Question 1

A product life cycle is continually:

Accepted Answer

A)  increasing 
B)  declining 
C)  increasing in a step ladder pattern 
D)  fluctuating 
A)  increasing 
B)  declining 
C)  increasing in a step ladder pattern 
D)  fluctuating

Question 2

If someone desires to be an entrepreneur, then innovation skills can be effectively learned.

Accepted Answer

A) True 
 B)False

Question 3

Before seeking patent protection, all of the following three criteria should be met: the product/service represents a breakthrough; the innovation will be valuable for at least ten years; and the patent search fee and application are affordable.

Accepted Answer

A) True 
 B)False

Question 4

To eliminate receiving questionable data, all of these pitfalls must be avoided except:

Accepted Answer

A)  Train and monitor survey recorders. 
B)  Make certain that the answers are accurate by maintaining an objective method of questioning. 
C)  Ensure that all of the participants are asked the same questions. 
D)  Eliminate telephone interviews. 
A)  Train and monitor survey recorders. 
B)  Make certain that the answers are accurate by maintaining an objective method of questioning. 
C)  Ensure that all of the participants are asked the same questions. 
D)  Eliminate telephone interviews.

Question 5

To eliminate receiving questionable data, you should train and monitor survey recorders and telephone interviews to ensure consistent results.

Accepted Answer

A) True 
 B)False

Question 6

The frameworks in which a sustainable, high-profit company is constructed are called business models.

Accepted Answer

A) True 
 B)False

Question 7

The first step for any entrepreneur is to generate an idea for a new business.

Accepted Answer

A) True 
 B)False

Question 8

All of the following are ways to build upon already existing material and still provide a profit-driven concept except:

Accepted Answer

A)  Market the product at a higher price. 
B)  Add value to an existing product or service. 
C)  Develop or redesign a new version of an existing product. 
D)  Develop ideas as an extension or redesign an existing service. 
A)  Market the product at a higher price. 
B)  Add value to an existing product or service. 
C)  Develop or redesign a new version of an existing product. 
D)  Develop ideas as an extension or redesign an existing service.

Question 9

Fortunately, it is becoming easier for a company to build around a single product idea without strong patent protection.

Accepted Answer

A) True 
 B)False

Question 10

An entrepreneur may need to have __ to __ years of living expenses saved before taking a serious plunge into the world of venture creation.

Accepted Answer

The answer of An entrepreneur may need to have __...

Question 11

Only about 10% of existing ___________ have actually been commercialized; the remainder are still potential opportunities.

Accepted Answer

The answer of Only about 10% of existing ___________ have...

Question 12

Many new companies are built around a disruptive or ____________ technology.

Accepted Answer

The answer of Many new companies are built around a...

Question 13

Some of the assessments included in preliminary screening of a venture include considering:

Accepted Answer

A)  Proprietary status 
B)  Daily operating procedures 
C)  Both a and b 
D)  Neither or b 
A)  Proprietary status 
B)  Daily operating procedures 
C)  Both a and b 
D)  Neither or b

Question 14

Frameworks for innovation include analogies; intersection of technology trends, solving points of pain; analyzing existing businesses; and preliminary screening.

Accepted Answer

A) True 
 B)False

Question 15

___________ funds are a very small part of total growth capital.

Accepted Answer

A)  Technology 
B)  Trade 
C)  Venture capital 
D)  International 
A)  Technology 
B)  Trade 
C)  Venture capital 
D)  International

Question 16

The following question would be helpful to identify the customer community:

Accepted Answer

A)  Are there regulatory issues related to operating this venture? 
B)  Who are your competitors? 
C)  Do you have the motivation to carry out this venture? 
D)  Who wants a solution the most? 
A)  Are there regulatory issues related to operating this venture? 
B)  Who are your competitors? 
C)  Do you have the motivation to carry out this venture? 
D)  Who wants a solution the most?

Question 17

Empathy is a helpful attribute when trying to understand what problems a potential customer may be experiencing when trying to accomplish specific tasks.

