Question 1

An individual who identifies a business idea on his or her own is referred to as a(n):

Accepted Answer

A)  separate entrepreneur 
B)  functional entrepreneur 
C)  lone entrepreneur 
D)  individual entrepreneur 
E)  solo entrepreneur 
A)  separate entrepreneur 
B)  functional entrepreneur 
C)  lone entrepreneur 
D)  individual entrepreneur 
E)  solo entrepreneur

Question 2

Incubation is the stage of the creative process during which an idea is subjected to scrutiny and analyzed for its viability.

Accepted Answer

A) True 
 B)False

Question 3

An example of a valuable library resources is IBISWorld, which is a(n):

Accepted Answer

A)  business publication 
B)  academic journal 
C)  Census Bureau publication 
D)  trade journal 
E)  database of industry-related information 
A)  business publication 
B)  academic journal 
C)  Census Bureau publication 
D)  trade journal 
E)  database of industry-related information

Question 4

The number one rule for a brainstorming sessions is:

Accepted Answer

A)  no criticism is allowed 
B)  no freewheeling is allowed 
C)  no leapfrogging is allowed 
D)  no more than 10 people are allowed to participate 
E)  no wild or unrealistic ideas are allowed 
A)  no criticism is allowed 
B)  no freewheeling is allowed 
C)  no leapfrogging is allowed 
D)  no more than 10 people are allowed to participate 
E)  no wild or unrealistic ideas are allowed

Question 5

Which of the following is correct regarding opportunities and ideas?

Accepted Answer

A)  An opportunity and an idea are essentially the same thing. 
B)  An idea almost always meets the criteria of an opportunity. 
C)  An opportunity is a thought, an impression, or a notion. 
D)  An idea is a favorable set of circumstances that creates a need for a new product, service, or business. 
E)  It's important to discern whether a particular idea meets the criteria for an opportunity. 
A)  An opportunity and an idea are essentially the same thing. 
B)  An idea almost always meets the criteria of an opportunity. 
C)  An opportunity is a thought, an impression, or a notion. 
D)  An idea is a favorable set of circumstances that creates a need for a new product, service, or business. 
E)  It's important to discern whether a particular idea meets the criteria for an opportunity.

Question 6

Describe the three separate ways that entrepreneurs identify new business, product, and service opportunities?

Accepted Answer

The three ways that entrepreneurs identi

Question 7

It is more likely that an entrepreneur will get a new business idea through a strong-tie than a weak-tie relationship.

Accepted Answer

A) True 
 B)False

Question 8

According to the textbook, a focus group is a gathering of 5 to 10 people who are selected because:

Accepted Answer

A)  they are most likely to purchase large amounts of the product or service being discussed 
B)  they responded to a self-selected opinion poll about the topic being discussed 
C)  of their relationship to the issue being discussed 
D)  they responded to a mail survey about the topic being discussed 
E)  they are spokespersons for the topic being discussed 
A)  they are most likely to purchase large amounts of the product or service being discussed 
B)  they responded to a self-selected opinion poll about the topic being discussed 
C)  of their relationship to the issue being discussed 
D)  they responded to a mail survey about the topic being discussed 
E)  they are spokespersons for the topic being discussed

Question 9

Which of the following statements is incorrect in regard to entrepreneurial alertness?

Accepted Answer

A)  The research findings on entrepreneurial alertness are conclusive. 
B)  Alertness is largely a learned skill. 
C)  People who have more knowledge of an area tend to be more alert to opportunities in that area than others. 
D)  The term "entrepreneurial alertness" is often associated with a "sixth sense" that seems to allow some people to see opportunities that others miss. 
E)  Entrepreneurial alertness is defined as the ability to notice things without engaging in deliberate search. 
A)  The research findings on entrepreneurial alertness are conclusive. 
B)  Alertness is largely a learned skill. 
C)  People who have more knowledge of an area tend to be more alert to opportunities in that area than others. 
D)  The term "entrepreneurial alertness" is often associated with a "sixth sense" that seems to allow some people to see opportunities that others miss. 
E)  Entrepreneurial alertness is defined as the ability to notice things without engaging in deliberate search.

Question 10

Describe how brainstorming can help facilitate the generation of ideas, and outline the four rules for conducting a brainstorming session.

