ENTREPRENEURSHIP CHAPTER 3 TEST: RECOGNIZING OPPORTUNITY

The first step in the entrepreneurial process is to _____. 

• identify a business opportunity
• secure financing
• find a backer
• find a strategic alliance

A/An _____ conducts business by means of the Internet.

• home-based business
• online business
• service business
• manufacturing business

Services are _____ things that businesses do for us that enhance our lives. 

• basic
• tangible
• intangible
• various

_____ is contracting with other companies for services. 

• Hiring
• Outsourcing
• Packaging
• Cooperation

Hiring a firm to design and produce packaging for your product is an example of _____.

• goodwill
• outsourcing
• packaging
• cooperation

Forming a partnership with another company is known as a _____.

• joint venture
• corporation
• strategic alliance
• melding

A/An _____ is a new venture started inside a large corporation.

• corporate venture
• new company
• spin-off
• independent company

When you _____, you think freely to generate ideas.

• brainstorm
• daydream
• interface
• network

_____ describe personal characteristics of a population. 

• Diversities
• Demographics
• Ethnicities
• Cultural segmentation

Sometimes reading about a/an _____ field can spark an idea that applies to your field.

• similar
• unrelated
• philosophical
• educational