Science mini quiz

• Astrophysics is a part of Modern Physics, which was developed around the time the scientists got a better understanding of matter, energy, and atoms.
• The scientific community continually reinvented itself around this time.
• According to James Clerk Maxwell, Electricity, Light, and Magnetism exist as one (1).
• The electromagnetic theory supported the existence of the Lorentz Force, which was developed by Hendrik Lorentz.
• Both electric and magnetic waves travel in the same direction as light would, making light have both wave and particle properties.
• The electromagnetic theory introduced a Transformation variable, which postulated that light is invariant, meaning it can never change, as supported by the studies of Albert Michelson and Edward Morely, as they attempted to measure aether, but instead measured the speed of light.
• An exoplanet, also called an extrasolar planet, is a planet that revolves around another star.
• A group of exoplanets and its parent star is called a stellar system.
• The goals of finding exoplanets are to search for planets that humans can live onto when the time came and to search for any living extraterrestrial life.
• Idea generation


  The creative process of generating new methods to solve problems and improve the product's or company's conditions
• Idea generation is based on factors like idea development, group discussions, choosing the best alternative, and implementing the idea in real-world scenarios
• David: 'The idea does not need to be practical but can also be a mere thought (David, 2022)'
• Identifying a good idea involves three (3) crucial stages

  1. Dreamer Stage

  2. Designer Stage

  3. Detailer Stage
• Core of Entrepreneurial Ideas

  • The entrepreneurial mind frame equips the entrepreneur to be optimistic during a crisis
  • The entrepreneurial heart flame shows the passion of an entrepreneur in fulfilling their vision and mission
  • The entrepreneurial gut game exhibits an entrepreneur's intuitive side
• Ideation


  The creation and development of ideas, critical element of the creative problem-solving approach
• Ways to Generate Ideas


  • Imitate the successful ideas of others
  • Address the existing problems and find practical solutions for them
  • Transform waste into valuable goods or solutions through recycling
  • Pay attention to what business professionals, prospective customers, rivals, and collaborators have to say
  • Indulge in daydreaming and allow imagination to take over
  • Improve a product or service by maximizing its advantages and overcoming its limitations
  • Transform a hobby into a profitable business venture
  • Make new connections and socialize outside the normal circle of friends
• Opportunity Seeking, Screening, and Seizing


  Entrepreneurs are known for being curious and innovative, always seeking to discover new things or ideas and see whether they will work in the marketplace
• Methods to identify opportunities

  • Environmental changes
  • Technological progress
  • Government's initiatives and policies
• Environmental changes

  Can significantly impact the rest of the world
• Elements of the physical environment

  • Climate
  • Natural resources
  • Wildlife
• Elements of the social environment

  • Political
  • Economic
  • Socio-cultural
  • Technological
• Elements of the business industry environment

  • Competitors
  • Customers
  • Creditors
  • Employees
  • Government
  • Suppliers
• Technological progress allows exploration of countless business opportunities, groundbreaking discoveries, and taking advantage of cutting-edge technology
• Government's initiatives and policies can influence the identification of business opportunities
• Technological progress allows exploration of countless business opportunities, groundbreaking discoveries, and cutting-edge technology
• Government's initiatives and policies can provide valuable sources of inspiration
• Knowing a person's interests and hobbies can inspire potential entrepreneurial ideas
• Experiences acquired in a specific field hold promise for facilitating the creation of integrated commercial enterprises
• Opportunity Screening

  Entrepreneurs must be cautious when selecting and analyzing potential opportunities within their reach to enhance their chances of success
• The 12 Rs of Opportunity Screening

  • Relevance
  • Resonance
  • Reinforcement of Entrepreneurial Interests
  • Revenues
  • Responsiveness
  • Reach
  • Range
  • Revolutionary Impact
  • Returns
  • Relative Ease of Implementation
  • Resources required
  • Risks
• Opportunity Seizing


  Seizing opportunities is the ultimate step in planning for a successful business venture. Entrepreneurs should learn from other businesses' successes and failures to identify key factors contributing to success
• External environment tools for seizing opportunities

  • PESTEL Analysis
  • Competitor Analysis
• PESTEL Analysis

  Identifies external forces that can positively and negatively impact the business: Political, Economic, Social, Technological, Legal, Environmental
• Competitor Analysis

  Conducting a competitive analysis to understand the strengths and weaknesses of competitors
• Environmental factors

  • Climate
  • Recycling procedures
  • Carbon footprint
  • Waste disposal
  • Sustainability
• Competitor Analysis is a crucial component of any successful business plan
• Competitor Analysis

  1. Classifying competitors into direct and indirect groups to conduct a thorough analysis

  2. Studying products or services offered, profitability, growth pattern, marketing strategies, and additional details
• Questions for analyzing competitors

  • Who are the competitors?
  • What products or services do they sell or offer?
  • What is each competitor’s market share?
  • What are their past strategies?
  • What are their current strategies?
  • What type of media is used for marketing their products or services?
  • How many hours per week must they advertise to capture the market?
  • What are the competitor’s strengths and weaknesses?
  • What potential threats do your competitors pose?
  • What potential opportunities do they make available for you?
• SWOT Analysis is usually performed before the enterprise is in operation
• SWOT Analysis

  Strengths and weaknesses are internal factors, while opportunities and threats are external