Module 1 Session 3

Question 1

key component of entrepreneurship.

Answer 1

OPPORTUNITY

Question 2

situations in which new goods, service, raw materials, markets and organizing methods can be introduced through the formation of new means, ends, or means-ends relationship

Answer 2

opportunity

Question 3

vary largely in complexity and characteristics and so the process through which they are identified

Answer 3

opportunity

Question 4

two types of opportunity

Answer 4

Tacit Opportunity
Codified Opportunity

Question 5

a type of opportunity that is described as a situation that is difficult to codify, articulate or communicate, in which a person can create a new means-ends framework for recombining resources.

Answer 5

Tacit Opportunity

Question 6

a type of opportunity that is described as a situation that is well-documented, articulated or communicated, in which a person can create a new means-ends framework for recombining resources

Answer 6

Codified Opportunity

Question 7

_____ may be the chance to meet a _____ (or interest or want) through a creative combination of resources to deliver superior value.

Answer 7

Opportunity, market need

Question 8

______ is the the progenitor of both personal and societal wealth

Answer 8

Opportunity Recognition

Question 9

what are the three distinct process in opportunity recognition

Answer 9

1. Sensing or perceiving market needs and/or underemployed resources.
2. Recognizing or discovering it a “fit” between particular market needs and specified resources
3. Creating a new “fit” between heretofore seperate needs and resources in the form of business concept.

Question 10

it is the key to the engine that starts new businesses.

Answer 10

Identification of Opportunities

Question 11

they argue that understanding the opportunity identification process is one of the primary questions within the province of entrepreneurship.

Answer 11

Venkataraman (1997 and Gaglio and Katz (2001)

Question 12

they realized in their work that if different types of opportunities are identified, it is necessary to bring the entrepreneur back into the picture to understand the relationship between the type of opportunity and the entrepreneurial process.

Answer 12

Smith, Matthews and Schenkel (2006) and Shane (2003)

Question 13

Other researchers like Baum, Locke, and Smith (2001) and Rauch and Frese (2000) have pointed out that _____ remains an important general predictor of ______, once specific mediating factors are considered.

Answer 13

personality, entrepreneurial behavior

Question 14

Difference Between Wishes and Goals

Answer 14

Wishes are imagined future states. In contrast to wishes, goals are objects or aims of actions (Locke & Latham, 2002). So, goals indicate the steps to take to make the wishes come true.

Question 15

It is is something that we want to achieve

Answer 15

Goal

Question 16

It is specific, measurable occurrence, object, or accomplishment that one would like to achieve, or obtain in the future

Answer 16

Goal

Question 17

It is one where you develop concrete action plans to take you to where and what you want in the future

Answer 17

Goal

Question 18

is an investment in yourself; it clearly identifies what you want, how you will get it, and when you will get it

Answer 18

Goal Statement

Question 19

Brunstein and Gollwitzer (1996), in their research, pointed out the importance of self defining goals as they do ______ some people. That is why it is important for any entrepreneur to set goals that may act as _____ in the opportunity identification process and their businesses

Answer 19

motivate, motivators

Question 20

Characteristics Of Goals (SMART)

Answer 20

Specific
Measurable
Achievable
Realistic
Time-bound

Question 21

Identify the 6 techniques in opportunity identification

Answer 21

PERSONAL EVALUATION
PERSONAL GOALS
PROBLEM- SOLVING
NEEDS
CREATIVITY
BRAINWRITING

Question 22

Identify the specific technique in opportunity identification

It is the process of exploring and evaluating yourself, specifically your skills, abilities, traits, personality, or performance

Answer 22

PERSONAL EVALUATION

Question 23

Identify the specific technique in opportunity identification

It is something that we want to achieve. It is specific, measurable occurrence, object, or accomplishment that one would like to achieve, or obtain in the future. It is one where you develop concrete action plans to take you to where and what you want in the future

Answer 23

PERSONAL GOALS

Question 24

Identify the specific technique in opportunity identification

The role of prior knowledge has been identified as an important individual difference in the identification of entrepreneurial opportunities. Prior knowledge creates a knowledge corridor that allows people to recognize certain opportunities (Venkataraman, 1997; Hayek, 1945).

