OLD ENT_L2

Question 1

What is an opportunity in entrepreneurship?

Answer 1

An opportunity is a favourable set of circumstances enabling a new solution, product, or way of doing things.
- Roots: disruptive tech, social trends, or grand challenges
- Core: addresses a genuine problem in the market

Question 2

What is the focus of design thinking?

Answer 2

Placing the user at the centre of problem-solving.
- Combines empathy, insight, and iteration
- Explores problem then solution space

Question 3

Name the four stages of the Double Diamond process.

Answer 3

Discover → Define → Develop → Deliver
- Discover: explore the problem domain
- Define: narrow down to a specific problem
- Develop: brainstorm and prototype solutions
- Deliver: refine and launch the final solution

Question 4

How might insights shape better solutions?

Answer 4

They reveal deeper user needs behind observed behaviour.
- Lead to empathetic and user-centric solutions
- Spur How Might We questions for innovation

Question 5

What are How Might We (HMW) questions?

Answer 5

Open-ended triggers for creative brainstorming:
- How suggests there is no single answer
- Might encourages multiple solutions
- We emphasises collaborative ideation

Question 6

List key brainstorming rules mentioned.

Answer 6

• Defer judgement
• Encourage wild ideas
• Build on others’ ideas
• Aim for quantity before quality
• Stay focused on the topic

Question 7

Compare opportunity discovery and opportunity creation.

Answer 7

Discovery:
- Opportunities exist independently
- Focus on finding gaps in existing markets

Creation:
- Entrepreneurs actively form new opportunities
- Often leads to disruptive markets

Question 8

What is collective intentionality in entrepreneurship?

Answer 8

A shared belief system enabling institutional facts:
- People agree on a new concept’s value or status
- This transforms an idea into an institutional reality

Question 9

How does philosophy connect to entrepreneurship here?

Answer 9

• Socrates: recognising we know very little
• Descartes: the power of reason and mental representation
• Searle: language and social constructs create new realities
  All highlight the interplay of ideas, perceptions, and collective acceptance.

Question 10

What are key steps for shaping a business concept?

Answer 10

1. Explore the problem and confirm user needs
2. Generate multiple solution ideas
3. Evaluate feasibility (^technology), desirability (to users), and viability (business)
4. Refine the selected solution into a coherent concept

Question 11

Why is CO₂ sometimes mentioned in this context?

Answer 11

Because environmental and social grand challenges can inspire entrepreneurial opportunities.
- E.g., solutions reducing CO₂ emissions could create new markets or attract strategic investment