Question 1

Describe the difference between an idea and an opportunity. Why is the distinction important?

Accepted Answer

An opportunity is a favorable set of cir

Question 2

Describe how library and Internet research can be used to generate new business ideas.

Accepted Answer

Library and Internet research are import

Question 3

An idea is a thought, impression, or notion. It may or may not meet the criteria of an opportunity.

Accepted Answer

A) True 
 B)False

Question 4

According to the textbook, research results over time consistently suggest that somewhere between ________ of those who start businesses got their ideas through social contacts.

Accepted Answer

A)  10 percent and 20 percent 
B)  20 percent and 30 percent 
C)  30 percent and 40 percent 
D)  40 percent and 50 percent 
E)  50 percent and 60 percent 
A)  10 percent and 20 percent 
B)  20 percent and 30 percent 
C)  30 percent and 40 percent 
D)  40 percent and 50 percent 
E)  50 percent and 60 percent

Question 5

Sharon Simms is a very capable computer engineer. Recently, she noticed a problem that computer engineers have, and thought of a solution to the problem that might represent an opportunity for a new software product. Sharon's idea for a new software product is an example of a(n) ________ discovery.

Accepted Answer

A)  chance 
B)  serendipitous 
C)  traditional 
D)  conventional 
E)  opportune 
A)  chance 
B)  serendipitous 
C)  traditional 
D)  conventional 
E)  opportune

Question 6

The ability to notice things without engaging in deliberate search is referred to as:

Accepted Answer

A)  cognitive alertness 
B)  cognitive awareness 
C)  managerial alertness 
D)  entrepreneurial alertness 
E)  individual awareness 
A)  cognitive alertness 
B)  cognitive awareness 
C)  managerial alertness 
D)  entrepreneurial alertness 
E)  individual awareness

Question 7

A(n) ________ is a physical or digital repository for storing ideas.

Accepted Answer

A)  suggestion bank 
B)  idea depository 
C)  suggestion pool 
D)  idea bank 
E)  proposition pool 
A)  suggestion bank 
B)  idea depository 
C)  suggestion pool 
D)  idea bank 
E)  proposition pool

Question 8

Shelly Ford is starting a fashion boutique in an upscale mall near San Antonio. She wants to open her store during the time period in which a business like hers can realistically enter the new market. Shelly is trying to open her business while the ________ is open.

Accepted Answer

A)  safe harbor 
B)  window of opportunity 
C)  portal of entry 
D)  doorway of opportunity 
E)  safety zone 
A)  safe harbor 
B)  window of opportunity 
C)  portal of entry 
D)  doorway of opportunity 
E)  safety zone

Question 9

Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as:

Accepted Answer

A)  strong-tie relationships 
B)  moderate-tie relationships 
C)  lateral-tie relationships 
D)  weak-tie relationships 
E)  multiple-tie relationships 
A)  strong-tie relationships 
B)  moderate-tie relationships 
C)  lateral-tie relationships 
D)  weak-tie relationships 
E)  multiple-tie relationships

Question 10

BenchPrep, the company profiled in the opening feature for Chapter 2, sells an iPhone app to help students prepare for the GMAT and other exams. The original idea for the company stemmed from the founders' recognition that if people could use their iPhones to study for the GMAT:

Accepted Answer

A)  they wouldn't have to carry heavy study books around and they could maximize their study time by catching a few minutes of studying between meetings and on similar occasions 
B)  they could study more questions and a computer within the app could keep track of their progress on practice exams 
C)  they could save money by not having to buy multiple study guides and a small computer within the app could keep track of their progress on practice exams 
D)  they wouldn't have to carry heavy study books around and they could interact online with other people preparing for the GMAT and similar exams 
E)  they could maximize their study time by catching a few minutes of studying between meetings and on similar occasions and they could save money by not having to buy multiple study guides 
A)  they wouldn't have to carry heavy study books around and they could maximize their study time by catching a few minutes of studying between meetings and on similar occasions 
B)  they could study more questions and a computer within the app could keep track of their progress on practice exams 
C)  they could save money by not having to buy multiple study guides and a small computer within the app could keep track of their progress on practice exams 
D)  they wouldn't have to carry heavy study books around and they could interact online with other people preparing for the GMAT and similar exams 
E)  they could maximize their study time by catching a few minutes of studying between meetings and on similar occasions and they could save money by not having to buy multiple study guides

Question 11

________ is (are) used to generate a number of ideas quickly.

Accepted Answer

A)  Insight groups 
B)  Competitive intelligence gatherings 
C)  Examination groups 
D)  Survey groups 
E)  Brainstorming 
A)  Insight groups 
B)  Competitive intelligence gatherings 
C)  Examination groups 
D)  Survey groups 
E)  Brainstorming

Question 12

A common way that gaps in the marketplace are recognized is:

Accepted Answer

A)  by observing changing environmental trends 
B)  by recognizing problems that need to be solved 
C)  via studying industry reports 
D)  when people become frustrated because they can't find a product or service that they need and recognize that other people feel the same way 
E)  via combined focus groups and brainstorming sessions 
A)  by observing changing environmental trends 
B)  by recognizing problems that need to be solved 
C)  via studying industry reports 
D)  when people become frustrated because they can't find a product or service that they need and recognize that other people feel the same way 
E)  via combined focus groups and brainstorming sessions

Question 13

Which of the following represents the correct order of the five stages of the creative process?

Accepted Answer

A)  preparation, incubation, elaboration, insight, evaluation 
B)  insight, preparation, incubation, elaboration, insight 
C)  preparation, incubation, insight, evaluation, elaboration 
D)  incubation, evaluation, insight, preparation, elaboration 
E)  incubation, preparation, evaluation, elaboration, insight 
A)  preparation, incubation, elaboration, insight, evaluation 
B)  insight, preparation, incubation, elaboration, insight 
C)  preparation, incubation, insight, evaluation, elaboration 
D)  incubation, evaluation, insight, preparation, elaboration 
E)  incubation, preparation, evaluation, elaboration, insight

Question 14

An opportunity has four essential qualities: it is (1) rare, (2) attractive, (3) timely, and (4) resilient.

