Question 1

If a new firm was launched to help businesses comply with The Affordable Care 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 
A)  changes in economic forces 
B)  demographic changes 
C)  changes in social forces 
D)  changes in technological forces 
E)  political actions and regulatory changes

Question 2

Weak-tie relationships are characterized by infrequent interaction and ties between casual acquaintances.

Accepted Answer

A) True 
 B)False

Question 3

Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as ________ -tie relationships.

Accepted Answer

A)  strong 
B)  moderate 
C)  lateral 
D)  weak 
E)  multiple 
A)  strong 
B)  moderate 
C)  lateral 
D)  weak 
E)  multiple

Question 4

Evaluation is the stage of the creative process during which the idea is put into its final form.

Accepted Answer

A) True 
 B)False

Question 5

Tish Cirovolo realized that there were no guitars on the market made specifically for women. As a result, she started Daisy Rock Guitars, a company that makes guitars just for women. Daisy Rock Guitars are stylish and come in feminine colors, and incorporate design features that accommodate a woman's smaller hand and build. The best way to describe how Cirovolo's business idea was recognized is ________.

Accepted Answer

A)  brainstorming 
B)  talking to consumers 
C)  reading industry reports 
D)  observing trends 
E)  finding a gap in the marketplace 
A)  brainstorming 
B)  talking to consumers 
C)  reading industry reports 
D)  observing trends 
E)  finding a gap in the marketplace

Question 6

Describe how library and Internet research can be used to generate new business ideas.

Accepted Answer

Library and Internet research are import

Question 7

A solo entrepreneur is an individual who identified his or her business idea ________. A network entrepreneur is an individual who identified his or her business idea ________.

Accepted Answer

A)  through social contacts; on their own 
B)  through a business incubator program; through social contacts 
C)  on their own; through social contacts 
D)  through the assistance of a paid consultant; through social contacts 
E)  with one or more partners; on their own 
A)  through social contacts; on their own 
B)  through a business incubator program; through social contacts 
C)  on their own; through social contacts 
D)  through the assistance of a paid consultant; through social contacts 
E)  with one or more partners; on their own

Question 8

A common way that gaps in the marketplace are recognized is ________.

Accepted Answer

A)  by observing changing environmental trends 
B)  by recognizing problems that need to be solved 
C)  via studying industry reports 
D)  when people become frustrated because they can't find a product or service that they need and recognize that other people feel the same way 
E)  via combined focus groups and brainstorming sessions 
A)  by observing changing environmental trends 
B)  by recognizing problems that need to be solved 
C)  via studying industry reports 
D)  when people become frustrated because they can't find a product or service that they need and recognize that other people feel the same way 
E)  via combined focus groups and brainstorming sessions

Question 9

Focus groups typically involve a group of people who are unfamiliar with a topic and are brought together to respond to questions.

Accepted Answer

A) True 
 B)False

Question 10

Hulu.com allows people to watch television shows and movies on the Internet. Hulu.com's business opportunity was made possible by ________ that enhanced the ability of television shows and movies to be uploaded to the Internet and played by anyone with a suitable computer and an Internet connection.

Accepted Answer

A)  social forces 
B)  technological advances 
C)  legal changes 
D)  regulatory changes 
E)  economic forces 
A)  social forces 
B)  technological advances 
C)  legal changes 
D)  regulatory changes 
E)  economic forces

Question 11

Brainstorming sessions are designed to move slowly, so ideas can be presented and evaluated.

Accepted Answer

A) True 
 B)False

Question 12

Kelly Pryor, who has launched several successful entrepreneurial firms, seems to have a "sixth sense" that allows him to see opportunities that others miss. Kelly's ability is referred to as _________.

Accepted Answer

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

Question 13

Which of the following is correct regarding opportunities and ideas?

Accepted Answer

A)  An opportunity and an idea are essentially the same thing. 
B)  An idea almost always meets the criteria of an opportunity. 
C)  An opportunity is a thought, an impression, or a notion. 
D)  An idea is a favorable set of circumstances that creates a need for a new product, service, or business. 
E)  It's important to discern whether a particular idea meets the criteria for an opportunity. 
A)  An opportunity and an idea are essentially the same thing. 
B)  An idea almost always meets the criteria of an opportunity. 
C)  An opportunity is a thought, an impression, or a notion. 
D)  An idea is a favorable set of circumstances that creates a need for a new product, service, or business. 
E)  It's important to discern whether a particular idea meets the criteria for an opportunity.

Question 14

An example of a valuable library resource is IBISWorld, which is a(n) ________.

Accepted Answer

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

Question 15

Which of the following statements is incorrect regarding the personal characteristics of entrepreneurs?

Accepted Answer

A)  Some people think that entrepreneurs have a "sixth sense" that allows them to see opportunities that others miss. 
B)  The extent and depth of an individual's social network affects opportunity recognition. 
C)  Several studies show that prior experience in an industry actually blinds an entrepreneur to the recognition of new opportunities in the same industry. 
D)  Creativity is the process of generating novel or useful ideas. 
E)  The corridor principle states that once an entrepreneur starts a firm, he or she begins a journey down a path where "corridors" leading to new venture opportunities become apparent. 
A)  Some people think that entrepreneurs have a "sixth sense" that allows them to see opportunities that others miss. 
B)  The extent and depth of an individual's social network affects opportunity recognition. 
C)  Several studies show that prior experience in an industry actually blinds an entrepreneur to the recognition of new opportunities in the same industry. 
D)  Creativity is the process of generating novel or useful ideas. 
E)  The corridor principle states that once an entrepreneur starts a firm, he or she begins a journey down a path where "corridors" leading to new venture opportunities become apparent.

