Acting Entrepreneurially - Opportunity Identification

17 important questions on Acting Entrepreneurially - Opportunity Identification

Entrepreneurial opportunities become real when you have a ________ that leverages your __________ to solve an important problem for others.

solution, advantages

What are the 4 key elements of opportunity identification?

Defining the problem
Crafting a competitive solution
Building your advantage
Forming the right team

What is the first step to defining your market and understanding the problem or desire?

Figuring out who your customer is
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Features, functions, and technologies are simply vehicles for _____  ________.

value creation

Besides measuring solutions in terms of customer value, what is also necessary?

to assess the competitive environment

Recognize that anything that keeps a customer from buying your solution is ___________ for you.

competition

What can you determine about your market by segmenting based on needs, geography, demographics, or other factors?

You can determine who is the most desirable to serve first

What is the degree of advantage influenced by?

1. A product or service with better features of functions
2. A lower price for customer based on the value you created for them
3. a rareness factor (competitors cannot offer the same set of values to this customer)

What is sustainability of advantage?

determines the likelihood of competitors replicating or surpassing your venture 

What can a complementary team bring to your venture?

--increased competencies
--greater knowledge than a single individual
--an expanded network of potential investors, partners, advisors, and customers
--improved legitimacy as a company
--continuity in case of absences due to illness, vacation, or unforeseen events 

What are some roles that you, as the venturer, can play as part of your team?

--focusing the team on its objectives
--giving and seeking information
--cultivating and expanding ideas
--defining and coordinating activities
--summarizing the discussion or analyzing results

The Team Roles Preferences Scale calculates your preferences for what 5 team roles?

encourager, gatekeeper, harmonizer, initiator, and summarizer

A ____  __________ is someone with a strong tendency to praise and support ideas, thereby engaging and supporting the members of the team. 

team encourager

A _________ has a strong tendency to encourage all team members to participate in the discussions on the team.

gatekeeper

A __________ has a strong tendency to settle conflicts among team members and reduce tensions within the group.

harmonizer 

__________ have a strong tendency to identify and promote the goals of the team, including ways to realize these goals.

initiators 

___________ have a strong tendency to track the discussions, decisions, and next steps.

Summarizers

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