Chapter 2 Opportunities and Generating Ideas

Which of the following is correct regarding opportunities and ideas?

• An opportunity and an idea are essentially the same thing.

• An idea almost always meets the criteria of an opportunity.

• An idea is a favorable set of circumstances that creates a need for a new product, service, or business.

• It's important to discern whether a particular idea meets the criteria for an opportunity.

A(n) ________ is a favorable set of circumstances that creates the need for a new product, service, or business. A(n) ________ is a thought, an impression or a notion.

• scheme, notion

• opportunity, idea

• idea, opportunity

• idea, design

A(n) ________ is a favorable set of circumstances that creates a need for a new product, service, or business.

• idea

• scheme

• proposal

• opportunity

The three ways to identify an opportunity include ________.

• observing trends, solving a problem, and finding gaps in the marketplace

• studying industry trade journals, talking to consumers, and solving a problem

• observing trends, talking to consumers, and finding gaps in the marketplace

• reading books, solving a problem, and findings gaps in the marketplace

GasBuddy is a company started to help consumers save money on gas. Which environmental trend is most likely to have provided the impetus for the creation of this company?

• Regulatory changes

• Political changes

• Economic changes

• Technological advances

Which of the following is NOT an example of a social force?

• Changes in interest rates

• Increasing participation in social networks

• Increasing diversity of the workplace

• Aging of the population

According to research in this area, it is more likely that an entrepreneur will get a new business idea through a ________ -tie relationship than the alternatives.

• weak

• moderate

• vertical

• strong