Entrepreneurial Management (SG4)

Question 1

The search and capture of new ideas is called ______, which researchers believe might be the most basic and important entrepreneurial behavior.

Answer 1

Opportunity recognition

Question 2

One that has captured the attention of scholars in the field. This phrase means that entrepreneurs have a special set of observational and thinking skills that helps them identify good opportunities.

Answer 2

Entrepreneurial alertness

Question 3

Opportunity Strategies

Answer 3

1. Imitative strategy
2. Incremental strategy
3. Radical innovation strategy

Question 4

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

Answer 4

Imitative strategy

Question 5

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

Answer 5

Incremental strategy

Question 6

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

Answer 6

Radical innovation strategy

Question 7

A legal agreement granting you rights to use a particular piece of intellectual property (for example, a technology).

Answer 7

License

Question 8

A pioneer in the field of creativity, who first coined the word brainstorming.

Answer 8

Alex Osborne

Question 9

Think of what you might substitute for something else to form a new idea. A feature that allows your customers to order directly from a Web site rather than visiting your store or ordering by mail is an example of substitution. Sometimes solutions derived through SCAMPER cues are very “way out” and lead people to some creative ideas for solving annoying problem.

Answer 9

Substitute

Question 10

Think of possible combinations you can make that result in something entirely different. Not long ago, if you wanted to buy a book, you went to a store that typically carried only books, and if you wanted to buy a cup of coffee you went to a coffee shop, and if you wanted to hear music you went to a club or theater.

Answer 10

Combine

Question 11

Think about what could be adapted from products or services that already exist. Many successful businesses are founded on the concept of adaptation. It’s a popular innovation strategy that can be just as effective, and much more likely in the real world, than business opportunities that are the result of radical innovations such as inventions

Answer 11

Adapt

Question 12

Taking an existing product and changing its appearance or adding more features or increasing the hours your store is open or making its advertising more dramatic are some ways you could magnify or modify your idea.

Answer 12

Magnify or modify

Question 13

Think of ways you could generate a high number of opportunities for your product or service beyond what it is traditionally used for.

Answer 13

Put to other uses

Question 14

Search for opportunities that arise when you get rid of something or stop doing something.

Answer 14

Eliminate

Question 15

Overall, you have to ask yourself this question: How can I change, reorder, or reverse the product or problem? What would I do if I had to do this process in reverse?

Answer 15

Rearrange or reverse

Question 16

FIve major pitfalls that business owners can become victim to when trying to become more innovative.

Answer 16

1. Identifying the wrong problem
2. Judging ideas too quickly
3. Stopping with the first good idea
4. Failing to act
5. Obeying rules that don’t exist

Question 17

A fast technique for making initial assessments (called screens) of prospective business ideas based on five questions.

Answer 17

“Really Big Idea”

Question 18

One of the simplest and fastest ways to screen ideas is what we will call the RBI screen, named for?

Answer 18

Alex Bruton

Question 19

RBI five questions

Answer 19

1. People: Who are you? What is your (or your team’s) relevant experience or knowledge?
2. Offering: What are you offering? What is the product or service or experience?
3. Customer: Whom are you offering it to? Who is your customer? Who makes the buying decision? How many buyers are there?
4. Value proposition: Why do they care? Why will it be important to the buyers/users? Why will they be happier with your offering than their current substitutes or alternatives?
5. Distinctive competencies: Do you have any key or core science/technology or feature? Does your idea have something special compared to competitors that is valuable to your customers or buyers (e.g., better technology, better quality, easier to buy or use, better support, new/better features, costs less, gives your firm an advantage over competitors, rare, costly for others to imitate, etc.)?

Question 20

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.

Answer 20

Feasibility

Question 21

Consist of careful investigation of five primary areas: the overall business idea, the product/service, the industry and market, financial projections (profitability), and the plan for future action. Within each of these areas you will examine the strengths and weaknesses (advantages and disadvantages) of your business opportunity.

Answer 21

Feasibility studies