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.

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.

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

Duplication
- Creative replication of an existing concept.
- Example: franchise business such as KFC, McDonalds, Chicken Rice Shop.

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 peoples 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.