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FACULTY OF COMPUTER AND MATHEMATICAL SCIENCES
ENT 600 TECHNOLOGY ENTREPRENEURSHIP
ASSINGMENT PREPARED BY FARAH IZZAH BINTI MOHD YUSAK 2011158779
CLASS CS 227 6C
VERIFIED BY
DATE 12 DECEMBER 2013
PASRT YEAR QUESTION CHAPTER 1 1. Explain the 3 phases of the entrepreneurial process. Illustrate using a diagram.
Idea Search & Generation phase
-idea discovery -idea screening
Idea evaluation & Development phase
Research & Development (invention/innovation) Concept testing Prototyping
Idea Exploitation phase
Business start-up technology commercialization monitoring & Evaluation
test marketing technology Blueprint
2. Discuss 4 key dimensions or ingredients of entrepreneurship. - Risk - Risk indicates elements of uncertain outcomes or events that are inherent in the process of exploiting an opportunity and starting a business. - Entrepreneurs take risks in order to obtain the higher rewards that come from higher risk but are careful to evaluate the risk first. - Success comes from taking a calculated, carefully thought out approach to risk where everything possible is done to identify and minimize potential problems. -
Creativity and innovation - Entrepreneurship is characterized by newness or the specific effort of bringing something new and something different to the market. - Being creative and innovative is essential dimension of newness. - Creativity is focus on thinking of new things. - Innovation is focus on doing new things.
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Opportunity and exploitation - Entrepreneurship is focused on taking advantage or exploiting of previously unexploited opportunities. - The exploitation of opportunities often results in the creation of a new enterprise or business as the wealth associated with it. - The new enterprise should be beneficial to the society and make a positive change.
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Pro-activeness - Refers to the propensity to act on information, ideas and opportunities in a timely and speedy manner. - Acting at the right time and in the right manner on the superiority of an idea or opportunity can differentiate between better successes or less success or even between success and failure.
CHAPTER 2 1. Describe the 4 types of innovations and provide an example for each type of innovations. - Invention - Creating a totally new product, service or process. - Example: personal GPS (Peter Maire), Telephone (Alexander Graham Bell). -
Extension - Introducing different application or new use of existing product, service or process. - Example: laptop, MP3, Ipad
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Duplication - Creative replication of an existing concept. - Example: franchise business such as KFC, McDonalds, Chicken Rice Shop.
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Synthesis - Combination of existing concepts into a new formulation. - Example: combining functions of telephone, video and camera.
2. Explain the difference between creativity, innovation, invention.
Creativity The production of new and useful ideas as well as the ability to discover new ways of looking at problems and opportunities
Innovation The ability to apply creative solutions to problems and opportunities to enhance or to enrich people’s lives
Invention The extreme and riskiest form of innovation and often associated with development of a new or better product or process
3. Describe 4 differences between incremental innovation and radical innovation.
Incremental -
Steady improvements Can be rapidly implemented Immediate gains Develop customer loyalty
Radical -
Fundamental rethink Create new markets Based on disruptive technologies Need to be nurtured for long periods
CHAPTER 3 1. Define entrepreneurial opportunity. - Situations in which new products, services and processes can be introduced and sold at greater than the cost of production. 2. Differentiate between opportunity pull and capability push.
Opportunity pull Occurs when there is a need or problem that requires a solution. An example us the need for a
Capability push Occurs from the discovery of a capability or resource that can be applied to a problem or need.
pharmaceutical that can mitigate or cure the effects of AIDS. Since the size of the opportunity draws opportunity seekers to attempt to exploit it.
An example of this type of opportunity is the discovery of a new technology such as digital television. Since it flows from a capability or resource availability.
3. Identify and explain 3 internal and 7 external factors that are important to consider in evaluating entrepreneurial opportunities.
Internal factors
Capabilities - The ability or quality necessary to develop the business venture. Resources - Include financial, physical and human resources consistent with the magnitude of the business venture. Interest - The will, commitment and passion to pursue the business venture.
External factors
CHAPTER 4
Market - Involves determining the size of the market and the potential customers. Financial - Involves determining the costs to be incurred in developing the business venture. Technical - Involves determining the requirements to proceed with the idea that include machineries, raw materials, the processes and infrastructure. Economic forces - Have a direct impact on the level of disposable income and customer buying patterns. Social and cultural trends - Increasing predominance of two income households leaves less time to cook at home and the increasing focus on health care and fitness, as the result of new medical information warning of the hazards of being overweight. Technological advances - Provide opportunities to help people satisfy basic needs and desires in a better or more convenient way. Political and regulatory changes - New regulations create opportunities entrepreneurs to start firms to help companies comply with these laws.
1. What is a feasibility study? - The preliminary evaluation of a business idea, conducted for the purpose of determining whether the idea is viable or worth pursuing. - Normally a feasibility study will be conducted to determine the viability of an idea before proceeding with the development of the business. 2. State 4 reasons why a feasibility study is considered a good business practice. Market feasibility - Determination of market opportunities and risks. Technical feasibility - Analysis of the technical feasibility of the product. Organizational feasibility - Analysis of organizational capabilities and personal requirements. Financial feasibility - Analysis of financial feasibility and resources.
