Entrepreneurship (Chapter 1 - Feasibility)

Entrepreneurs essentially recognize a(n) ________ and then take action to turn it into a successful business.

• opportunity

• design

• scheme

• objective

• mind map

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

• strategy

• threat

• design

• proposal

• opportunity

Which of the following statements about opportunities is NOT true?

• Entrepreneurs recognize an opportunity and then take action to turn it into a thriving business.

• Fresh opportunities are tough to spot.

• To capitalize on an opportunity, its window of opportunity must be open.

• Every idea is the source of an opportunity for an entrepreneur to pursue.

• Entrepreneurship-related skills can be developed by engaging in opportunity recognition efforts over time.

The four essential qualities of an opportunity as cited in the text are: anchored in a product, service, or business that creates or adds value for its buyer or end user, attractive, durable, and ________.

• timely

• practical

• striking

• attention-getting

• resilient

Before getting excited about a business idea, it is critical to understand if the idea ________.

• has the appropriate funding

• fills a need and satisfies the criteria for an opportunity

• already is held by a patent

• has sufficient managerial expertise available

• can be profitable

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 forces

• Technological advances

• Social forces

The three approaches entrepreneurs use to identify an opportunity include ________.

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

• studying industry trade journals, talking to consumers, and conducting surveys

• observing trends, conducting brainstorming sessions, and studying industry trade journals

• reading books, talking to consumers, and finding gaps in the marketplace

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

Which of the following alternatives reflects a set of economic forces that may be of interest to entrepreneurs?

• Level of disposable income, new uses of old technologies, and new laws and regulations

• New technologies, consumer spending patterns, and new laws

• Housing starts, consumer spending patterns, and stability of interest rates

• Social and cultural trends, level of interest rates, and what people think is 'in'

• New changes in political areas, new laws, and level of disposable income

Demographic changes are an example of a(n) ________.

• economic force

• regulatory force

• political force

• technological advance

• social force

An increased focus on health and wellness has resulted in a number of new business ideas including healthier foods and beverages, yoga instruction and training centers, and nutrition consulting. This is an example of an opportunity gap in which type of environmental trend?

• Economic force

• Regulatory force

• Political force

• Technological advances

• Social force