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5 End-of-course self-assessment
You have now reached the end of the course. You can check your understanding by taking the end-of-course quiz.
End-of-course quiz
What stage of its lifecycle is the drone industry currently in?
Answer
The drone industry as a whole is in the introductory stage, as explained in Section 2.1. Different industry segments are at different stages of development.
What are the substages of a nascent industry? And how are they different from each other?
Answer
The substages of a nascent industry are:
- Incubation
- Pre-Firm Takeoff
- Pre-Sales Takeoff
As explained in Sections 2.2 and 2.3, they are different from each other in terms of key actors involved and the knowledge developed. Satisfying some specific conditions enables the transition to the following stage.
What are the different sources of business ideas?
Answer
There are ‘Seven Sources of Innovative Opportunity’ as suggested by Drucker (2002). These can divided into two categories—internal and external—as explained in Section 3.1.
Internal sources include:
- An unexpected happening
- An incongruity
- A need for improvement in a process
- Changes in industry structure
External sources include:
- Demographic trends
- Changes in perceptions and meanings
- New knowledge
Identify one type of primary stakeholder and explain how they can both contribute to the development of a business idea and also be influenced by it.
Answer
Primary stakeholders are those individuals, groups and organisations that have an immediate interest in a business idea (see Section 4.2). For example, farmers are important primary stakeholders as customers for agricultural drones and drone services. Yet, involving farmers early in the design phase to inform drone development can help to ensure that the drone is fit-for-purpose. In this way, stakeholders can both influence and be influenced by emerging innovations.