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Activity: Answer the following questions, thoroughly.
1. Why “sound business idea” is important to the entrepreneur?
2. How may business ideas be generated?
3. In what way may a person’s acquaintance be a source of business ideas?
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- Answer the following questions, thoroughly. 1. What is the disadvantage of unanticipated means of generating business ideas?2. How may the best business idea be determined? 3. List down at least three business ideas which you think has the potential to succeed, if adapted. Why do you think it has the potential to succeed?1. Outline the difference between a business idea and a business opportunity? Why is this distinction important? 2. Define business concept statement, in your own words. Outline its main elements. 1. Identify three (3) features of the Five Competitive Forces Model and discuss how they operate to affect the profitability of firms in an industry. 2. Describe a business start-up you are contemplating and explain why you have made this choice. 3. Identify and discuss the four (4) major components of a business feasibility analysis. 4. a) What is the purpose of conducting a business feasibility analysis? b) When is the best time to conduct a feasibility analysis? c) Justify your response.Generating business ideas is very important for the establishment of the business enterprise .Outline and describe giving practical examples, ten possible sources of business ideas.
- One of the common barriers of starting a business for the entrepreneur is not being able to generate a business idea. However, there are elements that one can use to generate these business ideas, such as from skills, expertise and aptitude, from common needs, from existing problems, from everyday problem and form other sources. In relation to theelements highlighted discuss and explain how the business ideas are generated.Assume that you are planning to start a new business Clarify 1-why you choose this business idea 2-what is the opportunity you found in the market to spot this opportunity?3-What the discovery skills you used to find business idea?REFLECTION: If you're thinking about starting a business, most likely you have dreamed of one that involves your interests. But, what does the market need or want? Do you know who is buying what and how much, or how, where and why they are buying those goods or services already? Determining the marketability of your start-up business is typically done in the context of creating a business plan and performing an analysis of your competition. It requires research into areas of marketability,
- What are the three most common sources of new business ideas? Briefly describe how each of the sources creates potential business ideas.Using what you learned about TripAdvisor TripAdvisor Business Model Canvas (innovationtactics.com) TripAdvisor Business Model Canvas (innovationtactics.com) Share with us what you feel is one of the most interesting, compelling pieces of this business? Identify which of the 9 key components this information falls within (for example it could be: how TripAdvisor actually makes money being a "reviews" page or these are Tripadvisor's key competitors and this is one that actually surprised me...). Have you ever used TripAdvisor or posted on TripAdvisor? What was your experience? Pick an international dream vacation spot. Lookup a hotel that has a 4.8 out of 5.0 rating or higher in that destination. Examine a few reviews. Share with us your destination spot and a link to the hotel. Would the reviews of this property make you decide to book there? Why could user-generated content/feedback be seen as a revenue stream?The keys to recognizing an opportunity lie in the knowledge and experience of the individual entrepreneur and where appropriate the entrepreneurial business. This prior knowledge is a result of a combination of education and Select one: a. Networks b. Prior knowledge of market c. Experience d. Entrepreneurial Alertness This segment of the market is very eager for new technology, "needing" new devices as soon as they are made available. They are intrigued by technology and like to explore it. Select one: a. Late Majority b. Innovators c. Laggards d. Early adopters
- Why it’s necessary to generate innovative business ideas instead of duplicating available ideas?1. Could writing a conventional business plan ever cause more harm than good? Explain your answer?2. If you wanted some assistance in setting up and running a new business, you might look at business incubators as a solution. What kind of assistance would you consider the most valuable?3. Given the risks involved in starting any company, should an aspiring entrepreneur investigate all possible failure scenarios and develop action plans to avoid these potential outcomes? Explain your answer.4. How do autocratic, democratic, and laissez-faire leadership styles differ?5. Ethical considerations. Apart from meeting the company’s future talent needs, do managers have a personal ethical obligation to help their employees develop and advance in their careers? Explain your answer.6. What are the advantages and disadvantages of the unstructured organizational model?7. Suppose you are the marketing manager of the credit-card department of a financial institution. Your objective is to support the…Wanted: Entrepreneur by Ron Wirtz A working definition: A bird's-eye view shows a lot of research on this topic of late. For example, the Entrepreneurship Research & Policy Network (part of the Social Science Research Network) was started in March 2006 and already consists of more than 4,300 papers. Babson College's most recent annual compendium of entrepreneurship research includes close to 200 papers in 26 categories. Universities are adding faculty and entire programs to study and teach entrepreneurship. In 1996, the Kauffman Foundation and the University of Maryland started what would later become the Global Consortium of Entrepreneurial Centers. Today, the network includes more than 200 universities. Such activity and attention has improved our understanding of entrepreneurship, particularly here in the United States. For example, we have a much better idea of the socio-demographic characteristics of entrepreneurs: Men are more likely than women to start their own business;…
