W4 Flashcards
(10 cards)
1
Q
What is ideation?
A
The process of generating, developing, and communicating new ideas
2
Q
What is an opportunity in a business context?
A
Recognizing and evaluating viable business opportunities
3
Q
Fundamental Venture Types
A
- Lifestyle Ventures – Passion-driven businesses
- Small Businesses – Locally focused, independent ventures
- Scalable Startups – High-growth companies
- Social Enterprises – Mission-driven businesses
- Corporate Ventures – Innovation-driven divisions within
Corporations
4
Q
The Idea Generation Process
A
- Identify a Problem or Need
- Brainstorming Ideas
- Market Research
- Filtering & Refining
- Prototyping & Testing
5
Q
Structured way to document and evaluate ideas
A
- Idea Description
- Target Market
- Problem Solved
- Market Size & Potential
- Competitive Analysis
- Feasibility & Risks
- Next Steps
6
Q
Strategies for Generating New Ideas
A
- Observation & Trend Analysis
- Mind Mapping
- Reverse Thinking
- SCAMPER Method
- Networking &
Collaboration - Customer Feedback & Surveys
7
Q
Opportunity Identification Discovery Approach
A
Finding gaps in the market through research.
8
Q
Opportunity Identification Creation Approach
A
Developing new opportunities through innovation.
9
Q
Process of Idea Generation to Opportunity Identification
A
- Idea Generation
- Preliminary Research
- Feasibility Study
- Prototyping & MVP Development
- Customer Validation
- Business Model Development
- Launch & Scaling
10
Q
Nontraditional Idea Sources
A
- Cross-industry Innovation – Applying solutions from one field to
another. - Frustrations & Pain Points – Finding everyday annoyances to solve.
- Hobbies & Passions – Turning personal interests into businesses.
- Serendipitous Discoveries – Accidental inventions (e.g., Post-it Notes).
- Global Inspiration – Adapting ideas from other countries.
