This article is part of a series on the Entrepreneurship course at KIT. It provides the answers to the exam questions for the second chapter called “Drivers for Opportunities”. This chapter contains information about business opportunities and the innovation process. You can find the other chapters in the overview article.
Questions and answers
10) Give a definition of the term ‘business opportunity’.
- Opportunities are situations, where products or services can be introduced and sold at a higher price as their production costs.
- An opportunity is a favorable juncture of circumstances providing a good chance for a successful venture.
11) Please describe the phases of the ‘opportunity process’.
- Opportunity: Economic imbalance, information assymmetry
- Recognize: Cognitive act, vision
- Evaluate: Challenge the vision, first validation
- Exploit: Market solution, Organization
12) What are the differences between static and dynamic paradigms?
I don’t know the answer, yet.
13) Please describe what is meant by the innovator’s dilemma.
“[…] the best firms succeeded, […] because they listened responsively to their customers and invested aggressively […to address] their customers’ next- generation needs.“
„paradoxically, when the best firms subsequently failed, it was for the same reasons […]”
14) What are the seven sources for innovative opportunity according to Peter Drucker?
- The unexpected
- Process Need
- Industry and Market structures
- Changes in perception
- New knowledge
15) What does the Gartner Hype Cycle show?
- Provides a graphic representation of the maturity and adoption of technologies and applications.
- Shows how the technologies are potentially relevant to solving business problems and exploiting new opportunities.
- Express a view of how a technology or application will evolve over time.
16) Name the five phases of the Garnter Hype Cycle.
- Technology Trigger
- Peak of Inflated Expectations
- Trough of Disillusionment
- Slope of Enlightenment
- Plateau of Productivity