Chapter 2- Nursing Entrep

Question 1

“Entrepreneurs see ways to put resources and information together in new combinations. They not only see the system as it is, but as it might be. They have a ___, at the ordinary and seeing the extraordinary. Consequently, they can spot opportunities that turn the commonplace into the unique and unexpected.”

Mitton (1989, p. 12)

Answer 1

knack for looking at the usual and seeing the unusual,

Mitton (1989, p. 12)

Question 2

“In my opinion, all previous advances in the various lines of invention will appear totally insignificant when compared with those which the present century will witness. I almost wish that I might live my life over again to see the wonders which are at
the threshold”.

Answer 2

Charles H. Duell, Commissioner, U.S. Office of Patents, 1898-1901

Question 3

The significant problems we face cannot be solved at the same level of thinking we were at when we created them.

Answer 3

Albert Einstein

Question 4

Opportunity recognition is the active, cognitive
process/ processes through which individuals
conclude that they have identified the potential to create something new, that has the potential to generate economic value and that is not currently being exploited or developed, and is viewed as desirable in the society in which it occurs.

Answer 4

Baron

Question 5

Systematic innovation involves “monitoring seven sources for innovative opportunity”

Answer 5

Drucker

Question 6

• The unexpected (unexpected success, failure, or outside events)
• The incongruity between reality as it actually is and reality as it is assumed to be or as it ought to be
• Innovation based on process need
• Changes in industry structure or market
  structure that catch everyone unawares

Answer 6

Internally Focused

Question 7

• Demographics (population changes)
• Changes in perception, mood, and meaning
• New knowledge, both scientific and nonscientific

Answer 7

Externally Focused

Question 8

One of the components of Mitchell’s (2000) New Venture Template asks whether the venture being examined represents a new combination. To determine this, he suggests considering two categories of entrepreneurial discovery:

Answer 8

Scientific Discovery and Circumstance

Question 9

• Physical/technological insight
• New and valuable way

Answer 9

Scientific Discovery

Question 10

• Specific knowledge of time, place, or circumstance
• When and what you know

Answer 10

Circumstantial Discovery

Question 11

Mitchell also presented two more sets of variables to consider:

Answer 11

Demand and Supply

Question 12

Distinction between true advances and promotional differences

Schumpeter’s (1934)

Answer 12

New or improved good/service

Question 13

Example: assembly line method to
automobile production, robotics, agricultural processing

Schumpeter’s (1934)

Answer 13

New method of production

Question 14

Example: Honda created a new market for smaller modestly powered motorbikes

Answer 14

Opening of a new market

Question 15

Enhance availability of products by
providing at lower cost

Answer 15

Conquest of a new source of supply of raw materials

Question 16

Murphy (2011) claimed that there was a single-dimensional logic that oversimplified the approach. Opportunities may be identified:

Answer 16

• purposeful search
• Because others provide the opportunity to
  the entrepreneur
• prior knowledge, entrepreneurial,
  and means other than a purposeful search
• combination of lucky
  happenstance and deliberate searching
  for opportunities

Question 17

people with high IQs can be unsuccessful in
business and those with lower IQs can be
successful as an entrepreneur

Answer 17

Vesper

Question 18

Vesper (1996) identified several ways in which entrepreneurs found ideas:

Answer 18

• Prior job
• Recreation
• Chance event
• Answering discovery question

Question 19

placing one’s mind into a mode where the
subconscious will work to push ideas into the conscious mind

Answer 19

Search questions

Question 20

with a potential customer request, someone else’s idea, or another event

Answer 20

Questions based on encounters

Question 21

seeing only what you expect to see or think what others expect you to see

Answer 21

Perceptual

Question 22

• intolerance of ambiguity
• preference for judging rather than seeking
  ideas
• tunnel vision
• insufficient patience

Answer 22

Emotional

Question 23

disdain for fantasy, reflection, idea
playfulness, humor

Answer 23

Cultural

Question 24

• fear of subconscious thinking
• inhibition about some areas of imagination

Answer 24

Imagination

Question 25

• distrust of others who might be able to help
• distractions
• discouraging responses from other people

Answer 25

Environmental

Question 26

weak technical skills in areas such as financial analysis

Answer 26

Intellectual

Question 27

• poor writing skills
• inability to construct prototypes

Answer 27

Expressive

Question 28

• Brainstorming
• Considering multiple consequences of
  possible future events or changes
• Rearranging, reversing, expanding,
  shrinking, combining, or altering ideas
• Developing scenarios

Answer 28

generating tricks

Tactics for departure according to Vesper

Question 29

is a human-centered approach to innovation that draws from the designer’s toolkit to integrate the needs of people, the possibilities of technology, and the requirements for business success.

Tim Brown, president and CEO

Answer 29

Design Thinking

Tim Brown, president and CEO

Question 30

• deeply human process
• thought of as a system of overlapping spaces rather a sequence of olderly steps

Answer 30

Design Thinking

Question 31

problem or opportunity that motivates the search
for solutions

Answer 31

Inspiration

Question 32

process of generating, developing, and testing ideas

Answer 32

Ideation

Question 33

path that leads from the project stage into people’s lives

Answer 33

Implementation