ENT_L2 Flashcards
(21 cards)
Define an opportunity in entrepreneurship.
Opportunity – a favourable set of circumstances in which you can provide a solution or a new way of doing things.
What concept is central when considering opportunities?
Problem – Solution space is central.
List common roots of opportunities.
- Grand challenges (environmental / social)
- Disruptive technologies
- Social trends
- Sociodemographic trends
State the challenge an entrepreneur faces when selecting a problem.
- Convince yourself the problem is worth investigating
- Ensure the problem is understood
- Analyse the solution space
- Select the most interesting solution(s)
Give the definition of Design Thinking.
Design Thinking – a structured process and problem‑solving method to generate innovative ideas, keeping the user central and fostering a safe team atmosphere.
Name the four stages of the Double Diamond process.
- Discover
- Define
- Develop
- Deliver
What are the two thinking modes in Design Thinking?
- Problem space thinking
- Solution space thinking
Describe Step 1 of the Double Diamond.
Focus on the problem – start from user needs and craft a specific problem statement.
Describe Step 2 of the Double Diamond.
Focus on the solution – generate and refine potential products for the user, guided by the How Might We statement.
Explain the phrase How Might We…?
- How – we do not yet have the answer
- Might – invites multiple avenues for innovation
- We – emphasises teamwork
Differentiate information‑driven and insight‑driven solutions.
- Information‑driven: reacts to observable behaviour without deeper understanding (e.g. fining non‑compliant patients)
- Insight‑driven: stems from empathy and core revelations, leading to user‑centred solutions (e.g. planners, empowerment)
Outline the brainstorming methods mentioned.
- Traditional brainstorming
- Silent brainstorming
- The Worst Idea Ever
- Random object technique
- Provocation techniques
What is silent brainstorming?
Participants write ideas individually, without verbal communication, allowing quieter members to contribute.
Which criteria are used in concept evaluation?
- Catchy name
- Description & features
- Value proposition
- Users & stakeholders
- Desirability to user(s)
- Technological feasibility
- Business viability
Compare opportunity creation with opportunity discovery regarding definition.
- Creation: entrepreneurs actively build opportunities through actions and insights.
- Discovery: entrepreneurs find existing opportunities in the market.
How do creation and discovery differ in their underlying assumption?
- Creation: opportunities do not exist independently; they are formed by action.
- Discovery: opportunities exist objectively in the environment, waiting to be found.
Which approach involves higher risk – creation or discovery?
Opportunity creation generally carries higher risk because it requires creating new markets under more uncertainty.
According to John Searle, how is an institutional fact constructed?
- Identify X (brute physical fact)
- Assign Y (institutional status) to X
- Establish C (context of constitutive rules)
- Apply collective intentionality to recognise Y
o Identify X (Physical Reality): X represents a brute fact or physical object (e.g., a piece of paper
with specific designs and markings).
o Define Y (Institutional Fact): Y is the social or institutional status assigned to X (e.g., Money, a
$20 bill).
o Establish C (Context): C is the system or set of constitutive rules enabling the assignment (e.g.,
U.S. financial system and its regulations).
o Apply Collective Intentionality: The community agrees to assign Y status to X; this is often
implicit and learned through socialization.
o Implement Constitutive Rules: Rules create the possibility of Y existing (e.g., Rules defining
what counts as legal tender).
o Assign Status Functions: X is given powers beyond its physical properties (e.g., Ability to be
exchanged for goods and services).
o Maintain Through Continued Recognition: Y status persists as long as it’s collectively
recognized and accepted within the community.
Link entrepreneurial opportunity to Searle’s framework.
Begins as an epistemic subjective personal belief; through collective intentionality it becomes an epistemic objective institutional fact integrated in social reality.
Name four philosophers discussed in relation to entrepreneurship.
- Socrates
- Plato
- René Descartes
- Ludwig Wittgenstein
State Socrates’ famous conclusion about knowledge.
“I know that I know nothing at all.”
