Exam 3: Positioning Yourself As an Entrepreneur

Briefly define the acronym SWOT and explain the purpose of the use of this technique.

An area of the market where needs are not being met is called a ____________ ___________.

Idea filters, such as heavy competition, low profit potential, and uncertain demand, are part of the opportunity selection funnel.

Define the term mission statement and give an example of one. Note to Instructor: You may want to encourage students to formulate a mission statement for their own businesses-preferably in 25 words or less.

Which of the following is Step 5 of the opportunity selection process?

According to the text, what number of market gaps should you identify?

According to Statistics Canada's Survey of Electronic Commerce and Technology, what approximate percentage of private sector firms used Internet-based systems in 2007?

The first step of the opportunity selection process is to identify your business __________.

According to Michael Porter, what are the four key elements of a competitive strategy?

The Business Model Canvas has nine basic building blocks.

According to business experts, a major part of formulating a business strategy is the analysis of strengths and weaknesses.

"A deep-rooted love of books and technology" is an example of a business mission.

David Chilton had extensive experience in the book business. This factor would be considered an internal strength in a SWOT analysis for any of his businesses.

According to the author, you should keep your personal values separate from your business mission and strategy.

To help sift ideas and find opportunities, you can use a __________ ___________.

Describe the purpose of a matrix grid.

The term SWOT refers to an analysis of external strengths and weaknesses and internal threats and opportunities.

Which of the following would you use if you wanted to screen ideas in order to find solutions?

The matrix grid is a structured way of arriving at opportunities.

What is represented by the statement "To sell environmentally friendly cleaning products to convenience stores in our city in order to reduce our growing dependence on chemicals"?