Turning business ideas into Business opportunities

A consumer need or want that can potentially be fulfilled by a new business is called:

• Window opportunity

• Business offer

• Business opportunity

• Source of opportunity

Someone who is licensed to sell businesses is called:

• Business broker

• Franchisor

• Entrepreneur

Mention two internal sources of opportunity

• Talents

• Independent business

• New discoveries

• Skills

A product or service that people strongly desire is defined as:

• Business opportunity

• Want

• Need

• Entertainment

Keeping aLogbook and conducting a search are ways to create and improve:

• An existing idea/product/process

• An invention

• A business opportunity

• An independent business

Which is NOT a Franchise advantage

• Low capital investment

• Proven systems

• Customer awareness

• Benefits provided by the Franchisor

Something that people must have to survive, such as water, food, clothing, and shelter is defined as:

• services

• wants

• needs

• products

A potential disadvantage of starting a new business is:

• Represents a big challenge

• You can build it your way

• The amount of risk and uncertainty involved

• Working long hours

A model on which future reproductions of an invention are based is called:

• A product innovation

• A business idea

• A Prototype

• An invention

Four common ways of turning ideas into opportunities are:

• Business agreements, Franchises, New discoveries

• Creating a prototype, Buying a Franchise, Buying an independent business.

• Finding people needs,wants and starting a new business

• Starting a new business, buying an independent business, buying a franchise, and becoming an invento