Page 17 - THE CARIBBEAN ADVANCED PROFICIENCY EXAMINATIONS

UNIT 1
MODULE 2: THE ENTREPRENEURIAL PROCESS (cont’d)

CONTENT

Steps in the Entrepreneurial Process:

Idea generation, opportunity identification, business concepts, resources, implementing and
managing, harvesting.

1. Generating Ideas

(a) Methods of generating ideas: brainstorming, focus group, check list methods,
problem inventory analysis, scenario thinking, the note book method, reverse brain
storming, Delphi methodology, Gordon method, free association.

(b) Screening ideas and selecting among competing ideas.

(c) How ideas are linked to opportunity.

2. Opportunity Identification

(a) Changing demographics.

(b) Emerging markets.

(c) New technologies.

(d) Regulatory changes.

(e) Social changes.

(f) Opportunity evaluation: market issues, economic issues, competitive advantage
issues and management issues.

3. Business concepts

(a) Definition/ description of a business concept.

(b) Sources of business concept: New products, new services, new processes, new
markets, new organisational structures/forms, new sales or distribution channels,
new development paradigms.

(c) Steps in developing a business concept from an idea.

CXC A31/U2/13 12 www.cxc.org