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• Primary characteristic of entrepreneurial thinking is Creativity and innovation
• Avoiding failure at all costs is NOT a step in the entrepreneurial process
• Opportunity recognition in entrepreneurial thinking refers to identifying potential business opportunities
• Essential skill for entrepreneurial thinking

  Adaptability
• SWOT


  Strengths, Weaknesses, Opportunities, Threats
• Fear of failure is NOT a characteristic of successful entrepreneurs
• Turning an idea into a viable business opportunity


  Business ideation
• Lean startup


  Minimizing waste and maximizing learning
• Avoiding interaction with potential customers is NOT a common source of entrepreneurial ideas
• Entrepreneurial alertness


  The ability to see and seize opportunities others miss
• Disruptive innovation is a product or service that revolutionizes an industry
• Bootstrapping


  Starting a business with minimal external capital
• MVP

  Minimum Viable Product
• Market domination is NOT a stage of the entrepreneurial process
• Resilience


  The ability to bounce back from failures and setbacks
• Testing assumptions and hypotheses in a startup environment

  Lean experimentation
• Fixed mindset is NOT a characteristic of an entrepreneurial mindset
• Disruptive innovation


  A product or service that significantly alters an industry's competitive landscape
• Rapidly iterating and refining a product or service based on customer feedback

  Agile development
• Increased job security is NOT a potential benefit of entrepreneurial thinking
• First step in opportunity discovery and problem identification

  Identifying a specific problem or need
• Ignoring customer complaints is NOT a common method for identifying problems and opportunities
• Pain point


  A specific problem or challenge experienced by potential customers
• Problem-solving mindset


  Being open to feedback and new ideas
• Gathering information about potential problems and opportunities

  Problem validation
• Ambiguity is NOT a characteristic of a well-defined problem
• Untapped market


  A problem or opportunity that has not yet been fully explored or addressed
• Economic downturn is an example of an external factor that can lead to problem identification
• Prioritizing problems and opportunities based on their potential impact and feasibility

  Problem prioritization
• Ignoring market data is NOT a potential source of problems and opportunities
• Testing assumptions and hypotheses about a problem or opportunity

  Problem validation
• Customer empathy


  Understanding and relating to customer experiences and challenges
• Ignoring customer feedback is NOT a step in the problem identification process
• Customer empathy is understanding and relating to customer experiences and challenges
• Ignoring customer feedback is NOT a step in the problem identification process
• Global issue


  What is the term for a problem that affects a large number of people or organizations?
• Ignoring market trends


  Which of the following is NOT a potential benefit of effective problem identification?
• Idea generation


  Process of generating ideas to address identified problems or opportunities
• Ignoring customer feedback


  Which of the following is NOT a characteristic of a viable business opportunity?
• Strategic fit


  Problem or opportunity that aligns with an individual or organization's strengths and capabilities