Ideation, Innovation and Entrepreneurship

Generating an idea may involve the whole process of observing, thinking (analyzing), communicating (discussing) and developing, which can be abstract, concrete and visual.

• True
• False

New ideas, information, opportunities or insight into new technological trends may reach entrepreneurs through trade exhibitions, or links with universities and research institutes, or networking with sales representatives, wholesalers, distributors, manufacturers, franchisers, professors and research scientists.

• True
• False

A smart entrepreneur will systematically scan his environment to identify business ideas or to get an idea of the problems faced by the people and explore possibilities of offering products or services that may solve such problems.

• True
• False

The entrepreneur should always be alert to customers’ complaints and frustrations that can form the basis of developing a new product or service.

• True
• False

An entrepreneur could also explore business ideas from their work experience, hobbies or personal interests, a combination of two or more ideas, serendipity and others.

• True
• False

Techniques such as brainstorming, focus groups and surveys are irrelevant to generate new business ideas.

• True
• False

A focus group is typically composed of eight to 14 individuals participating in a discussion to generate a new business idea in a structured way.

• True
• False

A survey is a technique of collecting valuable information from a sample of people; usually just a fraction of the population being studied.

• True
• False

A business opportunity is only about having an idea...

• True

• False

An opportunity is set of circumstances that a person can perceive as

• a way to make money

• a way to get rich quick

• an avenue to success