Lesson 5

Question 1

___________ is the process of generating, refining, and evaluating ideas to transform them into actionable opportunities. It is a key component in the entrepreneurial and innovation process that bridges the gap between ideation and execution.

Answer 1

Idea Development

Question 2

Stages in Idea Development

Answer 2

1. Idea Generation
2. Idea Refinement
3. Idea Evaluation

Question 3

Producing new and innovative ideas through brainstorming, research, and observation.

Answer 3

Idea Generation

Question 4

Filtering and improving ideas to align with goals and feasibility.

Answer 4

Idea Refinement

Question 5

Testing the practicality, viability, and desirability of the refined ideas.

Answer 5

Idea Evaluation

Question 6

Role in Entrepreneurship and Innovation

Answer 6

1. Provides the foundation for business opportunities.
2. Supports competitive advantage by fostering unique solutions.

Question 7

Definition: Ideas originating from personal experience, skills, or insights.
Examples: An artist starting a digital gallery based on their painting hobby

Answer 7

Internal Sources

Question 8

Definition: Ideas inspired by external factors such as trends, market gaps, or customer feedback.

Examples: A technology startup creating apps for remote learning during the pandemic.

Answer 8

External Sources

Question 9

Definition: Systematic efforts to create new products or processes.

Example: Pharmaceutical companies investing in R&D for new medicines.

Answer 9

Research and Development (R&D)

Question 10

Definition: Studying competitors to identify areas for improvement or differentiation.

Example: A coffee shop adding unique blends after researching competitor menus.

Answer 10

Benchmarking and Competitive Analysis

Question 11

Collaboration involves bringing together diverse skills, perspectives, and resources to enhance idea development.

Answer 11

Collaboration in Idea Development

Question 12

Including members with different expertise and backgrounds.

Answer 12

Building Diverse Teams

Question 13

Seeking guidance from experienced individuals and leveraging networks

Answer 13

Role of Mentorship and Networking

Question 14

Tapping into collective intelligence for innovative solutions.

Answer 14

Crowdsourcing

Question 15

Transitioning a raw idea into a structured and actionable concept.

Answer 15

From Idea to Concept

Question 16

Steps to Transition

Answer 16

1. Define the core value proposition.
2. Align the idea with the organization’s vision and mission.
3. Create a concise and impactful elevator pitch.

Question 17

Challenges in Idea Development

Answer 17

1. Creative Blocks
2. Resource Limitations
3. Balancing Innovation with Practically

Question 18

Common Challenges:

Struggling to generate or refine ideas.

Answer 18

Creative Blocks

Question 19

Common Challenges:

Lack of time, funds, or tools.

Answer 19

Resource Limitations

Question 20

Common Challenges:

Ensuring ideas are both novel and feasible.

Answer 20

Balancing Innovation with Practicality

Question 21

Strategies to Overcome Challenges

Answer 21

1. Use creativity techniques like SCAMPER or brainstorming.
2. Seek partnerships or funding to address resource gaps.
3. Conduct feasibility studies early in the process.