Question

1) Describe opportunity identification for the entrepreneur.

2) In your own words, state what is meant by the term innovation.

3) Name, and describe in detail one of the major misconceptions commonly associated with innovation.

4) Explain the challenges in new venture development.

5) Provide an example of a financial decision that can cause a new venture to fail. Explain in detail.

6) How can asking the right questions help an entrepreneur evaluate a new venture? What sort of questions should the entrepreneur be asking?

Answer 1

Answer 1: It identifies entrepreneur's temperament traits, social networks, and previous data as antecedents of entrepreneurial alertness to business opportunities. Entrepreneurial alertness, in its flip, could be a necessary condition for the success of the chance identification triad: recognition, development, and analysis.

Answer 2 : Innovation isn't simply delineated by introducing or implementing new ideas or ways. The definition of innovation will be outlined as a method that involves multiple activities to uncover new ways in which to try and do things. It mustn't be confused with creation since this will be outlined because the act of constructing, inventing, or manufacturing one thing. However, new innovations will be accomplished with creative thinking. folks got to suppose outside the hold in order to form progressive enhancements.

Answer 3 : the major misconceptions that commonly associated with innovations are :

Innovation equal changing your product

Innovation is about products

innovation is about predefined goals

innovation is about customer

innovation is complicated

invention equals innovation

Innovation is about brainstorming

innovation is about the solution

Answer 4 : the challenges in new venture development is is development of the right and correct business idea a business cannot be successful if it cannot give the correct opportunity in the market. All so many entrepreneurs find it difficult tu to put funds into their businesses when not having required resources.