Entrepreneurship Opportunity Recognition Quiz

What is an entrepreneurial opportunity?

• A government grant for new businesses

• A marketing strategy for existing products

• A need, want, problem, or challenge that can be addressed by an innovative venture

• A financial investment in a startup

What is an external opportunity?

• An opportunity that requires no market research

• An opportunity that arises from internal company resources

• An opportunity that is guaranteed to succeed

• An opportunity that arises due to a situation or issue

What is the purpose of the timeline in the Opportunity Assessment Plan?

• To evaluate customer feedback

• To identify each step and determine time and money needed

• To analyze competitor strategies

• To outline marketing strategies

What is the first stage in identifying a good idea?

• Execution stage

• Dreamer stage

• Designer stage

• Detailer stage

Which technique involves participants generating ideas in a limited time frame?

• Mind Mapping

• Rapid Ideation

• Lateral Thinking

• Classic Brainstorming

What does mind mapping encourage?

• Individual idea generation only

• Strict adherence to guidelines

• Free-flowing, non-linear thinking

• Linear thinking

What is the focus of lateral thinking?

• Traditional problem-solving methods

• Unconventional ways of approaching a challenge

• Following established procedures

• Minimizing creativity in solutions

What is the purpose of reverse brainstorming?

• To create a structured plan

• To generate ideas without criticism

• To allow criticism and explore negative aspects

• To focus solely on positive outcomes

Which stage of product development involves testing customer acceptance?

• Concept Stage

• Commercialization

• Idea Stage

• Product Development

What is the final stage of product development?

• Commercialization

• Idea Stage

• Test Marketing Stage

• Concept Stage