Exam 3: Business Idea Generation and Initial Evaluation

The ability of a competitor to meet or exceed the quality of your product or service is an example of a threat to ________.

When a potential business owner has several ideas for a business, he or she needs to identify one on which to perform a due diligence analysis.

How can patent files help a potential business owner come up with ideas for new businesses?

The first step in developing a quality business idea is to analyze the market.

Threats to ________ are threats to the success of a business regarding its opportunity to sell to too many customers and to obtain repeat business.

As a result of conducting a gap analysis, a potential entrepreneur proved there was a need for the business.This is known as

Potential entrepreneurs often overlook family experiences as a source of knowledge and skills.

A gap analysis identifies potential gaps in a market, but it does not provide individuals with the capability to fill those gaps.

________ is defined as the connection between an entrepreneur's skills, understanding of an industry, and the ability to create a competitive advantage such that the sum of the parts of the new business is greater than the individual parts alone.

A potential business owner needs to convey his or her business idea to a prospective investor or lender in ________ minutes.

The ability to attract customers to your business instead of your competitors is an example of a threat to ________.

In the context of generating new ideas, which of the following is an example of a personal hobby developed into a business venture?

Potential owners should examine all of these specific areas before choosing a business idea EXCEPT

The generation of ideas for new businesses often occurs spontaneously and automatically.

Which of the following experiences can entrepreneurs evaluate when generating business ideas based on their education?

Threats to operational financing states that there are a number of obstacles to a new venture in obtaining the necessary financing for its growth.

The process of generating ideas should occur in a(n)________ environment and not in a(n)________ environment.

What term is used to describe the process of systematically examining the difference between what is expected and what occurs?

Firms that have low initial capitalization have an opportunity to grow faster.

High development costs, rapid expansion plans, and high inventory needs are all threats to ________.