Unit 2: Generating Ideas Study Guide

Front

What is the entrepreneurial process?

Back

The process of systematically scanning for technological, political and regulatory, social, and demographic changes to find opportunities to produce new good and services.

Front

Which of these encourages entrepreneurial discovery? Technological advancements, Increased regulation, Decreased market competition, Higher taxes

Back

Technological advancements

Front

What way has entrepreneurial discovery contributed to society?

Back

By creating new jobs and industries

Front

What is a scientific discovery?

Back

Both physical and technological observations.

Front

What is circumstantial discovery?

Back

A process of when an observation is made based on specific knowledge of time, place, or circumstance.

Front

Which area of entrepreneurial discovery deals with bringing a business to a place that has yet to have anything like it? Options: The introduction of a new method of production, The introduction of a new product or an improved product, The opening of a new market, The reorganization of any industry

Back

The opening of a new market.

Front

Creating a faster way to make tires would be an example of which area of entrepreneurial discovery?

Back

The introduction of a new method of production

Front

Which area of entrepreneurial discovery is when a McDonald's creates the spicy chicken nugget?

Back

The introduction of a new product or an improved product.

Front

Which techniques is used for entrepreneurial discovery of new opportunities? Options: Market Research, Brainstorming, SWOT Analysis, Prototypes

Back

Prototypes

Front

What can distinguish you from your competitors?

Back

Unique product features, Lower prices, Better customer service