Exam 2: Recognizing Opportunities and Generating Ideas

Aging of the population, the increasing diversity of the workplace, and the continual migration of people from small towns and rural areas to cities are important economic trends.

iCracked, the company profiled in the opening feature of Chapter 2, was started by AJ Forsythe and Anthony Martin, two California college students. Through personal experiences, the two discovered that an opportunity existed to start a company that would ________.

If a new firm was launched to help businesses comply with The Affordable Care Act, that opportunity was created by ________.

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

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 ________ trend.

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 ________.

Casey Griggs is a very capable computer engineer. Recently, he noticed a problem that computer engineers have, and thought of a solution to the problem that might represent an opportunity for a new software product. Casey's idea for a new software product is an example of a(n) ________ discovery.

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

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

Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as ________ relationships.

Which of the following is correct regarding opportunities and ideas?

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

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

Creativity and innovation are almost identical concepts.

Describe the difference between an idea and an opportunity. Why is the distinction important?

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

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

GasBuddy and GasPriceWatch.com are companies started to help consumers save money on gas. Which environmental trend is most likely to have provided the impetus for the creation of these companies?

The What Wrong feature in Chapter 2 focuses on Everpix, a company that enabled users to organize and store photos online in an innovative manner. Regrettably, Everpix failed. According to the feature, Everpix's failure resulted from that fact that it's founders ________.

Brad Johnson is starting an upscale men's clothing store in a mall near Seattle. He wants to open his store during the time period in which a business like his can realistically enter the new market. Brad is trying to open his business while the ________ is open.