Bes chapter 2

-is a favorable set of circumstances that creates a need for a new product, service, or business. Most entrepreneurial ventures are started in one of two ways.

Opportunity has four essential qualities:

- is a metaphor describing the time period in which a firm can realistically enter a new market.

- is a thought, an impression, or a notion. An idea may or may not meet the criteria of an opportunity

An entrepreneur begins by assessing a need or problem that cries out for a solution

Nine categories of opportunity

-might be said to begin with a solutionv

Making useful discoveries by accident

- is based on teamwork and creativity, and is defined as invention that has produced economic value in the marketplace.

Innovation that is characterized by faster, better, and/or cheaper versions of existing products.

Innovation that is focused on the innovation of new components and modules. But, it does not disrupt the linkages between modules

Innovation that uses new modules and new architecture to create new products.

Enable the making of parts and products using a computer-driven, additive process, one layer at a time

Economic trends, social trends, technological advances, and political action and regulatory changes.

-difference between what is available and what is possible

-refers to the process of perceiving the possibility of a profitable new business or 16 a new product or service

Which states that once an entrepreneur starts a firm, he or she begins a journey down a path where “corridors” leading to new venture opportunities become apparent.

-- (those who identified their business ideas on their own) Relationships with other people are called “ties.”

Are characterized by frequent interaction and ties between coworkers, friends, and spouses.

-are characterized by infrequent interaction and ties between casual acquaintances

Is the process of generating a novel or useful idea.

-is the background, experience, and knowledge that an entrepreneur brings to the opportunity recognition process

Is the stage during which a person considers an idea or thinks about a problem; it is the “mulling things over” phase.

-is the flash of recognition—when the solution to a problem is seen or an idea is born. It is sometimes called the “eureka” experience. In a business context, this is the moment an entrepreneur recognizes an opportunity.

--is the stage of the creative process during which an idea is subjected to scrutiny and analyzed for its viability.

- is the stage during which the creative idea is put into a final form

Five characteristics of an attractive opportunity.

- is the value (cost) of the forgone alternative action

Basic five-step process of evaluating an opportunity

G is simply the process of generating several ideas about a specific topic.

--is a gathering of 5 to 10 people who are selected because of their relationship to the issue being discussed.

Which is a physical or digital repository for storing ideas

--refers to the successful introduction of new outcomes by a firm

Is any product of human intellect that is intangible but has value in the marketplace. It can be protected through tools such as patents, trademarks, copyrights, and trade secrets.

Most of the successful innovators are: