Innovation and Entrepreneurship | Q&A

Running head: INNOVATION AND ENTREPRENEURSHIP 1
INNOVATION AND ENTREPRENEURSHIP
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INNOVATION AND ENTREPRENEURSHIP 1
INNOVATION AND ENTREPRENEURSHIP
Question 3
With the changing environment and changing consumer trends, businesses and
organization are bound to constantly keep looking out for new opportunities. This does not only
help them satisfy consumer needs but also helps them to remain competitive. New opportunities
for businesses may be created through the generation of new ideas. New business ideas may be
created through online interactions with the entrepreneurship community, getting in touch with
new people or conducting a market research 9Mumford, Hester & Robledo, 2012). New ideas
may also be gathered form employees especially those working on the development of services
and products. This constitutes internal ideation. They may also be gathered from the existing
pool of customers who have a deep understanding of organizations goods and services. The use
of customers may be termed as external ideation (Brix, 2012). With these ideas, new
opportunities can then be developed.
With the ravaging effects of Covid-19, a tapping into the manufacturing of customized
masks for health workers and the young generation is a unique opportunity that may produce
high returns. These masks will have various imaginative designs and gratifying images. The
uniqueness of the opportunity is based on the fact that it will make them more attractive and
encourage more people to have masks on.
The hospitality industry has been hit hard by the covid-19 crisis and will continue to
suffer for an extended period of time. However, these restaurants can tap into the delivery of
food both raw and cooked to an increasing population stuck within their homes.
Question 4