Question 1

Latent needs are those which everyone can identify but no one seems able to fill.

Accepted Answer

A) True 
 B)False

Question 2

What strategies involve suspending disbelief and dropping constraints in order to create unrealistic states,or fantasies?

Accepted Answer

A) analytical strategies 
B) search strategies 
C) imagination-based strategies 
D) development strategies 
A) analytical strategies 
B) search strategies 
C) imagination-based strategies 
D) development strategies

Question 3

According to the text,what conclusion can be drawn from Eli Whitney's cotton gin and Thomas Edison's light bulb?

Accepted Answer

A) Inventors are often lone wolves whose inventions come to fruition through a process of trial and error. 
B) Inventions often spring fully formed into an inventor's mind. 
C) Inventions are often a result of the work of a group of different people who made improvements over a long period of time. 
D) Products are often attributed to individuals who had little or nothing to do with their invention. 
A) Inventors are often lone wolves whose inventions come to fruition through a process of trial and error. 
B) Inventions often spring fully formed into an inventor's mind. 
C) Inventions are often a result of the work of a group of different people who made improvements over a long period of time. 
D) Products are often attributed to individuals who had little or nothing to do with their invention.

Question 4

Thinking about the opposite of something you believe in order to explore a new perspective is one way to engage in which type of strategy?

Accepted Answer

A) development strategy 
B) search strategy 
C) imagination-based strategy 
D) habit-breaking strategy 
A) development strategy 
B) search strategy 
C) imagination-based strategy 
D) habit-breaking strategy

Question 5

In what area does the difference between innovation and invention lie?

Accepted Answer

A) demand 
B) cost 
C) originality 
D) value 
A) demand 
B) cost 
C) originality 
D) value

Question 6

Every idea is an opportunity.

Accepted Answer

A) True 
 B)False

Question 7

An entrepreneurial mindset positions entrepreneurs to identify opportunities and take action.

Accepted Answer

A) True 
 B)False

Question 8

What term do the authors use to describe the ability some people have to identify opportunities in their environment?

Accepted Answer

A) perception 
B) alertness 
C) intuition 
D) instinct 
A) perception 
B) alertness 
C) intuition 
D) instinct

Question 9

The ______ approach is a concept that assumes that opportunities exist independent of entrepreneurs and are waiting to be discovered.

Accepted Answer

A) mountain 
B) idea location 
C) finding 
D) searching 
A) mountain 
B) idea location 
C) finding 
D) searching

Question 10

Maci has an idea for a business.For her idea to be recognized as a viable opportunity,the idea must ______.

Accepted Answer

A) have the capacity to generate value 
B) include a pitch deck 
C) be tried and true 
D) be market-researched already 
A) have the capacity to generate value 
B) include a pitch deck 
C) be tried and true 
D) be market-researched already

Question 11

If an invention does not reach the market or appeal to consumers,then it will be rendered useless.

Accepted Answer

A) True 
 B)False

Question 12

What strategies involve consciously making links between concepts or ideas that are not normally associated with each other?

Accepted Answer

A) development strategies 
B) interpersonal strategies 
C) relationship-seeking strategies 
D) habit-breaking strategies 
A) development strategies 
B) interpersonal strategies 
C) relationship-seeking strategies 
D) habit-breaking strategies

Question 13

If you do not have a large market for your product or service,what should you do to be sure it retains its value?

Accepted Answer

A) Make sure to scale your business and its cost to the size of your market. 
B) Identify other products or services that you could include alongside the original in order to increase market size. 
C) Consider ways to substantially change your product or service in order to increase your market size. 
D) Shelve your idea; perhaps the market will increase in future. 
A) Make sure to scale your business and its cost to the size of your market. 
B) Identify other products or services that you could include alongside the original in order to increase market size. 
C) Consider ways to substantially change your product or service in order to increase your market size. 
D) Shelve your idea; perhaps the market will increase in future.

Question 14

Compare economic value,social value,and environmental value.As an entrepreneur,explain which of these forms of value will be most important when you are identifying opportunities and why you made that decision.

Accepted Answer

The most common form of value is economi

Question 15

Using group brainstorming to enhance existing ideas is an example of which type of idea generation strategy?

Accepted Answer

A) development strategy 
B) interpersonal strategy 
C) relationship-seeking strategy 
D) habit-breaking strategy 
A) development strategy 
B) interpersonal strategy 
C) relationship-seeking strategy 
D) habit-breaking strategy

Question 16

Opportunity is defined as ______.

Accepted Answer

A) the worth of something in terms of the number of other things for which it can be exchanged 
B) any conception,thought,or notion existing in the mind as a result of mental understanding and awareness 
C) being perceived as desirable 
D) an apparent way of generating value through unique,novel,or desirable products or services that have not been previously exploited 
A) the worth of something in terms of the number of other things for which it can be exchanged 
B) any conception,thought,or notion existing in the mind as a result of mental understanding and awareness 
C) being perceived as desirable 
D) an apparent way of generating value through unique,novel,or desirable products or services that have not been previously exploited

Question 17

Sasha makes her decisions based on preexisting information gained from a combination of life and work experience.In building opportunities,Sasha uses ______.

