Question 1

List five of the best business opportunities for 2016.

Accepted Answer

Food trucks, cloud consulting, senior services, drones, kid friendly app development, freelancing, mobile repair, custom made festival gifts, search engine optimization (SEO) Consultant, training

Question 2

After you have learned more about your favourite industries, the next step in the six step opportunity selection process is:

Accepted Answer

A)   Identify promising industry segments.
B)   Identify problem areas, and brainstorm solutions.
C)   Compare possible solutions with your objectives and opportunities in the marketplace.
D)   Focus on the most promising opportunities. A

Question 3

Of the three basic categories into which most new concepts fall, which of the following types caters to consumers in new markets?

Accepted Answer

A)   Type A
B)   Type B
C)   Type C
D)   Type D A

Question 4

Fashion products usually have extremely long life cycles.

Accepted Answer

A) True 
 B)False

Question 5

The individual who designs and develops a business, and then sells the rights to operate that business to others is called:

Accepted Answer

A)   A franchisor
B)   A franchisee
C)   A franchise
D)   A franchiseship

Question 6

Describe the Venture Opportunity Screening Model (VOSM), including the five constructs on which the model is based.

Accepted Answer

The answer of Describe the Venture Opportunity Screening Model (VOSM),...

Question 7

Which element in the opportunity recognition process developed by Lumpkin, Hills and Shrader refers to that part of the process where the individual contemplates an idea or a specific problem?

Accepted Answer

A)   Preparation
B)   Incubation
C)   Insight
D)   Evaluation

Question 8

The "ideal" business model designed by Richard Buskirk of the University of Southern California consists of three distinct factors that affect the chances of success for any new business: independence, competitiveness, and sustainability.

Accepted Answer

A) True 
 B)False

Question 9

Of the three basic categories into which most new concepts fall, which of the following types introduces new technologies to the marketplace?

Accepted Answer

A)   Type A
B)   Type B
C)   Type C
D)   Type D

Question 10

Once you have a thorough understanding of one or more industry situations you are now in a position to identify possible market segments and profile your typical target customer.

Accepted Answer

A) True 
 B)False

Question 11

All of the following are possible disadvantages when you purchase an existing business, except:

Accepted Answer

A)   Established clientele
B)   The cost of "goodwill"
C)   Inheriting a bad image
D)   Labour difficulties

Question 12

The Canadian Innovation Centre has a program to help inventors and entrepreneurs crystallize their ideas and commercialize and market the resulting products.

Accepted Answer

A) True 
 B)False

Question 13

The failure rate of franchised businesses is reported to be the same as that for independently established firms.

Accepted Answer

A) True 
 B)False

Question 14

All of the following are basic elements in the opportunity recognition process developed by Lumpkin, Hills and Shrader, except:

Accepted Answer

A)   Incubation
B)   Development
C)   Insight
D)   Elaboration

Question 15

Describe, with an example, each of the three basic categories into which new entrepreneurial concepts fall.

Accepted Answer

The answer of Describe, with an example, each of the...

Question 16

The most common source of new venture ideas is:

Accepted Answer

A)   Prior work experience
B)   Trade shows and conventions
C)   Social contacts
D)   Magazines and other publications

Question 17

Describe how the franchisor may provide assistance and support to the franchisee.

Accepted Answer

The answer of Describe how the franchisor may provide assistance...

Question 18

In order to determine the which ideas you should evaluate Knowles and Bilyea suggest that you think of the process of selecting the right opportunity for yourself a huge funnel equipped with a series of filters.

Accepted Answer

A) True 
 B)False

Question 19

Maintaining wellness is an emerging theme that will create a growing demand for a variety of fitness and health-related products.

Accepted Answer

A) True 
 B)False

Question 20

While an idea is at the center of every opportunity, not every idea represents an opportunity to start a viable business.

Accepted Answer

A) True 
 B)False

Exam 2: Exploring Business Ideas and Opportunities

List five of the best business opportunities for 2016.

After you have learned more about your favourite industries, the next step in the six step opportunity selection process is:

Of the three basic categories into which most new concepts fall, which of the following types caters to consumers in new markets?

Fashion products usually have extremely long life cycles.

The individual who designs and develops a business, and then sells the rights to operate that business to others is called:

Describe the Venture Opportunity Screening Model (VOSM), including the five constructs on which the model is based.

Which element in the opportunity recognition process developed by Lumpkin, Hills and Shrader refers to that part of the process where the individual contemplates an idea or a specific problem?

The "ideal" business model designed by Richard Buskirk of the University of Southern California consists of three distinct factors that affect the chances of success for any new business: independence, competitiveness, and sustainability.

Of the three basic categories into which most new concepts fall, which of the following types introduces new technologies to the marketplace?

Once you have a thorough understanding of one or more industry situations you are now in a position to identify possible market segments and profile your typical target customer.

All of the following are possible disadvantages when you purchase an existing business, except:

The Canadian Innovation Centre has a program to help inventors and entrepreneurs crystallize their ideas and commercialize and market the resulting products.

The failure rate of franchised businesses is reported to be the same as that for independently established firms.

All of the following are basic elements in the opportunity recognition process developed by Lumpkin, Hills and Shrader, except:

Describe, with an example, each of the three basic categories into which new entrepreneurial concepts fall.

The most common source of new venture ideas is:

Describe how the franchisor may provide assistance and support to the franchisee.

In order to determine the which ideas you should evaluate Knowles and Bilyea suggest that you think of the process of selecting the right opportunity for yourself a huge funnel equipped with a series of filters.

Maintaining wellness is an emerging theme that will create a growing demand for a variety of fitness and health-related products.

While an idea is at the center of every opportunity, not every idea represents an opportunity to start a viable business.