Accepted Answer

A) True 
 B)False

Question 18

Only about ________ percent of existing patents have actually been commercialized.

Accepted Answer

A)  20 
B)  10 
C)  2 
D)  32 
A)  20 
B)  10 
C)  2 
D)  32

A product life cycle is continually:

If someone desires to be an entrepreneur, then innovation skills can be effectively learned.

Before seeking patent protection, all of the following three criteria should be met: the product/service represents a breakthrough; the innovation will be valuable for at least ten years; and the patent search fee and application are affordable.

To eliminate receiving questionable data, all of these pitfalls must be avoided except:

To eliminate receiving questionable data, you should train and monitor survey recorders and telephone interviews to ensure consistent results.

The frameworks in which a sustainable, high-profit company is constructed are called business models.

The first step for any entrepreneur is to generate an idea for a new business.

All of the following are ways to build upon already existing material and still provide a profit-driven concept except:

Fortunately, it is becoming easier for a company to build around a single product idea without strong patent protection.

An entrepreneur may need to have to years of living expenses saved before taking a serious plunge into the world of venture creation.

Only about 10% of existing ___________ have actually been commercialized; the remainder are still potential opportunities.

Many new companies are built around a disruptive or ____________ technology.

Some of the assessments included in preliminary screening of a venture include considering:

Frameworks for innovation include analogies; intersection of technology trends, solving points of pain; analyzing existing businesses; and preliminary screening.

___________ funds are a very small part of total growth capital.

The following question would be helpful to identify the customer community:

Empathy is a helpful attribute when trying to understand what problems a potential customer may be experiencing when trying to accomplish specific tasks.

Only about ________ percent of existing patents have actually been commercialized.

Understanding the Entrepreneurial Process

Framing and Testing the Business Model

Engaging Customers, Analyzing Competitors, for Market Entry Strategy

Preparing the Investor Package

Setting up the Company

Protecting Intellectual Property

Launching and Financing Your Venture

Equity Financing for High Growth

Managing Start-Up Performance/money and People

Pitching the Venture to Investors

Planning Your Exit

Filters

Exam 2: Converting Ideas Into Opportunities

A product life cycle is continually:

If someone desires to be an entrepreneur, then innovation skills can be effectively learned.

Before seeking patent protection, all of the following three criteria should be met: the product/service represents a breakthrough; the innovation will be valuable for at least ten years; and the patent search fee and application are affordable.

To eliminate receiving questionable data, all of these pitfalls must be avoided except:

To eliminate receiving questionable data, you should train and monitor survey recorders and telephone interviews to ensure consistent results.

The frameworks in which a sustainable, high-profit company is constructed are called business models.

The first step for any entrepreneur is to generate an idea for a new business.

All of the following are ways to build upon already existing material and still provide a profit-driven concept except:

Fortunately, it is becoming easier for a company to build around a single product idea without strong patent protection.

An entrepreneur may need to have __ to __ years of living expenses saved before taking a serious plunge into the world of venture creation.

Only about 10% of existing ___________ have actually been commercialized; the remainder are still potential opportunities.

Many new companies are built around a disruptive or ____________ technology.

Some of the assessments included in preliminary screening of a venture include considering:

Frameworks for innovation include analogies; intersection of technology trends, solving points of pain; analyzing existing businesses; and preliminary screening.

___________ funds are a very small part of total growth capital.

The following question would be helpful to identify the customer community:

Empathy is a helpful attribute when trying to understand what problems a potential customer may be experiencing when trying to accomplish specific tasks.

Only about ________ percent of existing patents have actually been commercialized.

Understanding the Entrepreneurial Process

Framing and Testing the Business Model

Engaging Customers, Analyzing Competitors, for Market Entry Strategy

Preparing the Investor Package

Setting up the Company

Protecting Intellectual Property

Launching and Financing Your Venture

Equity Financing for High Growth

Managing Start-Up Performance/money and People

Pitching the Venture to Investors

Planning Your Exit

Filters

An entrepreneur may need to have to years of living expenses saved before taking a serious plunge into the world of venture creation.