ENTR 421 Final Exam Questions and Correct Answers

What are the 5 discovery skills? associating, questioning, observing, networking, experimenting Cross pollinate is an example of which discovery skill Associating Questions for describe territory what is/what caused Questions for disrupt territory why/why not and what if 3 ways to observe Actively watch consumers to see what products they hire to do what jobs, learn to look for anomalies, and find opportunities to observe in a new environment. Ways to network i. Some innovators have a small group of confidants. ii. Being in a new environment allows us to ask dumb questions about how things work. Ways to experiment Trying out new experiences through exploration, taking things apart, testing an idea through pilots and prototypes. What are the 7 domains? -Micro level target segment benefits and attractiveness -Macro level market attractiveness -Macro level industry attractiveness -Micro level competitive and economic sustainability -Mission, Aspirations, Propensity for risk -Ability to execute on CFS's -Connectedness up, down, across value chain Questions to ask in a Micro level target segment benefits and attractive Are these benefits, in the customers' minds, different from and superior in some way - better, faster, cheaper - to what's currently offered by other solutions? Questions to ask in Macro level market attractiveness i. Is your market large enough today to allow different competitors the opportunity to serve different segments without getting in each other's way? ii. What are the predictions for your market's short-term growth rate? Porters 5 forces for macro level industry attractiveness -threat of entry -supplier power -buyer power -threat of substitutes -competitive rivalry