Chapter 2 Introduction to Entrepreneurship

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

• idea
• scheme
• design
• opportunity

Opportunities are ________.

• easy to spot
• tough to spot
• plentiful
• scarce

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

• obtain funding or financing
• hire new employees
• complete a financiail analysis
• enter a new market

A common way that gaps in the marketplace are recognized is ________.

• by observing customer buying behavior
• by observing changing environmental trends
• by recognizing problems that need to be solved
• via studying industry reports

The ability to notice things without engaging in deliberate search is referred to as ________.

• cognitive alertness
• entrepreneurial alertness
• managerial alertness
• cognitive awareness

An individual who identifies a business idea on his or her own is referred to as a(n) ________ entrepreneur.

• separate
• functional
• solo
• individual

A network entrepreneur is an individual who identifies his or her business idea ________.

• on their own
• through the assistance of a paid consultant
• through social contacts
• with one or more partners

In the five-stage creative process, the flash of recognition, or what is sometimes referred to as the "eureka" experience, occurs in the ________ stage.

• insight
• preparation
• iincubation
• elaboration

The number one rule for a brainstorming session is ________.

• no criticism is allowed
• no freewheeling is allowed
• no leapfrogging is allowed
• no more than 10 people are allowed to participate

A _________ can turn an idea into an opportunity faster than other business types.

• corporation
• sole proprietorship
• partnership
• Multi-national company