Accepted Answer

A) True 
 B)False

Question 15

Aging of baby boomers, the increasing diversity of the workplace, and increasing interest in healthy foods and "green" products are important economic trends.

Accepted Answer

A) True 
 B)False

Question 16

Several studies have shown that prior experience in an industry helps entrepreneurs recognize business opportunities.

Accepted Answer

A) True 
 B)False

Question 17

Opportunity recognition may be an innate skill or cognitive process.

Accepted Answer

A) True 
 B)False

Question 18

Many new businesses are successful by taking advantage of fads.

Accepted Answer

A) True 
 B)False

Question 19

Focus groups typically involved a group of people who are unfamiliar with a topic and are brought together to respond to questions.

Accepted Answer

A) True 
 B)False

Question 20

GasBuddy and GasPriceWatch.com are companies started to help consumers save money on gas. Which environmental trend is most likely to have provided the impetus for the creation of these companies?

Accepted Answer

A)  regulatory changes 
B)  political changes 
C)  economic forces 
D)  technological advances 
E)  social forces 
A)  regulatory changes 
B)  political changes 
C)  economic forces 
D)  technological advances 
E)  social forces

Describe the difference between an idea and an opportunity. Why is the distinction important?

Describe how library and Internet research can be used to generate new business ideas.

An idea is a thought, impression, or notion. It may or may not meet the criteria of an opportunity.

According to the textbook, research results over time consistently suggest that somewhere between ________ of those who start businesses got their ideas through social contacts.

Sharon Simms is a very capable computer engineer. Recently, she noticed a problem that computer engineers have, and thought of a solution to the problem that might represent an opportunity for a new software product. Sharon's idea for a new software product is an example of a(n) ________ discovery.

The ability to notice things without engaging in deliberate search is referred to as:

A(n) ________ is a physical or digital repository for storing ideas.

Shelly Ford is starting a fashion boutique in an upscale mall near San Antonio. She wants to open her store during the time period in which a business like hers can realistically enter the new market. Shelly is trying to open her business while the ________ is open.

Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as:

BenchPrep, the company profiled in the opening feature for Chapter 2, sells an iPhone app to help students prepare for the GMAT and other exams. The original idea for the company stemmed from the founders' recognition that if people could use their iPhones to study for the GMAT:

________ is (are) used to generate a number of ideas quickly.

A common way that gaps in the marketplace are recognized is:

Which of the following represents the correct order of the five stages of the creative process?

An opportunity has four essential qualities: it is (1) rare, (2) attractive, (3) timely, and (4) resilient.

Aging of baby boomers, the increasing diversity of the workplace, and increasing interest in healthy foods and "green" products are important economic trends.

Several studies have shown that prior experience in an industry helps entrepreneurs recognize business opportunities.

Opportunity recognition may be an innate skill or cognitive process.

Many new businesses are successful by taking advantage of fads.

Focus groups typically involved a group of people who are unfamiliar with a topic and are brought together to respond to questions.

GasBuddy and GasPriceWatch.com are companies started to help consumers save money on gas. Which environmental trend is most likely to have provided the impetus for the creation of these companies?

Introduction to Entrepreneurship

Feasibility Analysis

Writing a Business Plan

Industry and Competitor Analysis

Developing an Effective Business Model

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

Exam 2: Recognizing Opportunities and Generating Ideas

Describe the difference between an idea and an opportunity. Why is the distinction important?

Describe how library and Internet research can be used to generate new business ideas.

An idea is a thought, impression, or notion. It may or may not meet the criteria of an opportunity.

According to the textbook, research results over time consistently suggest that somewhere between ________ of those who start businesses got their ideas through social contacts.

Sharon Simms is a very capable computer engineer. Recently, she noticed a problem that computer engineers have, and thought of a solution to the problem that might represent an opportunity for a new software product. Sharon's idea for a new software product is an example of a(n) ________ discovery.

The ability to notice things without engaging in deliberate search is referred to as:

A(n) ________ is a physical or digital repository for storing ideas.

Shelly Ford is starting a fashion boutique in an upscale mall near San Antonio. She wants to open her store during the time period in which a business like hers can realistically enter the new market. Shelly is trying to open her business while the ________ is open.

Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as:

BenchPrep, the company profiled in the opening feature for Chapter 2, sells an iPhone app to help students prepare for the GMAT and other exams. The original idea for the company stemmed from the founders' recognition that if people could use their iPhones to study for the GMAT:

________ is (are) used to generate a number of ideas quickly.

A common way that gaps in the marketplace are recognized is:

Which of the following represents the correct order of the five stages of the creative process?

An opportunity has four essential qualities: it is (1) rare, (2) attractive, (3) timely, and (4) resilient.

Aging of baby boomers, the increasing diversity of the workplace, and increasing interest in healthy foods and "green" products are important economic trends.

Several studies have shown that prior experience in an industry helps entrepreneurs recognize business opportunities.

Opportunity recognition may be an innate skill or cognitive process.

Many new businesses are successful by taking advantage of fads.

Focus groups typically involved a group of people who are unfamiliar with a topic and are brought together to respond to questions.

GasBuddy and GasPriceWatch.com are companies started to help consumers save money on gas. Which environmental trend is most likely to have provided the impetus for the creation of these companies?

Introduction to Entrepreneurship

Feasibility Analysis

Writing a Business Plan

Industry and Competitor Analysis

Developing an Effective Business Model

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters