COMM 320 Study Guide - Final Guide: Competitor Analysis, Niche Market, New Product Development
5 Dec 2018
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Ch 1 and 2 recognizing opportunities and idea generation. Be their own boss: make money, financial rewards, personal traits (4), passion. Product/customer focus see product opportunities and to see them through to completion, most entrepreneurs are, at heart, craftspeople. Tenacity despite failure entrepreneurs try new stuff thus failure rate is high. Execution intelligence management team has to be focused enough not to be distracted the same time flexible enough to respond to market. Idea recognition: entrepreneurial alertness: ability to see opportunities without deliberate research. Creativity: creativity is the process (5 piiee) of generating a novel or useful idea. Incubation a person considers an idea or thinks about a problem. Conservative firms (3: wait and see approach. Risk averse: types of start up firms (3) Salary substitutes: dry cleaners, depanneur, restaurants, accounting firm. Durable: adds value, how to finds opportunities (3, observe trends: economic forces, social, techno, political.
