Question 1

Elaboration is the stage of the creative process when the solution to a problem is seen or an idea is born.

Accepted Answer

A) True 
 B)False  False

Question 2

If a new firm was launched to help other firms comply with The Patriot Act, that opportunity was created by:

Accepted Answer

A)   changes in economic forces
B)   demographic changes
C)   changes in social forces
D)   changes in technological forces
E)   political actions and regulatory changes E

Question 3

Which of the following is not an example of a social force?

Accepted Answer

A)   changes in interest rates
B)   increased interest in healthy foods
C)   retirement of baby boomers
D)   increased diversity of the workforce
E)   increased interest in green products A

Question 4

In the five-stage creative process, the flash of recognition, or what is sometimes referred to as the "eureka" experience, occurs in the:

Accepted Answer

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

Question 5

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

Question 6

According to the textbook, opportunities are:

Accepted Answer

A)   tough to spot
B)   easy to spot in the service sector but tough to spot in the manufacturing sector
C)   easy to spot in the manufacturing sector but tough to spot in the service sector
D)   easy to spot
E)   neither easy nor tough to spot

Question 7

Which of the following is not one of the rules for a formal brainstorming session?

Accepted Answer

A)   no criticism is allowed
B)   the session moves quickly
C)   freewheeling is encouraged
D)   leapfrogging is encouraged
E)   the session is used for decision making

Question 8

A focus group is a gathering of 5 to 10 people who are selected because of their relationship to the issue being discussed.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

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

Question 10

Melanie Meyers, who has launched several successful entrepreneurial firms, seems to have a "sixth sense" that allows her to see opportunities that others miss. Melanie's ability is referred to as:

Accepted Answer

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

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

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

Question 13

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

The answer of Describe the difference between strong-tie and weak-tie...

Question 14

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

Accepted Answer

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

Question 15

Economic factors, social factors, technological advances, and political action and regulatory changes are the most important trends to follow in trying to identify opportunities.

Accepted Answer

A) True 
 B)False

Question 16

The increasing number of spas opening in the United States is attributed to a jump in the number of people trying to deal more effectively with mental health and wellness issues. The increased emphasis on mental health and wellness in the United States is an important:

Accepted Answer

A)   political trend
B)   economic trend
C)   legal trend
D)   social trend
E)   technological advances

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

Hank Simms is a very capable computer programmer. Recently, he noticed a problem that many programmers have, and thought of a solution to the problem that might represent an opportunity for a new software product. Hank's idea for a new software product is an example of a ________ discovery.

Accepted Answer

A)   serendipitous
B)   knowable
C)   traditional
D)   conventional
E)   predictable

Exam 2: Recognizing Opportunities and Generating Ideas

Elaboration is the stage of the creative process when the solution to a problem is seen or an idea is born.

If a new firm was launched to help other firms comply with The Patriot Act, that opportunity was created by:

Which of the following is not an example of a social force?

In the five-stage creative process, the flash of recognition, or what is sometimes referred to as the "eureka" experience, occurs in the:

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

According to the textbook, opportunities are:

Which of the following is not one of the rules for a formal brainstorming session?

A focus group is a gathering of 5 to 10 people who are selected because of their relationship to the issue being discussed.

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

Melanie Meyers, who has launched several successful entrepreneurial firms, seems to have a "sixth sense" that allows her to see opportunities that others miss. Melanie's ability is referred to as:

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

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.

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?

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

Economic factors, social factors, technological advances, and political action and regulatory changes are the most important trends to follow in trying to identify opportunities.

The increasing number of spas opening in the United States is attributed to a jump in the number of people trying to deal more effectively with mental health and wellness issues. The increased emphasis on mental health and wellness in the United States is an important:

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

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

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

Hank Simms is a very capable computer programmer. Recently, he noticed a problem that many programmers have, and thought of a solution to the problem that might represent an opportunity for a new software product. Hank's idea for a new software product is an example of a ________ discovery.