Answer 24

PROBLEM- SOLVING

Question 25

Identify the specific technique in opportunity identification People will always have needs a human need is a basic requirement that a person wishes to satisfy. Needs are basic parts of human life, and are therefore not created by businesses.

Answer 25

NEEDS

Question 26

Identify the specific technique in opportunity identification is a key to the development of both new and existing businesses, especially for those who want to grow towards a profitable business.

Answer 26

CREATIVITY

Question 27

Identify the specific technique in opportunity identification It is a method where a person writes whatever comes to mind.

Answer 27

BRAINWRITING

Question 28

Identify the specific technique in opportunity identification At times, metaphors can also be in the process. When doing _____ the rules are that ideas should not be evaluated. You should not be too critical, all ideas are allowed, even absurd or foolish ones.

Answer 28

brainwriting

Question 29

______ is typically used to refer to the act of producing new ideas, approaches or actions, while _____ is the process of both generating and applying such creative ideas in some specific context.

Answer 29

creativity, innovation

Question 30

______ can be a powerful tool to identify your goals, the resources you can use to achieve them, and possible barriers to progress

Answer 30

PERSONAL EVALUATION

Question 31

IMPORTANCE OF PERSONAL EVALUATION

Answer 31

- By evaluating their own strengths, interests, and abilities, entrepreneurs can identify opportunities that align with their personal goals and skill set. This can increase the chances of success by allowing the entrepreneur to use their existing expertise and experience. - Personal evaluation can also help entrepreneurs to identify potential challenges or obstacles that may need to be addressed. - Help to ensure that the entrepreneur remains motivated and engaged throughout the entrepreneurial process

Question 32

- are defined as character traits or skills that are considered positive - include knowledge, attributes, skills, and talents

Answer 32

Strengths or Personal Abilities

Question 33

examples of strengths or personal abilities

Answer 33

a. Enthusiasm b. Trustworthiness c. Creativity d. Discipline e. Patience f. Respectfulness g. Determination h. Dedication i. Honesty j. Versatility

Question 34

activities, topics, or ideas that a person has a natural curiosity for or enthusiasm towards

Answer 34

Interest

Question 35

examples of interests

Answer 35

History Kpop Mobile Games Fashion Makeup Music Sports Anime Photography Arts

Question 36

- activity that one engages in for pleasure or relaxation during their leisure time - is often a more specific activity that one enjoys doing and can be an expression of one's interests.

Answer 36

Hobbies

Question 37

examples of hobbies

Answer 37

Reading Baking Sewing Hiking Traveling Vlogging Dancing Crochet Gaming Bowling

Question 38

BUSINESSES THAT CAN BE FORMED USING SIH

Answer 38

Kpop- Kpop Merch Store Makeup- Makeup Line Fashion- Clothing Line Sports- Gyms Photography- Event Photography Sewing- Tailoring Business Dancing- Dance Studios Bowling- Bowling Centers Baking- Bakery Gaming- Game Designing

Question 39

types of goals

Answer 39

a. Short-term goals- are usually those that take less than a year to achieve b. Medium-term goals - take between one and 10 years. c. Long-term goals - may take more than a decade to achieve.

Question 40

Identify the specific technique in opportunity identification Absorb yourself in your industry and continually educate yourself on the latest techniques and trends.

Answer 40

OBSERVING TRENDS

Question 41

Identify the specific technique in opportunity identification Analyzing your competitors will help you identify key business opportunities to expand your market reach and develop your products and services.

Answer 41

COMPETITIVE ANALYSIS

Question 42

Opportunities can be identified through other ways like:

Answer 42

- Existing product/service provider weaknesses - Application of existing products or new functions - Cross-border limitations

Question 43

Definitions of creativity are typically descriptive of activity that results in:

Answer 43

- producing or bringing about something partly or wholly new; - investing an existing object with new properties or characteristics; imagining new possibilities that were not conceived of before and; - seeing or performing something in a manner different from what was thought possible or normal previously.