BU431 - Entrepreneurship II

A(n) ________ is a favorable set of circumstances that creates a need for a new product, service, or business.

• idea

• Scheme

• Opportunity

• Proposal

According to the textbook, opportunities are ________.

• easy to spot

• tough to spot

• neither easy nor tough to spot

• easy to spot in fast growing industries, but tough to spot in slow growing industries

The term "window of opportunity," as discussed in Chapter 2, is a metaphor that describes the time period in which a firm can ________.

• obtain funding or financing

• realistically enter a new market

• hire new employees

• write a business plan

An idea is a favorable set of circumstances that creates a need for a new product, service, or business.

• True

• False

An idea is a thought, impression, or notion. It may or may not meet the criteria of an opportunity.

• True

• False

The three ways to identify an opportunity include ________.

• observing trends, talking to consumers, and finding gaps in the marketplace

• observing trends, conducting brainstorming sessions, and studying industry trade journals

• observing trends, solving a problem, and finding gaps in the marketplace

Which of the following is not an example of a social force?

• Increasing participation in social networks

• Aging of the population

• Changes in interest rates

• Increasing diversity of the workplace

If a new firm was launched to help businesses comply with The Affordable Care Act, that opportunity was created by ________.

• changes in economic forces

• political actions and regulatory changes

• demographic changes

• changes in social forces

________ relationships are characterized by frequent interactions that form between coworkers, friends, and spouses.

• Weak-tie

• Strong-tie

• Moderate-tie

It is more likely that an entrepreneur will get a new business idea through a strong-tie than a weak-tie relationship.

• True

• False