Lecture: Business Idea Evaluation

5 important questions on Lecture: Business Idea Evaluation

What is the Entrepreneurial Process?

  1. Opportunity Identification
  2. Opportunity Evaluation
  3. Opportunity Exploitation

How is Opportunity identification defined?

Individuals' ability to identify ideas and transfer them to potential products, processes, or services that have value for customers, end-users, or society.

  • Divergent and convergent thinking skills

What are the 3 elements regarding 'Specific human capital?

  • Knowledge of markets
  • Knowledge of ways to serve markets
  • Knowledge of customer problems
  • Higher grades + faster learning
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  • 100% sure, 100% understanding
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What are the 5 general criteria of the evaluation of an idea?

  • Innovativeness
  • Novelty
  • Comprehensibility
  • Concreteness
  • Organiality 

What are more specific criteria( related to the business environment) regarding the evaluation of an idea?

  • Problem-solution fit
  • Solution-market fit
  • Feasibility ( Financial, technical,..)
  • Ability to generate positive cash flow
  • Speed of revenue generation
  • Manageable risk
  • Person-means fit (your team and network)

The question on the page originate from the summary of the following study material:

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