Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Describe the difference between strong-tie and weak-tie relationships. Is it more likely that an entrepreneur will get new ideas through strong-tie or weak-tie relationships?

Accepted Answer

Strong-tie relationships are characteriz

Question 3

To make sure that its customers are satisfied and to probe for new product ideas, Intuit routinely sends employees to the facilities of their customers. This technique for generating new business ideas is called:

Accepted Answer

A)  brainstorming 
B)  day-in-the-life research 
C)  focus group 
D)  survey 
E)  customer advisory board 
A)  brainstorming 
B)  day-in-the-life research 
C)  focus group 
D)  survey 
E)  customer advisory board

Question 4

Which of the following is not an example of a social force?

Accepted Answer

A)  changes in interest rates 
B)  emphasis on clean forms of energy including wind, solar, biofuels, and others 
C)  aging of baby boomers 
D)  increased diversity of the workforce 
E)  increasing number of people going back to school and/or retraining for new jobs 
A)  changes in interest rates 
B)  emphasis on clean forms of energy including wind, solar, biofuels, and others 
C)  aging of baby boomers 
D)  increased diversity of the workforce 
E)  increasing number of people going back to school and/or retraining for new jobs

Question 5

In the five-stage creative process, the flash of recognition, or what is sometimes referred to as the "eureka" experience, occurs in the:

Accepted Answer

A)  insight stage 
B)  preparation stage 
C)  incubation stage 
D)  elaboration stage 
E)  evaluation stage 
A)  insight stage 
B)  preparation stage 
C)  incubation stage 
D)  elaboration stage 
E)  evaluation stage

Question 6

According to the textbook, the best approach to utilizing a library for entrepreneurship-related research is to:

Accepted Answer

A)  discuss your general area of interest with a reference librarian 
B)  focus your efforts on studying newspapers and periodicals 
C)  focus your efforts on browsing through industry-related materials 
D)  discuss your general area of interest with other library patrons 
E)  focus your efforts on academic journals 
A)  discuss your general area of interest with a reference librarian 
B)  focus your efforts on studying newspapers and periodicals 
C)  focus your efforts on browsing through industry-related materials 
D)  discuss your general area of interest with other library patrons 
E)  focus your efforts on academic journals

Question 7

Frank Patterson started a firm in 2011 that creates and manufactures accessories for Apple iPhones. He started with four accessories, and after several months added three new accessories that have been very successful. The fact that Frank recognized the opportunity for the three new accessories only after he started his firm and become immersed in the iPhone accessory industry is an example of the ________ at work.

Accepted Answer

A)  opportunity tenet 
B)  opportunity rule 
C)  chance rule 
D)  access principle 
E)  corridor principle 
A)  opportunity tenet 
B)  opportunity rule 
C)  chance rule 
D)  access principle 
E)  corridor principle

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

Most of Jacob's ideas come from interacting with coworkers, friends, his spouse, his parents, and other people that share the same beliefs that he does. Jacob is getting most of his ideas through:

Accepted Answer

A)  weak-tie relationships 
B)  horizontal-tie relationships 
C)  strong-tie relationships 
D)  multiple-tie relationships 
E)  vertical-tie relationships 
A)  weak-tie relationships 
B)  horizontal-tie relationships 
C)  strong-tie relationships 
D)  multiple-tie relationships 
E)  vertical-tie relationships

Question 10

Which of the following is an example of how to encourage creativity at the organizational level?

Accepted Answer

A)  Maintain a "stiff" organizational culture with no room for different behaviors. 
B)  Elevate creativity's importance throughout the organization. 
C)  Pigeonhole employees; keep them in the same job for years. 
D)  Make no attempt to hire creative people. 
E)  Promote a mentality suggesting that the best solutions to all problems have already been found. 
A)  Maintain a "stiff" organizational culture with no room for different behaviors. 
B)  Elevate creativity's importance throughout the organization. 
C)  Pigeonhole employees; keep them in the same job for years. 
D)  Make no attempt to hire creative people. 
E)  Promote a mentality suggesting that the best solutions to all problems have already been found.

Question 11

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 12

The term "window of opportunity" is a metaphor describing the time period in which a firm can realistically raise money.

Accepted Answer

A) True 
 B)False

Question 13

The Savvy Entrepreneurial Firm feature in Chapter 2 focuses on Xhale and Vestagen, two entrepreneurial startups. While each firm is different and is successful in its own right, the main point of the feature is to illustrate that:

Accepted Answer

A)  entrepreneurial startups can solve the same problem in different ways 
B)  entrepreneurial firms are often started by everyday people solving everyday problems 
C)  one of the most important points to consider before launching a business is to determine if its window of opportunity is open 
D)  finding gaps in the marketplace is an effective way of identifying business opportunities 
E)  both economic and social forces impact the opportunities available to entrepreneurs 
A)  entrepreneurial startups can solve the same problem in different ways 
B)  entrepreneurial firms are often started by everyday people solving everyday problems 
C)  one of the most important points to consider before launching a business is to determine if its window of opportunity is open 
D)  finding gaps in the marketplace is an effective way of identifying business opportunities 
E)  both economic and social forces impact the opportunities available to entrepreneurs

Question 14

Creativity and innovation are almost identical concepts.

