Question 1

An idea bank is a physical or digital repository for storing ideas.

Accepted Answer

A) True 
 B)False

Question 2

A(n) ________ is a favorable set of circumstances that creates a need for a new product, service, or business.

Accepted Answer

A)  idea 
B)  scheme 
C)  design 
D)  proposal 
E)  opportunity 
A)  idea 
B)  scheme 
C)  design 
D)  proposal 
E)  opportunity

Question 3

The term "window of opportunity," as discussed in Chapter 2, is a metaphor that describes the time period in which a firm can ________.

Accepted Answer

A)  obtain funding or financing 
B)  hire new employees 
C)  complete a financial analysis 
D)  realistically enter a new market 
E)  write a business plan 
A)  obtain funding or financing 
B)  hire new employees 
C)  complete a financial analysis 
D)  realistically enter a new market 
E)  write a business plan

Question 4

Describe the difference between strong-tie and weak-tie relationships. Is it more likely that an entrepreneur will get new ideas through strong-tie or weak-tie relationships?

Accepted Answer

Strong-tie relationships are characteriz

Question 5

Many new businesses are successful by taking advantage of fads.

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

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

Question 7

Brainstorming sessions are designed to move slowly, so ideas can be presented and evaluated.

Accepted Answer

A) True 
 B)False

Question 8

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 9

Focus groups typically involve 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 10

Brainstorming is used to generate a number of ideas quickly.

Accepted Answer

A) True 
 B)False

Question 11

According to the textbook, the best approach to utilizing a library for entrepreneurship-related research is to ________.

Accepted Answer

A)  discuss your general area of interest with a reference librarian 
B)  focus your efforts on studying newspapers and periodicals 
C)  focus your efforts on browsing through industry-related materials 
D)  discuss your general area of interest with other library patrons 
E)  focus your efforts on academic journals 
A)  discuss your general area of interest with a reference librarian 
B)  focus your efforts on studying newspapers and periodicals 
C)  focus your efforts on browsing through industry-related materials 
D)  discuss your general area of interest with other library patrons 
E)  focus your efforts on academic journals

Question 12

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 13

An opportunity has four essential qualities. It is (1) rare, (2) attractive, (3) timely, and (4) anchored in a product, service, or business that creates or adds value for its buyer or end user.

Accepted Answer

A) True 
 B)False

Question 14

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 15

An idea is a favorable set of circumstances that creates a need for a new product, service, or business.

Accepted Answer

A) True 
 B)False

Question 16

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 17

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 18

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

Accepted Answer

Library and Internet research are import

Question 19

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 20

In the five-stage creative process, the stage in which the creative idea is put into final form is referred to as the ________ stage.

Accepted Answer

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

An idea bank is a physical or digital repository for storing ideas.

A(n) ________ is a favorable set of circumstances that creates a need for a new product, service, or business.

The term "window of opportunity," as discussed in Chapter 2, is a metaphor that describes the time period in which a firm can ________.

Describe the difference between strong-tie and weak-tie relationships. Is it more likely that an entrepreneur will get new ideas through strong-tie or weak-tie relationships?

Many new businesses are successful by taking advantage of fads.

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

Brainstorming sessions are designed to move slowly, so ideas can be presented and evaluated.

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

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

Brainstorming is used to generate a number of ideas quickly.

According to the textbook, the best approach to utilizing a library for entrepreneurship-related research is to ________.

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

An opportunity has four essential qualities. It is (1) rare, (2) attractive, (3) timely, and (4) anchored in a product, service, or business that creates or adds value for its buyer or end user.

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

An idea is a favorable set of circumstances that creates a need for a new product, service, or business.

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

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

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

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

In the five-stage creative process, the stage in which the creative idea is put into final form is referred to as the ________ stage.

Introduction to Entrepreneurship

Feasibility Analysis

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Venture's 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 idea bank is a physical or digital repository for storing ideas.

A(n) ________ is a favorable set of circumstances that creates a need for a new product, service, or business.

The term "window of opportunity," as discussed in Chapter 2, is a metaphor that describes the time period in which a firm can ________.

Describe the difference between strong-tie and weak-tie relationships. Is it more likely that an entrepreneur will get new ideas through strong-tie or weak-tie relationships?

Many new businesses are successful by taking advantage of fads.

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

Brainstorming sessions are designed to move slowly, so ideas can be presented and evaluated.

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

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

Brainstorming is used to generate a number of ideas quickly.

According to the textbook, the best approach to utilizing a library for entrepreneurship-related research is to ________.

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

An opportunity has four essential qualities. It is (1) rare, (2) attractive, (3) timely, and (4) anchored in a product, service, or business that creates or adds value for its buyer or end user.

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

An idea is a favorable set of circumstances that creates a need for a new product, service, or business.

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

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

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

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

In the five-stage creative process, the stage in which the creative idea is put into final form is referred to as the ________ stage.

Introduction to Entrepreneurship

Feasibility Analysis

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Venture's 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