ENTREP 2

• is the creative process of generating new methods to solve problems and improve the product's or company's conditions. It is based on factors like idea development, group discussions, choosing the best alternative, and implementing the idea in real-world scenarios. The idea does not need to be practical but can also be a mere thought?

  Idea generation
• identifying a good idea has three crucial stages?

  dreamer, designer, detailer stage
• In this stage, ideas can flow freely without fear of criticism or judgment from others. It encourages individuals to explore new possibilities, breaking free from the constraints of conventional thinking?

  dreamer
• It provides an opportunity to analyze ideas and explore their feasibility?

  Designer
• In this stage, potential problems are thoroughly looked for and identified. This step is crucial in ensuring that all aspects of the project have been considered and addressed before executing the plan. Identifying potential problems early on can save time, money, and resources in the long run?

  detailer
• three core entrepreneurial ideas are entrepreneurial mind frame, heart frame, and gut game
• equips the entrepreneur to be optimistic during a crisis. Even if entrepreneurs are aware that businesses are risky, they do not get easily discouraged?

  entrepreneurial mind frame
• shows the passion of an entrepreneur in fulfilling their vision and mission. Entrepreneurs devote themselves to the venture they decide to pursue?

  entrepreneurial heart frame
• exhibits an entrepreneur's intuitive side. Entrepreneurs have a good sense of whether something will work without necessitating logical, systematic, and sequential thinking. It brings out the confidence and courage of an entrepreneur?

  entrepreneurial gut game
• is an essential process that involves the creation and development of ideas. It is a critical element of the creative problem-solving approach, allowing individuals to explore different possibilities and alternatives. Through ideation, new concepts and solutions can be generated, offering a rich pool of options for further exploration and evaluation?

  ideation
• what are the 3 steps of entrepreneurial process?

  identify opportunities (opportunity seeking), plan and prepare venture (opportunity screening), and resource the venture and take action (opportunity seizing)
• It can significantly impact the rest of the world. These changes can occur naturally or as a result of human activities such as climate change, deforestation, pollution, and biodiversity loss, which can have wide-ranging and long-lasting effects on ecosystems, wildlife, and human health?

  environmental changes
• encompasses elements such as the climate, natural resources, and wildlife?

  physical environment
• has various influential factors, such as the Political, Economic, Sociocultural, and Technological environment. These forces drive progress and bring about new inventions and technological innovations?

  social environment
• comprises a range of critical stakeholders, such as competitors, customers, creditors, employees, the government, and suppliers?

  business industry environment
• A person with a keen interest in entrepreneurship can explore countless business opportunities, make groundbreaking discoveries, and take advantage of cutting-edge technology?

  technological progress
• The government's priorities, projects, programs, and policies can also provide valuable sources of inspiration?

  government initiative and policies
• Knowing what interests and hobbies a person has can inspire potential entrepreneurial ideas. Understanding their preferences can help identify potential areas of market demand and guide product or service development?

  People's interest
• The knowledge and abilities acquired by someone who has worked in a specific field. This area holds immense promise for facilitating the creation of integrated commercial enterprises?

  Experiences
• Relevance, resonance, reinforcement of entrepreneurial's interest, revenues, responsiveness, reach, range, revolutionary impact, returns, relative ease of implementation, resources required, risks
• opportunity seizing has PESTEL analysis, Competitor analysis, SWOT analysis.
• opportunity seeking has environmental changes, technological progress, government initiatives and policies, people's interest, and experiences
• in opportunity screening, this tool helps identify the external forces that can positively and negatively impact the business?

  PESTEL analysis
• In PESTEL, these factors determine the influence of government and its policies on a particular business or industry. It includes trade, fiscal, and taxation policies, among others?

  Political
• In PESTEL, These factors determine the impact of the economy and its performance on a business and its profitability. It includes interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates?

  Economic
• IN PESTEL, these factors determine the social environment and emerging trends affecting business profitability. It includes changing family demographics, education levels, cultural trends, attitudes, and lifestyle changes?

  Social
• In PESTEL, these factors determine the impact of technological innovation and development on a particular market or industry. It includes digital or mobile technology changes, automation, research, and development?

  Technological
• In PESTEL, these factors determine the importance of understanding legal laws and procedures in a given territory where a business operates. It includes employment legislation, consumer law, health and safety, and international and trade regulations and restrictions?

  legal
• In PESTEL, these factors determine the influence of the surrounding environment and ecological aspects’ impact on a market or industry. It includes climate, recycling procedures, carbon footprint, waste disposal, and sustainability?

  Environmental
• a crucial component of any successful business plan. By studying the competition, the entrepreneur can develop effective strategies to rival and secure a significant share of the competitors’ markets?

  competitor analysis
• is usually performed before the enterprise is in operation. Strengths and weaknesses are Internal factors, while opportunities and threats are external?

  SWOT analysis
• refer to the internal factors within an organization that give it a competitive advantage or contribute to its success. These could include a strong brand reputation, a dedicated and skilled workforce, a superior product or service offering, efficient operations, an extensive distribution network, or unique technological capabilities?

  Strengths
• refers to internal factors or characteristics of a business or individual that put them at a disadvantage or undermine their overall performance. It represents areas where the entity may lack skills, resources, or competitive advantages, which could impede its ability to achieve its goals. Weaknesses can include issues such as inadequate market knowledge, limited financial resources, deficiencies in infrastructure, ineffective marketing strategies, or an absence of technological expertise?

  Weaknesses
• refer to external factors that have the potential to positively impact an organization's performance or strategic objectives. They are favorable conditions or trends in the external environment that the organization can leverage to its advantage?

  opportunities
• refer to external factors or challenges that may impede the success or progress of a business or project. They can negatively impact the performance or competitiveness of an organization. Can arise from various sources, such as competitors, changing market trends, new regulations, economic conditions, technological advancements, or even natural disasters?

  Threats