Exam 2: Recognizing Opportunities and Generating Ideas

An idea bank is a physical or digital repository for storing ideas.

Macy is a very creative person. Often, when trying to generate a novel or useful idea, she spends several days "mulling over" the idea, which is her way of thinking it through, at both the conscious and unconscious level. The stage of the creative process that Macy is in while she is mulling over an idea is referred to as:

The What Went Wrong? feature in Chapter 1 focuses on Clearly Canadian, a company that introduced a line of fruit-flavored bottled water in the early 1990s. The main takeaway from the feature is that:

In 2000, 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:

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.

Clothing boutiques and specialty shops often start because there is a need for a particular product but large retailers like Wal-Mart and Costco can't sell enough of the item to stock it on their shelves. If a clothing boutique started to sell designer clothes or clothing for hard-to-fit people because the clothing wasn't being offered by a larger retailer, the best way to describe how that idea was recognized is:

A network entrepreneur is an individual who identifies his or her business idea:

Jessica Smith is thinking about starting a chain of fitness centers for young adults ages 18-30. Which of the following is not an appropriate criteria for Jessica to test her idea against?

The three ways to identify an opportunity include observing trends, solving a problem, and finding gaps in the marketplace.

According to the textbook, opportunities are:

The increasing number of social networks on the Internet is attributed to a jump in the number of people who are wanting to connect with one another online. The increasing number of social networks is an important:

If a new firm was launched to help public schools comply with The No Child Left Behind Act of 2002, that opportunity was created by:

Economic forces impact the opportunities available to entrepreneurs. Which of the following alternatives reflects a set of economic forces that would be of interest to entrepreneurs?

Which of the following is not one of the rules for a formal brainstorming session?

Brainstorming is used to generate a number of ideas quickly.

Economic factors, social factors, technological advances, and political action and regulatory changes are the most important trends to follow in trying to identify opportunities.

A(n) ________ is a favorable set of circumstances that creates a need for a new product, service, or business.

The five stages of the creative process include preparation, incubation, insight, evaluation, and elaboration.

An increased focus on health and wellness has resulted in a number of new business ideas including healthier foods and beverages, yoga instruction and training centers, and nutrition consulting. An increased focus on health and wellness is an important ________ that is creating opportunities in many areas for entrepreneurial firms.

SafetyWeb is a Web-based service that helps parents protect their children's online reputation, privacy, and safety. Which of the following approaches to identifying an opportunity was most likely the impetus for SafetyWeb?