Question 1

The ___________ is often used to illustrate the difference in which the performance achieved by new innovation is plotted against time.

Accepted Answer

S-curve

Question 2

Incremental innovation means that:

Accepted Answer

A)   A start-up company grows slowly.
B)   Improvements are made on existing products and services.
C)   Innovation is only applied to the way that things are made.
D)   It is the safest strategy for a start-up to follow. B

Question 3

Which of the following is not on the list of some important innovations by U.S. small firms in the last century:

Accepted Answer

A)   GPA
B)   Airplane
C)   Zipper
D)   Heat sensor A

Question 4

Identifying who the potential customer is will help the entrepreneur

Accepted Answer

A)   conclude that their product is really a product for everyone, everywhere.
B)   devise a strategy which will get the product to each and every person, regardless of cost.
C)   identify serious customers who are actively looking for solutions in the early stages of the business.
D)   discourage momentum in the later stages of business.

Question 5

Successful ____________ is the use of new technological knowledge, and/or new market knowledge, employed within a business model that can deliver a new product and/or service to customers who will purchase at a price that will provide profits.

Accepted Answer

The answer of Successful ____________ is the use of new...

Question 6

When framing the opportunity, which of the following is not question entrepreneurs should ask themselves when identifying which business ideas have real commercial potential?

Accepted Answer

A)   What is the problem or job to be done?
B)   How does the government manage the supply chain?
C)   Who experiences these problems primarily (the customer) ?
D)   What key benefits (or value)  does the customer want from an optimal solution to their problem?

Question 7

There are more than ___________ patents issued in the United States.

Accepted Answer

A)   31 million
B)   17 million
C)   8 million
D)   60 million

Question 8

To protect against new products being copied, manufactured and shipped from other countries, an entrepreneur should:

Accepted Answer

A)   Avoid international agreements of all types.
B)   Focus only on one international supplier.
C)   Create only one product.
D)   Employ a sound intellectual property strategy.

Question 9

Usually, improvements can be made with ____________ innovations, pushing the original curve higher.

Accepted Answer

The answer of Usually, improvements can be made with ____________...

Question 10

Ecosystem contributors include:

Accepted Answer

A)   Infrastructure
B)   Profit
C)   Primary drivers
D)   Knowledge experts

Question 11

The term __________________ refers to how businesses use the internet to broadcast an enterprise's needs and problems to a large and diverse audience in the form of an "open call" for solutions.

Accepted Answer

The answer of The term __________________ refers to how businesses...

Question 12

Geographical location no longer provides any significant advantage for access to major sources of capital.

Accepted Answer

A) True 
 B)False

Question 13

The closed model of innovation has a range of options for accessing external knowledge and leveraging internal competencies.

Accepted Answer

A) True 
 B)False

Question 14

Radical or disruptive innovation means that:

Accepted Answer

A)   Nothing from the past is retained.
B)   It applies only to products.
C)   It changes the rules of competition.
D)   It is too risky for a start-up to follow.

Question 15

Infrastructure refers to

Accepted Answer

A)   The skills, capabilities and resources you and your team bring to the venture.
B)   Information related to customers' purchasing behavior and competitors' pricing.
C)   Externally generated data from market research firms.
D)   Patent protections, if certain conditions exist.

Question 16

Product development times have increased from 200 days three years ago to an average of 225 days now.

Accepted Answer

A) True 
 B)False

Question 17

The term _______________ is often used to describe innovations that disrupt the status quo.

Accepted Answer

The answer of The term _______________ is often used to...

Question 18

All of the following are cost-cutting recommendations except:

Accepted Answer

A)   Use search engines and web pages
B)   Use social media methods to access potential customers
C)   Test only one product at a time
D)   Use the telephone instead of mail survey

Question 19

A product life cycle is the time that a product is able to command a high profit margin in the market before it becomes obsolete or develops intense competition.

Accepted Answer

A) True 
 B)False

Question 20

At the second stage of analysis, an entrepreneur should consider

Accepted Answer

A)   customer benefits
B)   competitors
C)   proprietary status
D)   problem to be solved.

Exam 2: Converting Ideas Into Opportunities

The ___________ is often used to illustrate the difference in which the performance achieved by new innovation is plotted against time.

Incremental innovation means that:

Which of the following is not on the list of some important innovations by U.S. small firms in the last century:

Identifying who the potential customer is will help the entrepreneur

Successful ____________ is the use of new technological knowledge, and/or new market knowledge, employed within a business model that can deliver a new product and/or service to customers who will purchase at a price that will provide profits.

When framing the opportunity, which of the following is not question entrepreneurs should ask themselves when identifying which business ideas have real commercial potential?

There are more than ___________ patents issued in the United States.

To protect against new products being copied, manufactured and shipped from other countries, an entrepreneur should:

Usually, improvements can be made with ____________ innovations, pushing the original curve higher.

Ecosystem contributors include:

The term __________________ refers to how businesses use the internet to broadcast an enterprise's needs and problems to a large and diverse audience in the form of an "open call" for solutions.

Geographical location no longer provides any significant advantage for access to major sources of capital.

The closed model of innovation has a range of options for accessing external knowledge and leveraging internal competencies.

Radical or disruptive innovation means that:

Infrastructure refers to

Product development times have increased from 200 days three years ago to an average of 225 days now.

The term _______________ is often used to describe innovations that disrupt the status quo.

All of the following are cost-cutting recommendations except:

A product life cycle is the time that a product is able to command a high profit margin in the market before it becomes obsolete or develops intense competition.

At the second stage of analysis, an entrepreneur should consider