Exam 3: Generating and Exploring New Entries

As described in the text, the first phase of the entrepreneurial process is __________.

The purpose of calculating the potential return on investment in the income statement approach to opportunity assessment is to __________.

The product planning and development process: This last step in the evaluation process, the test marketing stage, provides "theoretical"sales results, which indicate the acceptance level of consumers.

As discussed in the text, with regards to identification of opportunities, successful entrepreneurs__________.

To an entrepreneur, the difference between a good idea and a true opportunity is often determined by research.

The market analysis approach is used to assess ideas that will

Although formal mechanisms are generally found within more established companies, most entrepreneurs use informal sources for their ideas, such as being sensitive to the complaints and chance comments of friends and associates.

Describe the characteristics necessary to develop a climate for intrapreneurship within an organization.

The difference between the income statement approach and the market analysis approach to opportunity assessment is that the income statement approach does not consider market size when forecasting sales revenue.

As defined in the text, the time period available for creating the new venture is known as__________.

To be successful, the entrepreneurial process should __________.

In order to gain the financing needed to create a venture, entrepreneurs must often give up:

To an entrepreneur, an opportunity assessment plan is simply another term for a business plan.

A qualitative opportunity assessment would include which of the following measures?

The purpose of determining the market potential in the income statement approach to opportunity assessment is to __________.

Ultimately, when assessing an opportunity, entrepreneurs should use __________ to help them differentiate between a good idea and a true opportunity.

Describe the four distinct phases of the entrepreneurial process, as discussed in the text.

The entrepreneurial process described in the text has only two stages: identifying an entrepreneurial opportunity, and then creating the new business venture to capitalize on it.

The product planning and development process: the refined product idea is tested to determine consumer acceptance

In the Opening Profile for Chapter 3, Chris Griffiths of Garrison Guitars was faced with which of thefollowing problem(s) early in his company's history?