Ch.7 Turning Ideas into Opportunities

What is the difference between a business idea and a business opportunity?

• A business idea is a detailed plan, while a business opportunity is a consumer need or want.

• A business idea is a consumer need, while a business opportunity is a detailed plan.

• A business idea is a product, while a business opportunity is a service.

• A business idea is a service, while a business opportunity is a product.

What is a 'need' in the context of business opportunities?

• A luxury item that people desire.

• A product or service that people strongly desire.

• Something that people must have to survive.

• An optional service that enhances lifestyle.

What should you do if the answer to any of the five screening questions is 'no'?

• Ignore the idea.

• Pivot, or change/revise the initial idea.

• Proceed with the idea anyway.

• Abandon the idea completely.

Which of the following is NOT an external source of opportunity?

• Problems

• New Discoveries

• Existing Products and Services

• Hobbies

Which of the following is a way to turn ideas into opportunities?

• Start a new business

• Close an existing business

• Avoid risks

• Focus on a single product

Which of the following is NOT a place to look for opportunities?

• Trade Shows

• Business and Governmental Agencies

• Personal Diaries

• Trade Resources

What is one of the four common ways to turn ideas into opportunities?

• Become a consultant

• Buy a franchise

• Start a blog

• Write a book

What does buying an independent business still require?

• No responsibility for growth

• Entrepreneurial activity

• No financial investment

• Immediate success

What is a franchisee?

• The seller of a franchise

• The buyer of a franchise

• A legal agreement for a business

• A type of business model

What is one of the inventor best practices?

• Ignore Competitors

• Keep a Logbook

• Avoid Prototypes

• Skip Market Research