Entrep_2

• SWOT analysis template:

  • Strengths: list company's strengths like unique selling proposition, financial stability, strong brand recognition
  • Weaknesses: list company's weaknesses like lack of market share, high production costs, weak distribution network
  • Opportunities: list opportunities like emergence of a new market, development of new technology, change in consumer behavior
  • Threats: list threats like entry of a new competitor, development of a new product, change in government regulation

  
• SWOT analysis template divided into four quadrants:

  • Strengths
  • Weaknesses
  • Opportunities
  • Threats

  
• Idea generation involves factors like idea development, group discussions, choosing the best alternative, and implementing the idea in real-world scenarios
• Identifying a good idea involves three crucial stages:

  1. Dreamer Stage: ideas flow freely without fear of criticism

  2. Designer Stage: analyze ideas and explore feasibility

  3. Detailer Stage: identify potential problems thoroughly
• Entrepreneurial mind frame equips entrepreneurs to be optimistic during a crisis and not get easily discouraged
• Entrepreneurial heart flame shows the passion of an entrepreneur in fulfilling their vision and mission
• Entrepreneurial gut game exhibits an entrepreneur's intuitive side, bringing out confidence and courage
• Ideation is a critical element of creative problem-solving, allowing exploration of different possibilities and alternatives
• Opportunity Seeking:

  • Methods to identify opportunities include studying emerging trends, examining specific customer groups
  • Environmental changes, technological progress, government initiatives, people's interests, and experiences can inspire entrepreneurial ideas
• Opportunity Screening:

  • Entrepreneurs must be cautious when selecting and analyzing potential opportunities
  • The 12 Rs of Opportunity Screening include relevance, resonance, revenues, responsiveness, reach, range, revolutionary impact, returns, relative ease of implementation, resources required, risks
• Opportunity Seizing:

  • Entrepreneurs should learn from other businesses' successes and failures to identify key factors contributing to success
  • External environment tools like PESTEL Analysis and Competitor Analysis can help in seizing opportunities
• SWOT analysis template:

  • Strengths: list company's strengths like unique selling proposition, financial stability, strong brand recognition
  • Weaknesses: list company's weaknesses like lack of market share, high production costs, weak distribution network
  • Opportunities: list external factors that positively impact performance or strategic objectives
  • Threats: list external factors or challenges that may impede success or progress

  
• Three major types of innovation:

  1. Process Innovation: change in how a product or service is manufactured, created, or distributed for greater efficiency

  2. Product or Service Innovation: creating and implementing new ideas, concepts, or technologies to enhance customer value

  3. Disruptive Innovation: introduces a new value proposition, creating new markets or reshaping existing ones
• Risks involved in innovation:

  • Economic risk
  • Financial risk
  • Risks of security and fraud
  • Compliance risk
  • Human risk
  • Risk of Reputation
  • Competitive Risks
• Intellectual Property:

  • Patent: property right granted to an invention by a government agency
  • Copyrights: exclusive right to use, copy, and duplicate original content granted to authors and creators
  • Trademarks: recognizable symbol, phrase, or logo that distinguishes a product legally from others