Key Terms
Entrepreneurial opportunity
Point where consumer demand meets the feasibility of satisfying it; requires significant demand, market size, and margin
Significant market structure and size
The market is large enough and barriers to entry are manageable
Creative destruction
Schumpeter's theory that entrepreneurial innovation drives economic growth while destroying established industries and p
Opportunity screening
Process of evaluating ideas for viability based on financial resources, team capability, and competitive landscape
Focuses on three things
1. Viability of financial resources 2.
Due diligence
Thorough research and verification of information before making business decisions
Secondary research
Existing published data
Primary research
Newly gathered data specific to your business question
Demographics
Statistical population data including age, gender, race, income
Shared economy
System where idle assets are made available to others
Gig economy
Fluid market of independent short-term workers
Competitive analysis
Research into how competitors market their businesses; used to identify gaps in the market, develop a competitive edge,
SWOT
Internal and external analysis tool covering strengths, weaknesses, opportunities, and threats
Strengths
Capabilities and advantages (education, experience, contacts, resources) Weaknesses: disadvantages or gaps (lack of know
PEST
Political, Economic, Societal, Technology