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Entrepreneurship > Chap 2 > Flashcards

Chap 2 Flashcards

1
Q

what are the 5 steps of opportunity identification and evaluation stage

A
  1. scanning the environment
  2. opportunity identification
  3. opportunity development
  4. opportunity evaluation
  5. assessment of the entrepreneurial team
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2
Q

what is an idea

A

its a thought or suggestion about a possible course of action.

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3
Q

what is an opportunity

A

its a favorable time or set of circumstances to do something.

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4
Q

what is a buisness opportunity

A

its a gap left in a market by those who currently serve it, its a chance to others to add new value and create new possibilities.

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5
Q

whats the difference between and idea and opportunity

A

opportunity is the possibility of occupying the market with a specific innovative product that will satisfy a real need while an idea is all about opinion about anything we can have.

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6
Q

what are the questions that should be asked for the evaluation of the opportunity

A
  • about the products/service regarding its description, differentiator, purpose and the need it fills
  • about the market opportunity , like what the market demand
  • costing and pricing
  • profitability
  • capital requirements
    -issues and risks
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7
Q

what is a buisness idea

A

its a short and precise description of the basic operation of an intended buisness

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8
Q

what are the 3 different buisness ideas

A
  1. old idea
  2. old idea with modification
  3. a new idea
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9
Q

what are the different methods for generating buisness ideas

A
  1. learns from sucessful buisness owners
  2. draw from experience or others peoples
  3. survey your local buisness area
  4. structured brainstorming
  5. scanning your environment
  6. focus group
    7.problem inventory analysis
  7. brainstorming
    9 free association
  8. forced relationships
  9. attribute listing
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10
Q

what is idea screening

A

is the process to spot good ideas and eliminate poor one.

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11
Q

what are the 3 approaches to buisness screening

A
  1. macro screening
  2. micro screening
    scoring the suitability of buisness idea
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12
Q

what are the steps involved in buisness planning process

A
  1. preliminary investigation
  2. opportunity identification and idea generation
  3. environmental scanning
  4. feasibility analysis
  5. report preparation
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13
Q

what are the components of buisness plan

A
  1. cover sheet
  2. executive summary
  3. the buisness
  4. funding requirement
  5. the product or services
  6. the plan (marketing, operational , organizational , financial)
  7. critical risks
  8. exit strategy
  9. appendix
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Entrepreneurship (5 decks)

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