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INNOVATION AND ENTREPRENEURSHIP-UTA025-2627ODDSEM

INNOVATION AND ENTREPRENEURSHIP-UTA025-2627ODDSEM

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Muthoot Finance built a business around structured gold backed loans for rural and semi urban customers. This is classified as Discovery because

The outcome of the venture was completely unpredictable

The financial need and the collateral already existed and the firm recognised the unmet need and organised a service around it

Customers had to be persuaded that gold had value

Gold loans were a new financial product invented by the firm

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The Discovery view holds that ignorance by most is key to opportunity. The best interpretation is that

Entrepreneurs deliberately keep competitors uninformed

Opportunities exist only when no information exists anywhere in the market

The opportunity persists because most actors lack the information, so the alert entrepreneur sees what others miss

Ignorance makes the decision context uncertain rather than risky

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According to Alvarez and Barney, decision making in discovery context is not related with:

Importance of Affordable loss

Risk Based decision making tools

Importance of Opportunity Costs

Risk based data collection tools

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Which philosophical positions underpin the two theories

Discovery applies evolutionary realist and Creation applies realist

Both apply a realist philosophy

Discovery applies realist and Creation applies evolutionary realist

Both apply an evolutionary realist philosophy

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A change in emission norms opens up space for retrofitting kits for older diesel vehicles. A Discovery theorist would explain that this imperfection arose

Exogenously, but only after entrepreneurs transformed customer beliefs

Endogenously, through iteration and observation

Exogenously, through political and regulatory change

Endogenously, through the actions of alert entrepreneurs

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The central point on which Discovery Theory and Creation Theory actually differ is

Whether market or industry imperfections exist at all

The analysis of the origin of the imperfections

Whether entrepreneurs need resources to exploit opportunities

Whether the goal of the entrepreneur is to form and exploit an opportunity

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Before the Sony Walkman there was no established market for portable personal music using headphones. This case illustrates that

Market imperfections always arise exogenously from technology change

Decision making in such cases is risky rather than uncertain

Entrepreneurs can construct both a new product category and new consumer behaviour

Opportunities are discovered by linking patterns of existing information

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In the model of opportunity recognition, which combination feeds directly into prior knowledge of markets and customer problems

Work experience and entrepreneurial alertness

Education and experience

Personal experiences and networks

Networks and entrepreneurial alertness

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In creation theory, opportunities do not necessarily evolve out of __________ industries or markets.

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The statement that search has no meaning applies to Creation Theory because

Searching is too expensive in new markets

There is no pre-existing opportunity waiting to be found

Entrepreneurs in creation contexts are less analytical

Competitors would find the opportunity first anyway

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