Unit 2 · 6 lessons
Ideas and Opportunities for New Ventures
Where business ideas come from, how to tell a good idea from a real opportunity, and how to research demand, size up the competition and decide whether a student venture is worth launching.
- 51 practice questions
- 48 flashcards
- 1 interactive lesson
Lessons
- 1Invention and InnovationAn invention is something brand new to the world, while an innovation is a new or improved way of using or delivering something that already exists, and both give entrepreneurs products to build ventures around.8 questions
- 2Ideas, Opportunities and TrendsAn idea becomes an opportunity only when enough customers will pay for it, the timing is right and the entrepreneur has the resources to act, and economic and social trends are a rich source of such opportunities.8 questions
- 3Generating Ideas and Choosing OneCreative-thinking strategies such as brainstorming, mind mapping, SCAMPER and observation produce many ideas, and a decision-making model with a weighted decision matrix picks the most feasible one.Interactive9 questions
- 4Marketing Research: Is There Demand?Primary research (surveys, observation, interviews, focus groups, test sales) and secondary research (Statistics Canada, city hall, chambers of commerce, school boards, industry reports) reveal the target market and let you estimate demand.9 questions
- 5Analysing the Competition: SWOT, PEST and PorterEntrepreneurs identify direct and indirect competitors and analyse their position with SWOT (internal strengths and weaknesses, external opportunities and threats), PEST (political, economic, social, technological factors) and Porter's five forces.8 questions
- 6Is the Venture Viable?A viable venture has the services it needs and passes a checklist of start-up capital, target-market size, technological feasibility, personal fit, regulations and competition, leading to a go, revise or no-go decision.9 questions