Question 1

Entrepreneurs must quickly react to any business opportunities they identify to maximize their gains.

Accepted Answer

A) True 
 B)False

Question 2

In the context of identifying new business opportunities, which of the following is the definition of brainstorming?

Accepted Answer

A) A creative process whereby an individual is asked to develop ideas based on gaps in a market identified by venture capitalists 
B) A simple process of systematically examining the difference between what is expected in a business and what actually occurs during its operation 
C) A creative process whereby a group of individuals are brought together and asked to generate numerous ideas, with little or no effort made to evaluate the potential for each idea 
D) A rational process by which a group of an entrepreneur's peers evaluates his or her business ideas based on several parameters, such as financial risk and capability gaps 
A) A creative process whereby an individual is asked to develop ideas based on gaps in a market identified by venture capitalists 
B) A simple process of systematically examining the difference between what is expected in a business and what actually occurs during its operation 
C) A creative process whereby a group of individuals are brought together and asked to generate numerous ideas, with little or no effort made to evaluate the potential for each idea 
D) A rational process by which a group of an entrepreneur's peers evaluates his or her business ideas based on several parameters, such as financial risk and capability gaps

Question 3

A good way to generate new business ideas is to think about the things that frustrate you or cause you problems and then identify solutions.

Accepted Answer

A) True 
 B)False

Question 4

When brainstorming, the true potential for each idea is often fully evaluated before the process moves onto generating the next one.

Accepted Answer

A) True 
 B)False

Question 5

List and describe the three threats to business success.

Accepted Answer

Threats to profit ma

Question 6

Brainstorming is a creative process in which a group of individuals are brought together and asked to generate ideas related to a specific topic or problem.

Accepted Answer

A) True 
 B)False

Question 7

Mark brings his friends together to generate ideas on his new business.Mark identifies his skills and then asks his friends to generate a list of business ideas that he might start.This is called ________.

Accepted Answer

A) business meeting 
B) gap analysis 
C) brainstorming 
D) focus group 
A) business meeting 
B) gap analysis 
C) brainstorming 
D) focus group

Question 8

Assume you have a hobby that you are passionate about.List and describe other kinds of skills that are needed to turn your hobby into a successful business.

Accepted Answer

Education and work experience

Question 9

The process of generating new business ideas is something that occurs automatically.

Accepted Answer

A) True 
 B)False

Question 10

A rule of thumb in the founding of businesses has always been that an owner whose business is both a vocation and an avocation is difficult to beat.

Accepted Answer

A) True 
 B)False

Question 11

The last column of a gap analysis is used to list the categories that are used to analyze each idea.

Accepted Answer

A) True 
 B)False

Question 12

In the context of generating new business ideas, which of the following is an example of brainstorming?

Accepted Answer

A) A family gathers after dinner to discuss the various small industries they can set up on their family land. 
B) A family gets together over a meal to discuss the possibility of selling the family business to a larger player in the industry. 
C) An entrepreneur brings his friends to a bar to celebrate the success of the first year of his business. 
D) An author approaches a publisher with a list of ideas for a book he or she intends to write. 
A) A family gathers after dinner to discuss the various small industries they can set up on their family land. 
B) A family gets together over a meal to discuss the possibility of selling the family business to a larger player in the industry. 
C) An entrepreneur brings his friends to a bar to celebrate the success of the first year of his business. 
D) An author approaches a publisher with a list of ideas for a book he or she intends to write.

Question 13

Identify a true statement about the process of generating business ideas.

Accepted Answer

A) Potential business owners must now become personally involved in their new ventures, and they should look at it as a purely financial endeavor. 
B) Individuals should quickly exploit opportunities they identify before competitors can identify the same gaps. 
C) Entrepreneurs should limit themselves to generating business ideas based on their education and work experience. 
D) After analysis, the opportunity identified might be very different from the business idea initially conceived. 
A) Potential business owners must now become personally involved in their new ventures, and they should look at it as a purely financial endeavor. 
B) Individuals should quickly exploit opportunities they identify before competitors can identify the same gaps. 
C) Entrepreneurs should limit themselves to generating business ideas based on their education and work experience. 
D) After analysis, the opportunity identified might be very different from the business idea initially conceived.

Question 14

The threats to sales generation schemes refer to an organization not being able to generate sufficient sales required to make it profitable.

Accepted Answer

A) True 
 B)False

Question 15

A person who is passionate about a hobby might be able to turn that hobby into a successful business.

Accepted Answer

A) True 
 B)False

Question 16

A person's past work experience is a source of skills and ideas for new businesses.

Accepted Answer

A) True 
 B)False

Question 17

Successful new business ideas can come from

Accepted Answer

A) books and magazines. 
B) an individual's background. 
C) hobbies. 
D) all of these. 
A) books and magazines. 
B) an individual's background. 
C) hobbies. 
D) all of these.

