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WorksheetsChapter 7 Turning Ideas into Opportunities
Total questions: 10
Worksheet time: 5mins
A manufacturer with whom you discuss a product idea should sign this type of agreement to
keep the information that is discussed confidential.
prototype agreement
privacy agreement
feasibility agreement
nondisclosure agreement
You can recognize potential business ideas from which of the following sources?
problems that need solving
changes in laws
new discoveries
all of the above
The time period for acting on a business opportunity before it is lost is called the
business window
window of opportunity
starting period
opportunity time frame
A royalty fee is paid
based on a percentage of the franchise earnings
to the franchisor
on a regular, ongoing basis
all of the above
A need is something people must have to
get along with each other
survive
make money
all of the above
Your favorite hobby is an example of an
internal source of business opportunity
idea generation
entrepreneurial mindset behavior
external source of business opportunity
A person who sells a franchise is called a franchisee.
T
F
A business broker is someone who is licensed to sell businesses.
T
F
A trade show is a convention where entrepreneurs gather to enter business plan competitions.
T
F
To pivot means to change or revise a business idea to make it a better opportunity.
T
F
