Chapter 7 Turning Ideas into Opportunities

A manufacturer with whom you discuss a product idea should sign this type of agreement to

keep the information that is discussed confidential.

• prototype agreement

• privacy agreement

• feasibility agreement

• nondisclosure agreement

You can recognize potential business ideas from which of the following sources?

• problems that need solving

• changes in laws

• new discoveries

• all of the above

The time period for acting on a business opportunity before it is lost is called the

• business window

• window of opportunity

• starting period

• opportunity time frame

A royalty fee is paid

• based on a percentage of the franchise earnings

• to the franchisor

• on a regular, ongoing basis

• all of the above

A need is something people must have to

• get along with each other

• survive

• make money

• all of the above

Your favorite hobby is an example of an

• internal source of business opportunity

• idea generation

• entrepreneurial mindset behavior

• external source of business opportunity

A person who sells a franchise is called a franchisee.

• T

• F

A business broker is someone who is licensed to sell businesses.

• T

• F

A trade show is a convention where entrepreneurs gather to enter business plan competitions.

• T

• F

To pivot means to change or revise a business idea to make it a better opportunity.

• T

• F