ENT 2.01-2.02

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 a

  business.

• It provides entrepreneurs with professional development training.

• It is a way to determine the long-term profit that a start-up company

  can generate.

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

• Market opportunity

• Supporting facts

• Primary associations

• Situation analysis

The entrepreneurial discovery process requires knowledge and the recognition of which situation?

• Economic crisis

• Preventable accident

• Market need

• Creative observation

Entrepreneurial discovery is an important process in a free-enterprise economic system because an entrepreneur or small-business owner will most likely accomplish which goal?

• Satisfy an unmet demand

• Form a technological monopoly

• Improve economic sanctions

• Change legal requirements

Identifying new product opportunities usually requires a person to

possess which characteristic?

• Decisiveness

• Emotional

• Awareness

• Indifference

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

• Demographic changes

• Product standards

• Entrepreneurial discovery

• Raw materials

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

• Interest rate fluctuations

• Increased cultural diversity

• Industry deregulation

• Technological advancements

Which statement is true regarding the use of group creative-thinking

techniques to facilitate the idea-generation process?

• The brainstorming technique usually generates the best ideas.

• Groups are usually more effective when each member uses mindmapping

  techniques.

• Group members most often generate new ideas by altering or building

  upon another idea.

• The Six Thinking Hats technique is generally the most effective ideageneration

  technique.

After a Korean auto manufacturer built a plant in Ames, Iowa, Kwan

noticed a substantial growth of Korean residents in the area, many of

whom were relocated to Ames to work for the plant. Kwan decided to

import Korean goods and sell them in a small Korean specialty store near

town. This is an example of a product opportunity resulting from which

situation?

• Advancements in technology

• Changes in travel habits

• Differences in priority

• Shifts in popularity ethnicity

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