Accepted Answer

Brainstorming is a technique that is use

Question 11

The three ways to identify an opportunity include:

Accepted Answer

A)  observing trends, solving a problem, and finding gaps in the marketplace 
B)  studying industry trade journals, talking to consumers, and solving a problem 
C)  observing trends, conducting brainstorming sessions, and studying industry trade journals 
D)  observing trends, talking to consumers, and finding gaps in the marketplace 
E)  reading books, solving a problem, and findings gaps in the marketplace 
A)  observing trends, solving a problem, and finding gaps in the marketplace 
B)  studying industry trade journals, talking to consumers, and solving a problem 
C)  observing trends, conducting brainstorming sessions, and studying industry trade journals 
D)  observing trends, talking to consumers, and finding gaps in the marketplace 
E)  reading books, solving a problem, and findings gaps in the marketplace

Question 12

According to research in this area, it is more likely that an entrepreneur will get a new business idea through a ________ relationship than the alternatives.

Accepted Answer

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

Question 13

An opportunity has four essential qualities:

Accepted Answer

A)  attractive, timely, durable, and anchored in a product, service, or business that creates or adds value for its buyer or end user 
B)  practical, opportune, appropriate, and anchored in a product, service, or business that is efficient and effective 
C)  realistic, striking, timely, and anchored in a product, service, or business that is timely 
D)  attention-getting, attractive, timely, and anchored in a product, service, or business that creates or adds value for its buyer or end user 
E)  attractive, durable, resilient, and opportune 
A)  attractive, timely, durable, and anchored in a product, service, or business that creates or adds value for its buyer or end user 
B)  practical, opportune, appropriate, and anchored in a product, service, or business that is efficient and effective 
C)  realistic, striking, timely, and anchored in a product, service, or business that is timely 
D)  attention-getting, attractive, timely, and anchored in a product, service, or business that creates or adds value for its buyer or end user 
E)  attractive, durable, resilient, and opportune

Question 14

A solo entrepreneur is an individual who identified his or her business idea ________. A network entrepreneur is an individual who identified his or her business idea ________.

Accepted Answer

A)  through social contacts, on their own 
B)  through a business incubator program, through social contacts 
C)  on their own, through social contacts 
D)  through the assistance of a paid consultant, through social contacts 
E)  with one or more partners, on their own 
A)  through social contacts, on their own 
B)  through a business incubator program, through social contacts 
C)  on their own, through social contacts 
D)  through the assistance of a paid consultant, through social contacts 
E)  with one or more partners, on their own

Question 15

________ is the process of generating a novel or useful idea.

Accepted Answer

A)  Innovation 
B)  Imagining 
C)  Creativity 
D)  Visualization 
E)  Envisioning 
A)  Innovation 
B)  Imagining 
C)  Creativity 
D)  Visualization 
E)  Envisioning

An individual who identifies a business idea on his or her own is referred to as a(n):

Incubation is the stage of the creative process during which an idea is subjected to scrutiny and analyzed for its viability.

An example of a valuable library resources is IBISWorld, which is a(n):

The number one rule for a brainstorming sessions is:

Which of the following is correct regarding opportunities and ideas?

Describe the three separate ways that entrepreneurs identify new business, product, and service opportunities?

It is more likely that an entrepreneur will get a new business idea through a strong-tie than a weak-tie relationship.

According to the textbook, a focus group is a gathering of 5 to 10 people who are selected because:

Which of the following statements is incorrect in regard to entrepreneurial alertness?

Describe how brainstorming can help facilitate the generation of ideas, and outline the four rules for conducting a brainstorming session.

The three ways to identify an opportunity include:

According to research in this area, it is more likely that an entrepreneur will get a new business idea through a ________ relationship than the alternatives.

An opportunity has four essential qualities:

A solo entrepreneur is an individual who identified his or her business idea . A network entrepreneur is an individual who identified his or her business idea .

________ is the process of generating a novel or useful idea.

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

An individual who identifies a business idea on his or her own is referred to as a(n):

Incubation is the stage of the creative process during which an idea is subjected to scrutiny and analyzed for its viability.

An example of a valuable library resources is IBISWorld, which is a(n):

The number one rule for a brainstorming sessions is:

Which of the following is correct regarding opportunities and ideas?

Describe the three separate ways that entrepreneurs identify new business, product, and service opportunities?

It is more likely that an entrepreneur will get a new business idea through a strong-tie than a weak-tie relationship.

According to the textbook, a focus group is a gathering of 5 to 10 people who are selected because:

Which of the following statements is incorrect in regard to entrepreneurial alertness?

Describe how brainstorming can help facilitate the generation of ideas, and outline the four rules for conducting a brainstorming session.

The three ways to identify an opportunity include:

According to research in this area, it is more likely that an entrepreneur will get a new business idea through a ________ relationship than the alternatives.

An opportunity has four essential qualities:

A solo entrepreneur is an individual who identified his or her business idea ________. A network entrepreneur is an individual who identified his or her business idea ________.

________ is the process of generating a novel or useful idea.

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

A solo entrepreneur is an individual who identified his or her business idea . A network entrepreneur is an individual who identified his or her business idea .