circumstances that creates a need for a new product, service, or business
focus group
a gathering of 5-10 people who have been selected based on their common characteristics relative to the use being discussed. The purpose of the group is to generate ideas that might represent product or business opportunities
bug report
a popular technique that is used in classrooms to teach brainstorming
Geoffrey Arone and Michael Clark founded SafetyWeb, an online business that created a Web-based service that helps parents protect their children's online reputation. SafetyWeb found its business opportunity in ______.
a problem
brainstorming
a technique used to quickly generate a large number of ideas & solutions to problems; conducted to generate ideas that might represent product or business opportunities
idea
a thought, impression, or notion
Opportunity gap
an entrepreneur recognizes a problem and creates a business to fill it
