Chapter 10

Arthur has an idea. After performing a SWOT, he has identified a market that is not being served so he is planning to start a new business and introduce a new product. Arthur is a(n) ________.

• strategist

• dreamer

• entrepreneur

• independent business developer

People who engage in ________ take advantage of opportunities to create new products or services, or change existing ones

• social responsibility

• social engineering

• venture capitalism

• entrepreneurship

Annabel operates a local hardware store that she inherited from her parents. When she took over, she updated the point-of-sale equipment and installed a customer database. Annabel is a(n) ________

• entrepreneur

• opportunist

• venture capitalist

• small business owner

Rob is a CPA who works out of an office in his home. His business is named "Friendly Accounting Services." Eventually Rob would like to grow his business to include partners and bookkeepers. We would classify Rob as ________.

• self-employed

• an entrepreneur

• an employee

• a franchisee

Brandon is examining the state of the economy, the regulatory situation, social trends, and the

local labor supply. This would indicate Brandon is ________.

• performing a SWOT analysis

• exploring the entrepreneurial context

• self-employed

• a small business owner

Belinda has found a business opportunity she believes will be successful, but there are already a couple companies in that market. To be successful, Belinda will need to ________.

• pinpoint a competitive advantage

• patent her idea

• pursue a joint venture with them

• write her mission statement

If Camden wants his new business to be a good corporate citizen, he should

• hire only union labor

• minimize the risks his business takes

• consider community goals in his business plan

• observe all the local ordinances and employment laws

Arthur Fry thought his glue was a failure because it didn't stick permanently, but when applied to small squares of paper, it became the popular Post-It ® note. Arthur Fry took advantage of ________.

• a process need

• the unexpected

• a market structure

• changes in perception

"Put a motor on a bicycle? You must be crazy!" Yet that is exactly what William Harley and

Walter Davidson did. These two founders of the best-known American motorcycle company saw

opportunity in ________.

• the incongruous

• the unexpected

• demographics

• changes in perception

In the days before sterile adhesives, bandages were tied onto the patient. Next came adhesive

tape with small squares of gauze attached, but making these in the doctors' office was tedious

and time consuming. Finally Earle Dickson invented the Band-Aid for his wife, who needed a

bandage she could apply to herself for small kitchen burns. Dickson saw ________.

• the unexpected

• a new industry

• new knowledge

• a process need