IDEATION AND INNOVATION IN BIOTECHNOLOGY

What is Entrepreneurial Opportunity?

• Opportunity to start a business

• A chance to invest in stocks

• A method to save money

• A way to avoid work

The elements of Entrepreneurial Opportunity are _____.

• Market need

• Random chance

• Lack of resources

• Unclear vision

What is Environment Scanning?

• A process of gathering information about the external environment

• A method for internal analysis

• A technique for financial forecasting

• A strategy for employee engagement

Understanding the relevant environment of business is important because it helps in _____.

• making informed decisions

• increasing confusion

• decreasing productivity

• limiting opportunities

What does entrepreneurship environment refer to?

• A supportive ecosystem for business development

• A type of investment strategy

• A government regulation framework

• A marketing technique

The process of creating, developing, and communicating ideas is _____.

• brainstorming

• sleeping

• eating

• watching TV

The first step in product identification is _____.

• Market research

• Random guessing

• Ignoring customer feedback

• Choosing a price point

What should be examined for real life use and application?

• real life application

• theoretical concepts

• abstract ideas

• hypothetical scenarios

What questions need to be answered regarding cost?

• What is the total cost?

• What are the hidden fees?

• What is the payment schedule?

• What is the estimated delivery cost?

What should be assessed regarding market competition? _____

• Market share

• Customer satisfaction

• Brand loyalty

• Product pricing