Question 16

Brainstorming is used to generate a number of ideas quickly.

Accepted Answer

A) True 
 B)False

Question 17

Some companies set up ________ that meet regularly to discuss needs, wants, and problems that may lead to new ideas.

Accepted Answer

A)  staff committees 
B)  customer advisory boards 
C)  managerial committees 
D)  supervisory committees 
E)  supplier advisory boards 
A)  staff committees 
B)  customer advisory boards 
C)  managerial committees 
D)  supervisory committees 
E)  supplier advisory boards

Question 18

Casey Griggs is a very capable computer engineer. Recently, he noticed a problem that computer engineers have, and thought of a solution to the problem that might represent an opportunity for a new software product. Casey's idea for a new software product is an example of a(n) ________ discovery.

Accepted Answer

A)  chance 
B)  serendipitous 
C)  traditional 
D)  conventional 
E)  opportune 
A)  chance 
B)  serendipitous 
C)  traditional 
D)  conventional 
E)  opportune

Question 19

Opportunity recognition may be an innate skill or cognitive process.

Accepted Answer

A) True 
 B)False

Question 20

________ is the process of generating a novel or useful idea.

Accepted Answer

A)  Innovation 
B)  Imagining 
C)  Creativity 
D)  Visualization 
E)  Envisioning 
A)  Innovation 
B)  Imagining 
C)  Creativity 
D)  Visualization 
E)  Envisioning

If a new firm was launched to help businesses comply with The Affordable Care Act, that opportunity was created by ________.

Weak-tie relationships are characterized by infrequent interaction and ties between casual acquaintances.

Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as ________ -tie relationships.

Evaluation is the stage of the creative process during which the idea is put into its final form.

Describe how library and Internet research can be used to generate new business ideas.

A solo entrepreneur is an individual who identified his or her business idea . A network entrepreneur is an individual who identified his or her business idea .

A common way that gaps in the marketplace are recognized is ________.

Focus groups typically involve a group of people who are unfamiliar with a topic and are brought together to respond to questions.

Hulu.com allows people to watch television shows and movies on the Internet. Hulu.com's business opportunity was made possible by ________ that enhanced the ability of television shows and movies to be uploaded to the Internet and played by anyone with a suitable computer and an Internet connection.

Brainstorming sessions are designed to move slowly, so ideas can be presented and evaluated.

Kelly Pryor, who has launched several successful entrepreneurial firms, seems to have a "sixth sense" that allows him to see opportunities that others miss. Kelly's ability is referred to as _________.

Which of the following is correct regarding opportunities and ideas?

An example of a valuable library resource is IBISWorld, which is a(n) ________.

Which of the following statements is incorrect regarding the personal characteristics of entrepreneurs?

Brainstorming is used to generate a number of ideas quickly.

Some companies set up ________ that meet regularly to discuss needs, wants, and problems that may lead to new ideas.

Casey Griggs is a very capable computer engineer. Recently, he noticed a problem that computer engineers have, and thought of a solution to the problem that might represent an opportunity for a new software product. Casey's idea for a new software product is an example of a(n) ________ discovery.

Opportunity recognition may be an innate skill or cognitive process.

________ is the process of generating a novel or useful idea.

Introduction to Entrepreneurship

Feasibility Analysis

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

Exam 2: Recognizing Opportunities and Generating Ideas

If a new firm was launched to help businesses comply with The Affordable Care Act, that opportunity was created by ________.

Weak-tie relationships are characterized by infrequent interaction and ties between casual acquaintances.

Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as ________ -tie relationships.

Evaluation is the stage of the creative process during which the idea is put into its final form.

Describe how library and Internet research can be used to generate new business ideas.

A solo entrepreneur is an individual who identified his or her business idea ________. A network entrepreneur is an individual who identified his or her business idea ________.

A common way that gaps in the marketplace are recognized is ________.

Focus groups typically involve a group of people who are unfamiliar with a topic and are brought together to respond to questions.

Brainstorming sessions are designed to move slowly, so ideas can be presented and evaluated.

Kelly Pryor, who has launched several successful entrepreneurial firms, seems to have a "sixth sense" that allows him to see opportunities that others miss. Kelly's ability is referred to as _________.

Which of the following is correct regarding opportunities and ideas?

An example of a valuable library resource is IBISWorld, which is a(n) ________.

Which of the following statements is incorrect regarding the personal characteristics of entrepreneurs?

Brainstorming is used to generate a number of ideas quickly.

Some companies set up ________ that meet regularly to discuss needs, wants, and problems that may lead to new ideas.

Casey Griggs is a very capable computer engineer. Recently, he noticed a problem that computer engineers have, and thought of a solution to the problem that might represent an opportunity for a new software product. Casey's idea for a new software product is an example of a(n) ________ discovery.

Opportunity recognition may be an innate skill or cognitive process.

________ is the process of generating a novel or useful idea.

Introduction to Entrepreneurship

Feasibility Analysis

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

A solo entrepreneur is an individual who identified his or her business idea . A network entrepreneur is an individual who identified his or her business idea .