Question 1

Finding solutions to problems and meeting customer needs are at the heart of opportunity recognition.

Accepted Answer

A) True 
 B)False

Question 2

Mila assumes that opportunities exist by making links between concepts or ideas that are not normally associated with each other.Mila believes in ______.

Accepted Answer

A) active search 
B) alertness 
C) analytical strategies 
D) relationship-seeking strategies 
A) active search 
B) alertness 
C) analytical strategies 
D) relationship-seeking strategies

Question 3

What are the three central characteristics of opportunity?

Accepted Answer

A) size of the market,level of disposable income of the customer,and access to manufacturing 
B) niche appeal,degree of innovation,and knowledge of market 
C) affordability,simplicity,and reliability 
D) potential economic value,novelty or newness,and perceived desirability 
A) size of the market,level of disposable income of the customer,and access to manufacturing 
B) niche appeal,degree of innovation,and knowledge of market 
C) affordability,simplicity,and reliability 
D) potential economic value,novelty or newness,and perceived desirability

Question 4

Research shows that entrepreneurs with prior knowledge of an industry or market are more likely to recognize opportunities than entrepreneurs who do not have such knowledge.

Accepted Answer

A) True 
 B)False

Question 5

Typically,entrepreneurs go through three processes before they are able to identify an opportunity for a new business venture: idea generation,creativity,and opportunity recognition.

Accepted Answer

A) True 
 B)False

Question 6

Chloe's process includes plans of action that involve enhancing and modifying existing ideas to create better alternatives and new possibilities.Her process is best described as ______.

Accepted Answer

A) challenging 
B) using development strategies 
C) expanding 
D) exposing 
A) challenging 
B) using development strategies 
C) expanding 
D) exposing

Question 7

Sofia is trying to solve a problem in her design for a new type of remote car locking system and she's stuck.To stimulate her creativity,she sits down and imagines that she herself is a car.What type of strategy is she employing?

Accepted Answer

A) development 
B) imagination-based 
C) relationship-seeking 
D) habit-breaking 
A) development 
B) imagination-based 
C) relationship-seeking 
D) habit-breaking

Question 8

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

Question 9

Maddox likes to use a variety of techniques to help shift his mind out of mental fixedness in order to bring about creative insights.Maddox uses which of the following?

Accepted Answer

A) the finding approach 
B) habit-breaking strategies 
C) imagination-based strategies 
D) interpersonal strategies 
A) the finding approach 
B) habit-breaking strategies 
C) imagination-based strategies 
D) interpersonal strategies

Question 10

Bentley has repeatedly identified new opportunities within his own everyday work practices and social life.Which of the following terms applies to Bentley?

Accepted Answer

A) active search 
B) alertness 
C) analytical strategies 
D) building approach 
A) active search 
B) alertness 
C) analytical strategies 
D) building approach

Question 11

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 12

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 13

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 14

Effectuating opportunities is focused on creating opportunities.

Accepted Answer

A) True 
 B)False

Question 15

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 16

List the seven main strategies for idea generation and give an example of each.

Accepted Answer

Researchers have defined many formal met

Question 17

Which pathway to opportunity identification is the least complicated (and probably the most common)?

Accepted Answer

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

Question 18

Define alertness and describe how you would apply this to opportunities in your entrepreneurship.

Accepted Answer

Alertness is the ability to identify opp

Question 19

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 20

Asking yourself "What would Napoleon do?" in order to perceive what he would do in a situation is a technique most closely related to which of the following strategies?

Accepted Answer

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

Finding solutions to problems and meeting customer needs are at the heart of opportunity recognition.

Mila assumes that opportunities exist by making links between concepts or ideas that are not normally associated with each other.Mila believes in ______.

What are the three central characteristics of opportunity?

Research shows that entrepreneurs with prior knowledge of an industry or market are more likely to recognize opportunities than entrepreneurs who do not have such knowledge.

Typically,entrepreneurs go through three processes before they are able to identify an opportunity for a new business venture: idea generation,creativity,and opportunity recognition.

Chloe's process includes plans of action that involve enhancing and modifying existing ideas to create better alternatives and new possibilities.Her process is best described as ______.

Sofia is trying to solve a problem in her design for a new type of remote car locking system and she's stuck.To stimulate her creativity,she sits down and imagines that she herself is a car.What type of strategy is she employing?

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

Maddox likes to use a variety of techniques to help shift his mind out of mental fixedness in order to bring about creative insights.Maddox uses which of the following?

Bentley has repeatedly identified new opportunities within his own everyday work practices and social life.Which of the following terms applies to Bentley?

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.

Opportunity is defined as ______.

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

Effectuating opportunities is focused on creating opportunities.

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

List the seven main strategies for idea generation and give an example of each.

Which pathway to opportunity identification is the least complicated (and probably the most common)?

Define alertness and describe how you would apply this to opportunities in your entrepreneurship.

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?

Asking yourself "What would Napoleon do?" in order to perceive what he would do in a situation is a technique most closely related to which of the following strategies?

Practicing Entrepreneurship

Activating an Entrepreneurial Mindset

Using Design Thinking

Building Business Models

Developing Your Customers

Testing and Experimenting With New Ideas

Supplement A: Financial Statements and Projections for Startups

Developing Networks and Building Teams

Supplement B: the Pitch Deck

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

Filters

Exam 3: Creating and Recognizing New Opportunities

Finding solutions to problems and meeting customer needs are at the heart of opportunity recognition.

Mila assumes that opportunities exist by making links between concepts or ideas that are not normally associated with each other.Mila believes in ______.

What are the three central characteristics of opportunity?

Research shows that entrepreneurs with prior knowledge of an industry or market are more likely to recognize opportunities than entrepreneurs who do not have such knowledge.

Typically,entrepreneurs go through three processes before they are able to identify an opportunity for a new business venture: idea generation,creativity,and opportunity recognition.

Chloe's process includes plans of action that involve enhancing and modifying existing ideas to create better alternatives and new possibilities.Her process is best described as ______.

Sofia is trying to solve a problem in her design for a new type of remote car locking system and she's stuck.To stimulate her creativity,she sits down and imagines that she herself is a car.What type of strategy is she employing?

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

Maddox likes to use a variety of techniques to help shift his mind out of mental fixedness in order to bring about creative insights.Maddox uses which of the following?

Bentley has repeatedly identified new opportunities within his own everyday work practices and social life.Which of the following terms applies to Bentley?

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.

Opportunity is defined as ______.

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

Effectuating opportunities is focused on creating opportunities.

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

List the seven main strategies for idea generation and give an example of each.

Which pathway to opportunity identification is the least complicated (and probably the most common)?

Define alertness and describe how you would apply this to opportunities in your entrepreneurship.

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?

Asking yourself "What would Napoleon do?" in order to perceive what he would do in a situation is a technique most closely related to which of the following strategies?

Practicing Entrepreneurship

Activating an Entrepreneurial Mindset

Using Design Thinking

Building Business Models

Developing Your Customers

Testing and Experimenting With New Ideas

Supplement A: Financial Statements and Projections for Startups

Developing Networks and Building Teams

Supplement B: the Pitch Deck

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

Filters