QUIZ 1- ENTREP

Process-oriented entrepreneurs choose ____________________ as a means to achieve satisfying work and a comfortable life.

• Self-employment

• Process-oriented

• Craftsman entrepreneur

• Business entrepreneur

A group consisting of 6-12 members belonging to various socio-economic backgrounds are formed to focus on some particular matter like new product idea.

• Brainstorming

• Problem Inventory Analysis

• Focus Group

• Generate Ideas

It is facilitated by a moderator to have an open in-depth discussion and the mode of discussion can be in either a directive or a non-directive manner.

• Brainstorming

• Problem Inventory Analysis

• Focus Group

• Generate Ideas

The procedure involves two steps: 1)providing consumers a list of specific problems in a general product category. 2) identifying and discussing the products in the category that, suffer from the specific problems.

• Brainstorming

• Problem Inventory Analysis

• Focus Group

• Generate Ideas

This can be carried out in-house or outside the organization and the activity suggests what and how a new or modified product can be produced to meet the customers' requirements.

• Research and Development

• Problem Inventory Analysis

• Generate Ideas

• Model Development

The ideas about opportunities or products that the entrepreneur can consider for selecting the most promising one to be pursued by him/her as an enterprise, can be generated or discovered from various sources- both internal and external. These may include the following except:

• Knowledge of potential customer needs.

• Watching emerging trends in demands for certain products

• Be creative, freewheeling, and imaginative

• Going through certain professional magazines catering to specific interests like electronics, computers, etc.

This involves a process including first generating the ideas and then scrutinizing of the ideas generated to come up with an idea to serve as basis for a new enterprise formation.

• Methods of Generating Ideas

• Research and Development

• Focus Groups

• Existing Products and Services

It begins with the entrepreneur's personal needs, values, wants, habits and beliefs which have their own precursors.

• Sustaining Temporal Tension

• The Intentional Process

• Future Time Horizon

• Time Complexity

The "amount of time in the organizational future." (The one's most important decisions will affect the firm). Related organizational constructs include the time span of feedback, which refers to the time lag between performance and results, and the time span of discretion, which refers to the time between work reviews by hierarchical superiors.

• Sustaining Temporal Tension

• Future Time Horizon

• The Intentional Process

• Time Complexity

Entrepreneurs are markedly now-oriented people. They live in the present, plan rarely for the future, and reflect minimally on the past. Although many entrepreneurs formulate strategies, and some conduct formal planning, overall, they believe that opportunities to create are vested in the present.

• Sustaining Temporal Tension

• Future Time Horizon

• The Intentional Process

• Time Complexity