Entrepreneurial Opportunities and Business Idea Generation

These flashcards cover key concepts about entrepreneurial opportunities and business idea generation from the lecture notes, including definitions, evaluation techniques, and customer needs.

What defines an entrepreneurial opportunity?

An entrepreneurial opportunity is a chance to create products or services that solve problems, arising from changes in society, technology, and people's needs.

What techniques are used to evaluate business ideas?

Tools such as environmental scanning, PEST analysis, SWOT analysis, and opportunity analysis reports are used to evaluate business ideas.

What does PEST analysis stand for?

PEST analysis stands for Political, Economic, Social, and Technological factors affecting a business.

What are some common customer pains?

Common customer pains include time-related pains, convenience pains, financial pains, accessibility pains, quality pains, and emotional pains.

What is the purpose of screening business ideas?

Screening business ideas is important to identify viable opportunities by evaluating market demand, feasibility, profitability, sustainability, and unique advantages.

How can observing customers help in identifying their needs?

Observing customers can reveal unmet needs through their behavior, even if they cannot articulate what they want.

What are some key questions to consider when identifying entrepreneurial opportunities?

Look for problems that need solutions by asking questions like 'What problem does this solve?' and 'Who needs this product?'

How can networking contribute to spotting entrepreneurial opportunities?

Networking can provide different perspectives and insights that may reveal overlooked opportunities.

What is the first step in the process of screening business ideas?

The first step is to list down possible ideas freely without initial judgment.

What is the potential business opportunity from long queues in fast food restaurants?

A pre-order and pick-up app for food could address the problem of long wait times.