INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
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1.Doing something simply because no one else did it.
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2. Idea generation is not that important because everyone has an idea in which they can work on.
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3. Idea generation is possible through vision, insight, keen observation, education, experience and exposure.
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4. Idea generation is a simple exercise involving brainstorming.
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Detailed explanation-1: -Idea generation is the first step for any product development. This requires you to look for feasible product options that can be executed. It is a very important step for organizations to solve their problems. It requires you to do market research and SWOT analysis.
Detailed explanation-2: -The purpose of generating new ideas is about improving what already exists as well as coming up with something new. Often when trying to solve a problem or approaching a new opportunity, people use existing solutions or mental models instead of trying to come up with new ones.
Detailed explanation-3: -Opportunity evaluation is essentially a process of judgment based on cognition (Shepherd et al., 2007; Wood and McKelvie, 2015). According to information processing theory, opportunity evaluation is strongly affected by how entrepreneurs interpret information (Hambrick, 2007).
Detailed explanation-4: -Think like an artist. Give your team flexibility. Hire non-human helpers. Learn from people that aren’t like you. Empathize with strangers. Turn pain into purpose. Trust your employees. 04-Aug-2020