Entrepreneurship quiz 2

Opportunity

An way of generating profit through a unique, novel, or desirable product or service that has not already been exploited

Analytical strategies

An action that takes time to think carefully about and either break up into parts or approach more generally

Search strategies

Using previous information for a new scenerio with a common syimulus to connect the two scenerios

Imagination based strategies

Losing constraints and disbelief to create unrealistic or fantasy scenerios

Habit-breaking strategies

Taking oneself out of mental fixedness to make creative insight

Relationship-seeking strategies

Consciously making a link between two unrelated ideas or concepts

Development strategies

Taking existing ideas and suggesting developments and improvements

Interpersonal strategies

Actions that involve group members building ideas together

Four pathways of opportunity identification

Valuable (useful to stakeholders)

Rare (unique idea)

Fit (good fit for the capacities of the maker)

Costly to imitate (lower competition; competitive advantage)

Increasing complexity and unknowingness of opportunity creation

Find, search, effectuate, and design

Design thinking

Making something people need based off how technilogically feasible and viable it is

Five skills of designers

Observation (see how consumers behave and act)

Listening (listening to consumer problems without bias)

Emotional Intelligence (empathizing with consumers)

Problem framing (find what consumers are concerned about)

Problem solving (try try again)

The design thinking process

Empathize, define, ideate, prototype, test

Observation

Monitoring the behavior and activities of users.

Insights

Intrepretation