Exam 2: Recognizing Opportunities and Generating Ideas

Kate Williams is starting a fashion boutique in an upscale mall near Kansas City. She wants to open her store during the time period in which a business like hers can realistically enter the new market. Kate is trying to open her business while the ________ is open.

Describe how brainstorming can help facilitate the generation of ideas, and outline the four rules for conducting a brainstorming session.

Curves International, which was founded in 1992 by Gary Heavin, is a fitness center just for women. At the time Curves was founded, most fitness centers targeted fitness enthusiasts and included a number of amenities, ranging from showers and towel service to swimming pools. Rather than competing head-to-head against these centers, Heavin opened a fitness center targeted towards what he felt was an ignored part of the marketplace: women who wanted to lose weight. The best way to describe how Heavin's business idea was recognized is:

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:

The term "window of opportunity" is a metaphor describing the time period in which a firm can realistically enter a new market.

An opportunity is a thought, impression, or notion.

According to the textbook, a focus group is a gathering of 5 to 10 people who are selected because:

Frank Patterson started a firm in 2008 that creates and manufactures accessories for Harley-Davidson motorcycles. 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 motorcycle industry is an example of the ________ at work.

Several studies have shown that prior experience in an industry blinds an entrepreneur to potential business opportunities in the same industry.

A solo entrepreneur is an individual who identified his or her business idea ________. A network entrepreneur is an individual who identified his or her business idea ________.

Jason Carroll is thinking about starting a chain of fitness centers for people who are 50 years old or older. Which of the following is not an appropriate criteria for Jason to test his idea against?

Describe the three separate ways that entrepreneurs identify new business, product, and service opportunities?

Evaluation is the stage of the creative process during which an idea is subjected to scrutiny and analyzed for its viability.

Small clothing boutiques and specialty shops often start because there is a need for a particular product but large retailers like Target, JC Penny, and Kohl's 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:

Brainstorming is used to generate a number of ideas quickly.

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

Which of the following is correct regarding opportunities and ideas?

Which of the following represents the correct order of the five stages of the creative process?

Kathryn Kerrigan, the company profiled in the opening feature for Chapter 2, sells shoes. Kerrigan's original idea for the company stemmed from her recognition that:

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