Question 18

Miriam starts a new boutique that specializes in fashionable clothing made from environmentally friendly materials.She prices her products competitively to attract customers.However, she discovers that the revenue earned from each piece of clothing the boutique sells barely makes back its labor and material costs.In this scenario, the threat to business success experienced by Miriam's boutique is

Accepted Answer

A) threat to profit margin. 
B) threat from competitors. 
C) threat to sales generation schemes. 
D) threat to operational financing. 
A) threat to profit margin. 
B) threat from competitors. 
C) threat to sales generation schemes. 
D) threat to operational financing.

Question 19

The second column in a gap analysis is devoted to listing the market need.

Accepted Answer

A) True 
 B)False

Question 20

The process of determining if you have the resources necessary to take advantage of a business opportunity is called ________.

Accepted Answer

The answer of The process of determining if you have...

Entrepreneurs must quickly react to any business opportunities they identify to maximize their gains.

In the context of identifying new business opportunities, which of the following is the definition of brainstorming?

A good way to generate new business ideas is to think about the things that frustrate you or cause you problems and then identify solutions.

When brainstorming, the true potential for each idea is often fully evaluated before the process moves onto generating the next one.

List and describe the three threats to business success.

Brainstorming is a creative process in which a group of individuals are brought together and asked to generate ideas related to a specific topic or problem.

Mark brings his friends together to generate ideas on his new business.Mark identifies his skills and then asks his friends to generate a list of business ideas that he might start.This is called ________.

Assume you have a hobby that you are passionate about.List and describe other kinds of skills that are needed to turn your hobby into a successful business.

The process of generating new business ideas is something that occurs automatically.

A rule of thumb in the founding of businesses has always been that an owner whose business is both a vocation and an avocation is difficult to beat.

The last column of a gap analysis is used to list the categories that are used to analyze each idea.

In the context of generating new business ideas, which of the following is an example of brainstorming?

Identify a true statement about the process of generating business ideas.

The threats to sales generation schemes refer to an organization not being able to generate sufficient sales required to make it profitable.

A person who is passionate about a hobby might be able to turn that hobby into a successful business.

A person's past work experience is a source of skills and ideas for new businesses.

Successful new business ideas can come from

The second column in a gap analysis is devoted to listing the market need.

The process of determining if you have the resources necessary to take advantage of a business opportunity is called ________.

The Twenty-First-Century Entrepreneur

Individual Leadership and Entrepreneurial Start-Ups

External Analysis

Business Mission and Strategy

Analyzing Cash Flow and Other Financial Information

Financing and Accounting

Business Financial Analysis

Legal Issues With a New Business

Human Resource Management

Marketing

Establishing Operations

Exit-Harvest-Turnaround

Franchising and Purchasing an Existing Business

Filters

Exam 3: Business Idea Generation and Initial Evaluation

Entrepreneurs must quickly react to any business opportunities they identify to maximize their gains.

In the context of identifying new business opportunities, which of the following is the definition of brainstorming?

A good way to generate new business ideas is to think about the things that frustrate you or cause you problems and then identify solutions.

When brainstorming, the true potential for each idea is often fully evaluated before the process moves onto generating the next one.

List and describe the three threats to business success.

Brainstorming is a creative process in which a group of individuals are brought together and asked to generate ideas related to a specific topic or problem.

Mark brings his friends together to generate ideas on his new business.Mark identifies his skills and then asks his friends to generate a list of business ideas that he might start.This is called ________.

Assume you have a hobby that you are passionate about.List and describe other kinds of skills that are needed to turn your hobby into a successful business.

The process of generating new business ideas is something that occurs automatically.

A rule of thumb in the founding of businesses has always been that an owner whose business is both a vocation and an avocation is difficult to beat.

The last column of a gap analysis is used to list the categories that are used to analyze each idea.

In the context of generating new business ideas, which of the following is an example of brainstorming?

Identify a true statement about the process of generating business ideas.

The threats to sales generation schemes refer to an organization not being able to generate sufficient sales required to make it profitable.

A person who is passionate about a hobby might be able to turn that hobby into a successful business.

A person's past work experience is a source of skills and ideas for new businesses.

Successful new business ideas can come from

The second column in a gap analysis is devoted to listing the market need.

The process of determining if you have the resources necessary to take advantage of a business opportunity is called ________.

The Twenty-First-Century Entrepreneur

Individual Leadership and Entrepreneurial Start-Ups

External Analysis

Business Mission and Strategy

Analyzing Cash Flow and Other Financial Information

Financing and Accounting

Business Financial Analysis

Legal Issues With a New Business

Human Resource Management

Marketing

Establishing Operations

Exit-Harvest-Turnaround

Franchising and Purchasing an Existing Business

Filters