Opportunity Recognition - Module 3

Question 1

It is a major prerequisite for innovativeness and entrepreneurial performance.

Answer 1

recognizing entrepreneurial opportunities

Question 2

the first step in the entrepreneurial process

Answer 2

Opportunity Identification

Question 3

ToF. Startups can achieve success without spotting opportunities.

Answer 3

False

Question 4

a process that’s found in the way that individuals and businesses with an entrepreneurial mindset approach new business ventures or ideas.

Answer 4

Opportunity recognition

Question 5

is a favorable set of circumstances that creates the need for a new product, service, or business idea

Answer 5

opportunity

Question 6

Most entrepreneurial firms are started in one of two ways:

Answer 6

Internally stimulated and externally stimulated

Question 7

An entrepreneur decides to start a firm, searches for and recognizes an opportunity, then starts a business

Answer 7

internally stimulated

Question 8

An entrepreneur recognizes a problem or an opportunity gap and creates a business to fill it.

Answer 8

externally stimulated

Question 9

___ is the point at which identifiable consumer demand meets the feasibility of satisfying the requested product or service.

Answer 9

Entrepreneurial opportunity

Question 10

In what ways or cases that an opportunity is found?

Answer 10

1. deliberate search
2. emerges serendipitously
3. recognizing a problem and making a deliberate attempt to solve the problem

Question 11

Stated that entrepreneurs create value “by exploiting a new invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, by opening up a new source of supply of materials or a new outlet for products, by recognizing an industry” or similar means.

Answer 11

Joseph Schumpeter

Question 12

entrepreneurial innovation is the disruptive force that creates and sustains economic growth, though in the process, it can also destroy established companies, reshape industries, and disrupt employment. He termed this force ___.

Answer 12

creative destruction

Question 13

is the permanent reduction of a company’s labor force through the elimination of unproductive workers or divisions

Answer 13

downsizing

Question 14

ToF. The dynamics of business impedes the economy and deteriorate our lifestyle, leading to other industries or products obsolete.

Answer 14

False

Question 15

ToF. Berkeley argued that this cyclic destruction and creation was natural in a capitalist system, and that the entrepreneur was a prime mover of economic growth.

Answer 15

False

Question 16

For Schumpeter, the goal was ___

Answer 16

to progress

Question 17

methods for finding new business opportunities

Answer 17

1. Develop a new market for an existing product.
2. Find a new supply of resources that would enable the entrepreneur to produce the product for less money.
3. Use existing technology to produce an old product in a new way.
4. Use an existing technology to produce a new product.
5. Finally, use new technology to produce a new product

Question 18

are economic terms relating to the production of goods.

Answer 18

Supply and demand

Question 19

_____ is the amount of a product or service produced.

Answer 19

Supply

Question 20

____ is the consumer or user desire for the outputs, the products, or services produced.

Answer 20

Demand

Question 21

_______ is the point at which identifiable consumer demand meets the feasibility of satisfying the requested product or service.

Answer 21

entrepreneurial opportunity

Question 22

includes identifying a sizable target market interested in the product or service that has sufficient profitability for the venture’s financial success

Answer 22

feasibility

Question 23

________________ was first applied in radars to track military submarines

Answer 23

microwave
technology

Question 24

he accidentally melt a peanut bar in his pocket one day while tinkering with
the technology, the microwave was born

Answer 24

Percy Spencer

Question 25

being used by real estate firms, package delivery services,
agriculture, underwater search and scientific research, security, surveillance, and more.

Answer 25

drone technology

Question 26

He found a system to solve the problem of overnight package delivery in
founding Federal Express

Answer 26

Fred Smith

Question 27

Identifying ________________ may be as simple as listening to customer comments such as “I wish my
virtual orders could be delivered more quickly.” or “I can never seem to find a comfortable pillow that
helps me sleep better.”

Answer 27

consumer needs

Question 28

simple form of market research

Answer 28

customer feedback

Question 29

• Increased access to capital through social media sources like crowdsourcing is having a significant impact on entrepreneurship in that it enables underserved people and communities who otherwise might not be able to start and own a business—to become entrepreneurs.
• Technological advancements continue to provide new opportunities, ranging from drones to artificial intelligence, advancements in medical care, and access to learning about new technology. For example, drone technology is being used to map and photograph real estate, deliver products to customers, and provide aerial security and many other services. Cell phones have spawned many new business opportunities for a wide range of cell phone accessories and related products, ranging from cell phone cases to apps that help make our cell phones faster for business and personal use.
• Increased globalization drives entrepreneurship by allowing importing and exporting to flourish. Globalization also helps spread ideas for new products and services to a world market instead of a local or regional market. Combined with the Internet and computer technology,
  even small businesses can compete and sell their products around the globe.
• Economic factors could include a strong economy that fuels other businesses. For example, growth in the housing market fuels growth for many housing-related products and services, ranging from interior decorating to landscaping as well as furniture, appliances, and moving
  services.

Answer 29

Drivers of Opportunity

Question 30

one of the main causes for start-up’s failure

Answer 30

lack of real need in the market

Question 31

a big part of how you handle the issue of your company not making as much money as it realistically could be.

Answer 31

Identifying business problems

Question 32

According to ______, “the real talent in entrepreneurship is finding the right problem, not building the right solution.”

Answer 32

Marius Ursache

Question 33

Components to identify business problems

Answer 33

• It’s Important to Ask Yourself Questions
• Know What the Root Cause Is
• Get Some Insight
• Don’t Waste Time

Question 34

Without addressing the customer’s problem to their complete satisfaction, you could open yourself up to scrutiny from many others in the future

Answer 34

It’s Important to Ask Yourself Questions

Question 35

Beneath every problem is a deeper issue that has to be dealt with for the problem to be completely eliminated, rather than simply swept to the side.

Answer 35

Know What the Root Cause Is

Question 36

If you leave the underlying cause of a problem in place, you run the risk of the immediate issue coming back time and again.

Answer 36

Know What the Root Cause Is

Question 37

By consulting with people who are constantly exposed to parts of your business that you may not deal with every single day, you could potentially uncover issues that might have otherwise been allowed to persist.

Answer 37

Get Some Insight

Question 38

It helps to get outside opinions. Talk to co-workers, customers, and entrepreneurs in the same industry, and anyone else who might be able to find issues that you could be missing.

Answer 38

Get Some Insight

Question 39

Problems have a tendency to snowball if you let them, so you need to be proactive.

Answer 39

Don’t Waste Time

Question 40

By having even a small role in every aspect of your business, you will have some idea of how things are run. That will expose you to the idiosyncrasies of that part of the business and show you what you can do about issues as they arrive.

Answer 40

Don’t Waste Time