Accepted Answer

A) intuition 
B) prior knowledge 
C) alertness 
D) habit-breaking strategies 
A) intuition 
B) prior knowledge 
C) alertness 
D) habit-breaking strategies

Question 18

What strategies involve using memory to retrieve information to make links or connections based on past experience that are relevant to the current problem using stimuli?

Accepted Answer

A) analytical strategies 
B) search strategies 
C) imagination-based strategies 
D) development strategies 
A) analytical strategies 
B) search strategies 
C) imagination-based strategies 
D) development strategies

Question 19

Entrepreneurs address unmet needs in the marketplace.

Accepted Answer

A) True 
 B)False

Question 20

Of the four pathways to opportunity identification,which is the most complicated but potentially the most value-creating approach?

Accepted Answer

A) effectuating opportunities 
B) finding opportunities 
C) the search pathway 
D) the design pathway 
A) effectuating opportunities 
B) finding opportunities 
C) the search pathway 
D) the design pathway

Latent needs are those which everyone can identify but no one seems able to fill.

What strategies involve suspending disbelief and dropping constraints in order to create unrealistic states,or fantasies?

According to the text,what conclusion can be drawn from Eli Whitney's cotton gin and Thomas Edison's light bulb?

Thinking about the opposite of something you believe in order to explore a new perspective is one way to engage in which type of strategy?

In what area does the difference between innovation and invention lie?

Every idea is an opportunity.

An entrepreneurial mindset positions entrepreneurs to identify opportunities and take action.

What term do the authors use to describe the ability some people have to identify opportunities in their environment?

The ______ approach is a concept that assumes that opportunities exist independent of entrepreneurs and are waiting to be discovered.

Maci has an idea for a business.For her idea to be recognized as a viable opportunity,the idea must ______.

If an invention does not reach the market or appeal to consumers,then it will be rendered useless.

What strategies involve consciously making links between concepts or ideas that are not normally associated with each other?

If you do not have a large market for your product or service,what should you do to be sure it retains its value?

Compare economic value,social value,and environmental value.As an entrepreneur,explain which of these forms of value will be most important when you are identifying opportunities and why you made that decision.

Using group brainstorming to enhance existing ideas is an example of which type of idea generation strategy?

Opportunity is defined as ______.

Sasha makes her decisions based on preexisting information gained from a combination of life and work experience.In building opportunities,Sasha uses ______.

What strategies involve using memory to retrieve information to make links or connections based on past experience that are relevant to the current problem using stimuli?

Entrepreneurs address unmet needs in the marketplace.

Of the four pathways to opportunity identification,which is the most complicated but potentially the most value-creating approach?

Practicing Entrepreneurship

Activating an Entrepreneurial Mindset

Using Design Thinking

Building Business Models

Developing Your Customers

Testing and Experimenting With New Ideas

Developing Networks and Building Teams

Creating Revenue Models

Planning for Entrepreneurs

Anticipating Failure

Bootstrapping and Crowdfunding for Resources

Financing for Startups

Navigating Legal and Ip Issues

Engaging Customers Through Marketing

Supporting Social Entrepreneurship

Financial Statements and Projections for Startups

The Pitch Deck

Filters

Exam 3: Creating and Recognizing New Opportunities

Latent needs are those which everyone can identify but no one seems able to fill.

What strategies involve suspending disbelief and dropping constraints in order to create unrealistic states,or fantasies?

According to the text,what conclusion can be drawn from Eli Whitney's cotton gin and Thomas Edison's light bulb?

Thinking about the opposite of something you believe in order to explore a new perspective is one way to engage in which type of strategy?

In what area does the difference between innovation and invention lie?

Every idea is an opportunity.

An entrepreneurial mindset positions entrepreneurs to identify opportunities and take action.

What term do the authors use to describe the ability some people have to identify opportunities in their environment?

The ______ approach is a concept that assumes that opportunities exist independent of entrepreneurs and are waiting to be discovered.

Maci has an idea for a business.For her idea to be recognized as a viable opportunity,the idea must ______.

If an invention does not reach the market or appeal to consumers,then it will be rendered useless.

What strategies involve consciously making links between concepts or ideas that are not normally associated with each other?

If you do not have a large market for your product or service,what should you do to be sure it retains its value?

Compare economic value,social value,and environmental value.As an entrepreneur,explain which of these forms of value will be most important when you are identifying opportunities and why you made that decision.

Using group brainstorming to enhance existing ideas is an example of which type of idea generation strategy?

Opportunity is defined as ______.

Sasha makes her decisions based on preexisting information gained from a combination of life and work experience.In building opportunities,Sasha uses ______.

What strategies involve using memory to retrieve information to make links or connections based on past experience that are relevant to the current problem using stimuli?

Entrepreneurs address unmet needs in the marketplace.

Of the four pathways to opportunity identification,which is the most complicated but potentially the most value-creating approach?

Practicing Entrepreneurship

Activating an Entrepreneurial Mindset

Using Design Thinking

Building Business Models

Developing Your Customers

Testing and Experimenting With New Ideas

Developing Networks and Building Teams

Creating Revenue Models

Planning for Entrepreneurs

Anticipating Failure

Bootstrapping and Crowdfunding for Resources

Financing for Startups

Navigating Legal and Ip Issues

Engaging Customers Through Marketing

Supporting Social Entrepreneurship

Financial Statements and Projections for Startups

The Pitch Deck

Filters