After working for a local textile company, Stacy decided it was time to do her own thing. She
came up with a unique business idea, selling local designers' designs online. She liked the idea of
a website being an old-fashioned chest full of designs, a treasure trove of different patterns.
Sta...
After working for a local textile company, Stacy decided it was time to do her own thing. She
came up with a unique business idea, selling local designers' designs online. She liked the idea of
a website being an old-fashioned chest full of designs, a treasure trove of different patterns.
Stacy would copyright all the designs before selling them. It was a good idea, but Stacy struggled
to get the business off the ground. It was only when she changed the focus of her business that it
took off. Instead of targeting manufacturers, she decided to focus on the end user, printing the
designs and selling the products themselves - wallpaper, fabric and furniture. Her bestselling
patterns have gone onto the international market. Her perseverance has paid off. "This is not a
job, it's a calling," she says. "My goal is to colour the world with patterns, driven by passion and
creativity."
The definition of the term "entrepr - CORRECT ANSWER ✔✔ -
Architectural Innovation - CORRECT ANSWER ✔✔ -The configuration or system changes, but
the components stay the same
Basic Survivalists - CORRECT ANSWER ✔✔ -People who have no economic independence
and little involvement with other entrepreneurs within their social network
- Isolated from markets
, - Unaware of own potential
- Low literacy level
- Few income-generating activities
Briefly define the concepts of creativity and innovation. - CORRECT ANSWER ✔✔ -
Briefly describe the various forms of business licensing. - CORRECT ANSWER ✔✔ -
Briefly discuss the different bases of competitive advantage. - CORRECT ANSWER ✔✔ --
Unique service features
- Value for money
- Customer convenience
- Customer experience
- Notable product attributes
Briefly discuss the process of developing an innovation. - CORRECT ANSWER ✔✔ -
Briefly discuss the stages of the 'window of opportunity' - CORRECT ANSWER ✔✔ -- The
"window of opportunity" is the time period available for creating new ventures.
Stages:
1. Seeing the window: Searching the solid wall for gaps that have been left open by the
competitor
2. Locating the window: Fully understand the position of the product or service offering in
relation to competitor
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