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OPP SEEK 2
| Question | Answer |
|---|---|
| an apparent way of generating profit through unique, novel, or desirable products or services that have not been previously exploited. | Opportunity |
| 3 P’s of Thomasian Entrepreneurs | People, Profit, Planet |
| People or social impact pertains to 3 groups: | Enterprise beneficiaries, Costumers, Employees |
| Entrepreneurial Principle | For every problem, there is an opportunity. |
| S.A.V.E Framework | Solution (product), Access (place), Value (price), Education (promotion) |
| Likelihood of your idea’s Success: | • Feasibility • Market Potential • Scalability |
| Idea classification: | Invention, Innovation, Improvement, Irrelevant |
| (7 Strategies for Idea Generation) Involve taking time to think carefully about a problem by breaking it up into parts | Analytical Strategies |
| (7 Strategies for Idea Generation) Involve using memory to retrieve information to make links or connections based on past experience that are relevant to the current problem using stimuli. | Search Strategies |
| (7 Strategies for Idea Generation) Involve suspending disbelief and dropping constraints in order to create unrealistic states, or fantasies. | Imagination-based Strategies |
| (7 Strategies for Idea Generation) Techniques that help to break our minds out of mental fixedness in order to bring about creative insights | Habit-breaking Strategies |
| (7 Strategies for Idea Generation) Involve consciously making links between concepts or ideas that are not normally associated with each other. (Cross-Pollination) | Relationship-seeking Strategies |
| (7 Strategies for Idea Generation) Employed to enhance and modify existing ideas in order to create better alternatives and new possibilities. | Development Strategies |
| (7 Strategies for Idea Generation) Group members collaborate to produce new or improved ideas | Interpersonal Strategies |
| assumes that opportunities exist independent of entrepreneurs and are waiting to be found. | Find pathway |
| used when entrepreneurs are still determining what type of venture they want to start, so they engage in an active search to discover new opportunities. | Search pathway |
| more about creating opportunities rather than simply uncovering them. To identify opportunities, this approach advocates using what you know, whom you know, and who you are. | Effectuate pathway |
| (5 principles of effectuation) Expert entrepreneurs set out to build a new venture, they start with their means: who i am, what i know, whom i know. | Means (Bird-and-hand principle) |
| (5 principles of effectuation) Entrepreneurs invite the surprise factor. Instead of making “what if” scenarios to deal with worst-case scenarios, experts interpret “bad” news and surprises as potential clues to create new markets. | Leverage contingencies (lemonade principle) |
| (5 principles of effectuation) Build partnerships with self-selecting stakeholders. | Co-Creation Partnerships (Crazy quilt) |
| (5 principles of effectuation) limit risk by understanding what they can afford to lose at each step, instead of seeking large all-or-nothing opportunities. | Affordable loss (focus on the downside) |
| (5 principles of effectuation) By focusing on activities within their control, they know their action will result in the desired outcomes: | Worldview (Pilot-in-the-plane principle) |
| It can uncover high-value opportunities because the entrepreneur is focusing on unmet needs of customers—specifically, latent needs (needs we have but don’t know we have) | Design pathway |
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