ENT 2.01-2.04

Identifying new product opportunities usually requires a person to possess which characteristic?

• Decisiveness
• Emotional
• Awareness
• Indifference

Which statement is true regarding the use of group creative-thinkingtechniques to facilitate the idea-generation process?

• The brainstorming technique usually generates the best ideas.
• Groups are usually more effective when each member uses mindmappingtechniques.
• Group members most often generate new ideas by altering or buildingupon another idea.
• The Six Thinking Hats technique is generally the most effective ideagenerationtechnique.

Which is an example of a demographic trend that has encouragedentrepreneurial discovery?

• Interest rate fluctuations
• Increased cultural diversity
• Industry deregulation
• Technological advancements

When using mind mapping to generate product ideas, it is best begin bywriting down the main problem or which other component?

• Market opportunity
• Supporting facts
• Primary associations
• Situation analysis

For a prospective entrepreneur, what is necessary to determine theexistence of goods and services?

• Demographic changes
• Product standards
• Entrepreneurial discovery
• Raw materials

The entrepreneurial discovery process requires knowledge and therecognition of which situation?

• Economic crisis
• Preventable accident
• Market need
• Creative observation

Which statement is true about entrepreneurial discovery?

• It ensures that start-up businesses have continuous funding.
• It is an ongoing process that facilitates the success rate of abusiness.
• It provides entrepreneurs with professional development training.
• It is a way to determine the long-term profit that a start-up companycan generate.

After a Korean auto manufacturer built a plant in Ames, Iowa, Kwannoticed a substantial growth of Korean residents in the area, many ofwhom were relocated to Ames to work for the plant. Kwan decided toimport Korean goods and sell them in a small Korean specialty store neartown. This is an example of a product opportunity resulting from whichsituation?

• Advancements in technology
• Changes in travel habits
• Differences in priority
• Shifts in popularity ethnicity

Entrepreneurial discovery is an important process in a free-enterpriseeconomic system because an entrepreneur or small-business owner willmost likely accomplish which goal?

• Satisfy an unmet demand
• Form a technological monopoly
• Improve economic sanctions
• Change legal requirements

Which example illustrates how environmental factors are interrelated?

• The economy affects what competitors are doing.
• New legislation will be written in the future.
• Low investor confidence heavily impacts financial planners.
• The economy affects banking institutions.