Exam 2 Entrepreneurship Notes_ Study Guide.pdf - Blake Hunsinger Dr Cochran Exam 2 Notes Study Guide 28 October 2019 2 Exam 2 will be on chapters 5-8

Exam 2 Entrepreneurship Notes_ Study Guide.pdf - Blake...

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Blake Hunsinger Dr. Cochran Exam 2 Notes / Study Guide 28 October 2019 2 Exam 2 will be on chapters 5-8 - Same format as before - I’m guessing around 25 multiple choice (probably 2 points each) - I’m guessing around 10 short answer questions (probably 3 points each) - (most likely) 80 total points with slight curve between 1-5 points Chapter 5 - Creativity - Opportunity Identification : the study of the creative pursuit of new ideas and the innovation process - Sources of innovative ideas - External and internal environments - Trends changing the thinking of the major population - Valuable insights - Trends - Societal - Ex: aging demographics, health and fitness trend - Technological - Ex: mobile smartphone technology - Economical - Ex: dual wage-earner families - Governmental - Ex: increased regulations - Entrepreneurs develop the ability to see, recognize, and create opportunity where others only find problems - Creativity : process that can be developed and improved. Some individuals have a greater aptitude for creativity than others
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- Typical Creative Process - Phase 1: Background or knowledge accumulation - Phase 2: The incubation process - Phase 3: The idea experience - Phase 4: Evaluation and implementation - Most common idea killers - Nah - Can’t - It’s not in the budget - Developing Your Creativity - Recognizing Relationships - Looking for different/odd relationships among the elements and people around you - Developing a Functional Perspective - Viewing things and people in terms of how they can satisfy your needs and help complete a project - Using your brains - Right brain is for understanding analogies, imagining things, and synthesising info - Left brain is to help us use rational approaches to problem solving - Types of Creativity - Idea Creativity - Material Creativity - Organizational Creativity - Relationship Creativity - Event Creativity - Inner Creativity - Spontaneous Creativity - Impediments to Creativity - Either/or thinking (concern for certainty) - Security hunting (concern for risk) - Stereotyping (abstracting reality)
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- Probability thinking (seeking predictable results) - Innovation : the process by which entrepreneurs convert opportunities (ideas) into marketable solutions - - Principles of Innovation - Be action oriented - Work, work, work - Aim high - Try/test/revise - Learn from failures - Developing your creativity often involves using something that is NOT used for its intended use Chapter 6 - Assessment of Entrepreneurial Opportunities - What are some of the pitfalls people should avoid when selecting entrepreneurial opportunities? - Pitfalls in Venture Selection - Lack of objective evaluation - Not subjecting it to scrutiny/investigation
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- No real insight into the market - Not considering product life cycle - Not thinking about whether the timing is right - Inadequate understanding of technical requirements - Poor financial understanding -
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