WorksheetsChapter 2: Recognizing Opportunities and Generating Ideas (L3)
Total questions: 11
Worksheet time: 55secs
1) A(n) ________ is a favorable set of circumstances that creates a need for a new product, service, or business.
A) idea
B) scheme
C) design
D) proposal
E) opportunity
2) An opportunity has the following four essential qualities: ________.
A) attractive; timely; durable; and anchored in a product, service, or business that creates or adds value for its buyer or end user
B) practical; opportune; appropriate; and anchored in a product, service, or business that is efficient and effective
C) realistic; striking; timely; and anchored in a product, service, or business that is timely
D) attention-getting; attractive; timely; and anchored in a product, service, or business that creates or adds value for its buyer or end user
E) attractive, durable, resilient, and opportune
3) The term "window of opportunity," as discussed in Chapter 2, is a metaphor that describes the time period in which a firm can ________.
A) obtain funding or financing
B) hire new employees
C) complete a financial analysis
D) realistically enter a new market
E) write a business plan
4) Which of the following is correct regarding opportunities and ideas?
A) An opportunity and an idea are essentially the same thing.
B) An idea almost always meets the criteria of an opportunity.
C) An opportunity is a thought, an impression, or a notion.
D) An idea is a favorable set of circumstances that creates a need for a new product, service, or business.
E) It's important to discern whether a particular idea meets the criteria for an opportunity.
5) 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.
A) scheme, notion
B) opportunity, idea
C) idea, design
D) idea, opportunity
E) notion, scheme
6) The three ways to identify an opportunity include ________.
A) observing trends, solving a problem, and finding gaps in the marketplace
B) studying industry trade journals, talking to consumers, and solving a problem
C) observing trends, conducting brainstorming sessions, and studying industry trade journals
D) observing trends, talking to consumers, and finding gaps in the marketplace
E) reading books, solving a problem, and findings gaps in the marketplace
7) Tish Cirovolo realized that there were no guitars on the market made specifically for women. As a result, she started Daisy Rock Guitars, a company that makes guitars just for women. Daisy Rock Guitars are stylish and come in feminine colors, and incorporate design features that accommodate a woman's smaller hand and build. The best way to describe how Cirovolo's business idea was recognized is ________.
A) brainstorming
B) talking to consumers
C) reading industry reports
D) observing trends
E) finding a gap in the marketplace
8) A common way that gaps in the marketplace are recognized is ________.
A) by observing changing environmental trends
B) by recognizing problems that need to be solved
C) via studying industry reports
D) when people become frustrated because they can't find a product or service that they need and recognize that other people feel the same way
E) via combined focus groups and brainstorming sessions
9) A network entrepreneur is an individual who identifies his or her business idea ________.
A) on their own
B) through the assistance of a paid consultant
C) through social contacts
D) with one or more partners
E) through a business incubator program
10) 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.
A) weak
B) moderate
C) vertical
D) lateral
E) strong
11) ________ is the process of generating a novel or useful idea.
A) Innovation
B) Imagining
C) Creativity
D) Visualization
E) Envisioning
