Entrepreneurial Opportunities and Business Idea Generation

These flashcards cover key terminology and concepts related to entrepreneurial opportunities and business idea generation.

Entrepreneurial Opportunity

A chance to create products or services that solve problems, arising from changes in society, technology, and people's needs.

PEST Analysis

A framework used to analyze the external environment impacting a business, focusing on Political, Economic, Social, and Technological factors.

SWOT Analysis

A strategic planning tool that identifies Strengths, Weaknesses, Opportunities, and Threats related to a business concept.

Environmental Scanning

The process of gathering, analyzing, and interpreting information about the external environment to identify opportunities and threats.

Customer Pains

Challenges or issues that customers face, which can present opportunities for business solutions.

Business Idea Generation

The process of creating and developing new ideas for products or services that can meet customer needs.

Opportunity Analysis Report

A document that prepares and presents findings related to business opportunities, including market demand and feasibility.

Market Demand

The need or desire for a product or service in the marketplace, indicating potential sales volume.

Feasibility

The assessment of whether a business idea can be executed successfully with the available resources and skills.

Profitability

The potential for a business idea to generate more income than expenses, creating financial sustainability.