Ch.7 Turning Ideas into Opportunities

Front

What is the difference between a business idea and a business opportunity?

Back

A business idea is a detailed plan, while a business opportunity is a consumer need or want.

Front

What is a 'need' in the context of business opportunities?

Back

Something that people must have to survive.

Front

What should you do if the answer to any of the five screening questions is 'no'?

Back

Pivot, or change/revise the initial idea.

Front

Which of the following is NOT an external source of opportunity? Problems, New Discoveries, Existing Products and Services, Hobbies

Back

Hobbies

Front

Which of the following is a way to turn ideas into opportunities? Start a new business, Close an existing business, Avoid risks, Focus on a single product

Back

Start a new business

Front

Which of the following is NOT a place to look for opportunities? Trade Shows, Business and Governmental Agencies, Trade Resources

Back

Personal Diaries

Front

What is one of the four common ways to turn ideas into opportunities? Options: Become a consultant, Buy a franchise, Start a blog, Write a book

Back

Buy a franchise

Front

What does buying an independent business still require?

Back

Entrepreneurial activity

Front

What is a franchisee?

Back

The buyer of a franchise.

Front

What is one of the inventor best practices? Options: Ignore Competitors, Keep a Logbook, Avoid Prototypes, Skip Market Research

Back

Keep a Logbook