Accepted Answer

A) True 
 B)False

Question 15

________ are characterized by frequent interactions that form between coworkers, friends, and spouses.

Accepted Answer

A)  Balanced relationships 
B)  Weak-tie relationships 
C)  Lateral-tie relationships 
D)  Moderate-tie relationships 
E)  Strong-tie relationships 
A)  Balanced relationships 
B)  Weak-tie relationships 
C)  Lateral-tie relationships 
D)  Moderate-tie relationships 
E)  Strong-tie relationships

Question 16

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

Accepted Answer

A)  scheme, notion 
B)  opportunity, idea 
C)  idea, design 
D)  idea, opportunity 
E)  notion, scheme 
A)  scheme, notion 
B)  opportunity, idea 
C)  idea, design 
D)  idea, opportunity 
E)  notion, scheme

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

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 19

The term "window of opportunity," as discussed in Chapter 2, is a metaphor that describes the time period in which a firm can:

Accepted Answer

A)  obtain funding or financing 
B)  hire new employees 
C)  complete a financial analysis 
D)  realistically enter a new market 
E)  write a business plan 
A)  obtain funding or financing 
B)  hire new employees 
C)  complete a financial analysis 
D)  realistically enter a new market 
E)  write a business plan

Question 20

An idea is a favorable set of circumstances that creates a need for a new product, service, or business.

Accepted Answer

A) True 
 B)False

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

Describe the difference between strong-tie and weak-tie relationships. Is it more likely that an entrepreneur will get new ideas through strong-tie or weak-tie relationships?

To make sure that its customers are satisfied and to probe for new product ideas, Intuit routinely sends employees to the facilities of their customers. This technique for generating new business ideas is called:

Which of the following is not an example of a social force?

In the five-stage creative process, the flash of recognition, or what is sometimes referred to as the "eureka" experience, occurs in the:

According to the textbook, the best approach to utilizing a library for entrepreneurship-related research is to:

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

Most of Jacob's ideas come from interacting with coworkers, friends, his spouse, his parents, and other people that share the same beliefs that he does. Jacob is getting most of his ideas through:

Which of the following is an example of how to encourage creativity at the organizational level?

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:

The term "window of opportunity" is a metaphor describing the time period in which a firm can realistically raise money.

The Savvy Entrepreneurial Firm feature in Chapter 2 focuses on Xhale and Vestagen, two entrepreneurial startups. While each firm is different and is successful in its own right, the main point of the feature is to illustrate that:

Creativity and innovation are almost identical concepts.

________ are characterized by frequent interactions that form between coworkers, friends, and spouses.

A(n) is a favorable set of circumstances that creates the need for a new product, service, or business. A(n) is a thought, an impression or a notion.

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

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

The term "window of opportunity," as discussed in Chapter 2, is a metaphor that describes the time period in which a firm can:

An idea is a favorable set of circumstances that creates a need for a new product, service, or business.

Introduction to Entrepreneurship

Feasibility Analysis

Writing a Business Plan

Industry and Competitor Analysis

Developing an Effective Business Model

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

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

Describe the difference between strong-tie and weak-tie relationships. Is it more likely that an entrepreneur will get new ideas through strong-tie or weak-tie relationships?

To make sure that its customers are satisfied and to probe for new product ideas, Intuit routinely sends employees to the facilities of their customers. This technique for generating new business ideas is called:

Which of the following is not an example of a social force?

In the five-stage creative process, the flash of recognition, or what is sometimes referred to as the "eureka" experience, occurs in the:

According to the textbook, the best approach to utilizing a library for entrepreneurship-related research is to:

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

Most of Jacob's ideas come from interacting with coworkers, friends, his spouse, his parents, and other people that share the same beliefs that he does. Jacob is getting most of his ideas through:

Which of the following is an example of how to encourage creativity at the organizational level?

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:

The term "window of opportunity" is a metaphor describing the time period in which a firm can realistically raise money.

The Savvy Entrepreneurial Firm feature in Chapter 2 focuses on Xhale and Vestagen, two entrepreneurial startups. While each firm is different and is successful in its own right, the main point of the feature is to illustrate that:

Creativity and innovation are almost identical concepts.

________ are characterized by frequent interactions that form between coworkers, friends, and spouses.

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

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

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

The term "window of opportunity," as discussed in Chapter 2, is a metaphor that describes the time period in which a firm can:

An idea is a favorable set of circumstances that creates a need for a new product, service, or business.

Introduction to Entrepreneurship

Feasibility Analysis

Writing a Business Plan

Industry and Competitor Analysis

Developing an Effective Business Model

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(n) is a favorable set of circumstances that creates the need for a new product, service, or business. A(n) is a thought, an impression or a notion.