Entrepreneurship - Chapter 3

Another Entrepreneurial Mindset skill - recognizing which ideas are actually ___________________.

• Business Opportunities

• Needs

• Wants

• Profitable

Not every business idea is a good business opportunity.

• False

• True

Generating new ideas and recognizing business opportunities are important and related.

• True

• False

An ongoing process of returning to a business idea and changing and revising your initial idea until you get a better opportunity is known as a:

• Idea

• Window of Opportunity

• Pivot

• Opportunity

The period of time you have to act before business opportunity is lost is known as the:

• Pivot

• Window of Opportunity

• Idea Generation

• Trade Show

Which of the following is NOT one of the five questions to ask yourself to determine if a business idea might be a real business opportunity?

• Does the idea fill a need or want that’s not currently being met?

• Do you have the resources and skills to create the business (or know someone else who could help you do it)?

• Will the idea work in your chosen location or in the way you plan to sell it?

• None of the Above

Which of the following is one of the Internal sources of opportunity?

• Problems

• Existing Products & Services

• Talents

• Unique Knowledge

This external source of opportunity is about turning a one-of-a-kind experience or uncommon knowledge into a product or service that benefits others.

• Hobbies

• Trade Resources

• New Discoveries

• Unique Knowledge

A convention where related businesses come to promote their products & services is known as a:

• Trade Show

• Business Opportunity

• Franchise

• Expo

Which of the following is NOT where to look for opportunities?

• Newspapers & Magazines

• Analyzing Changes

• World Wide Web

• Business & Government Agencies