1 Entrepreneurship and Opportunity Recognition Free Online FlashCards

What is entrepreneurship?

Entrepreneurship is recognizing or developing an opportunity and organizing resources to pursue it despite uncertainty.

What is an entrepreneurial venture?

A new business, project, or organization created to act on an opportunity that has not yet been established.

What counts as a problem in opportunity recognition?

A problem is a difficulty or unmet need experienced by people or organizations.

What makes a problem–solution pairing an opportunity?

An opportunity exists when a customer group has a meaningful problem, a venture can offer a feasible solution, and there is reason to believe customers will adopt or pay for it.

What kinds of friction can reveal a problem worth exploring?

Friction includes tasks that are slow, costly, confusing, inconvenient, unreliable, or inaccessible.

What should entrepreneurs learn about customers’ current behavior?

Ask what people currently do, which alternatives they use, and what the problem costs in time, money, or effort.

What are five sources of entrepreneurial opportunities?

Opportunities can arise from everyday experience and work, market or social changes, technological change, gaps in existing offerings, or deliberate search.

How should an entrepreneur treat an early business idea?

Treat an early idea as a hypothesis: identify what must be true about the customer, problem, alternatives, and practicality of the solution.

What are examples of direct customer research?

Direct customer research includes interviews, surveys, and focus groups; it provides evidence from potential customers.

Why is venture creation an iterative process?

Venture creation is iterative: entrepreneurs investigate a problem and customers, refine a solution, and decide whether to commit resources. Evidence may lead them to improve, change, or stop the idea.

What is a customer need?

A customer need is what potential customers want solved or improved.

How can an entrepreneur make a broad complaint researchable?

Specify which customer group experiences the problem and in what situation; this makes a broad complaint researchable.