A temptation that prospective entrepreneurs often succumb to is deciding on a product or service for their business ventures without first doing their homework. A business opportunity is an apparent way of generating value through unique, novel, or desirable products and services, and even processes that have not been previously exploited. For an opportunity to be viable (enduring), the idea must have the capacity to generate value.

Value comes from addressing a challenge or resolving a problem in an innovative way that provides a feasible, viable, and desirable solution. Framing an entrepreneurial challenge begins with engaging in the challenge and using imagination to envision what could be different.

What to Do (and How to Do It):

Prior to beginning work on this discussion, review Chapters 3 and 4 in the text, visit the Entrepreneur (Links to an external site.) website, and select and watch at least one of the videos that is of interest to you on that website.

You are going to frame a challenge that defines a problem you would like to solve as an entrepreneur, which you will express in the form of an insight statement.

• Spend a few moments, and reflect on the knowledge and experiences you have gained in your life from engaging in your personal and professional environments.
• Allow your imagination to guide you in making a list of the things that you feel passionate about—problems or opportunities that you have a strong desire to change for the better.
• Frame your challenge by responding to the following:
  • What is the problem you are trying to solve?
  • Describe the ultimate impact you would like to make?
  • What are some possible solutions to your problem?
  • Briefly describe the context of the problem and the constraints you might be facing.
• Based on the description of your challenge, rephrase the problem by framing it as an insight statement that begins with “How might we?” (For example: How might we create an experience that will drive the community to encourage more use of public facilities?)
• Save the results of your analysis in a document of your choice to your Google Drive, and post your discussion along with a link to the document by Day 3 to the Interactivity 2: My Entrepreneurial Challenge forum.
• Review and respond to the posts of at least two classmates with your assessment of their insight statements.
  • Does the insight statement reflect meaningful engagement in the environment?
  • What solutions might you offer in response?

FAQs

I do not use Google Drive; can I just share a link from another database?

• Yes, a link to any other database repository is fine.

Answer preview

In entrepreneurship, many businesspeople encounter several challenges for their businesses to be successful. The competitive business world has not made it any better, and this has forced entrepreneurs to identify solutions to their challenges and promote growth for start-up or progressive businesses. Other times, entrepreneurs have to frame a challenge that they are likely to encounter and use their imagination to identify solutions to the difficulties projected. A significant issue in the business world is a lack of trust between clients and entrepreneurs. In this case, how might a business gain trust from customers and enhance its value to influence positive development in society at large.

The established challenge concerning the lack of trust in businesses is a concern that I expect to solve. On this note, many businesses always struggle to gain trust because they get caught in the frenzy of generating profits…

 

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