The knowledge needed to generate innovation cannot be easily learned from a textbook.

The entrepreneur's market knowledge is deeper than the knowledge that could be gained through market research.

Technological knowledge refers to the entrepreneur's possession of information, technology, know-how, and skills that provide insight into a market and its customers.

True

Market research, such as surveys, has limited effectiveness because it is often difficult for customers to articulate the underlying problems they have with a product or service.

The longer the entrepreneur takes to research a new entry, the more likely he will succeed.

When the window of opportunity is open, the environment is unfavorable for entrepreneurs to exploit a new product or enter a new market with an existing product.

An error of omission occurs from the decision not to act of a new entry opportunity when in hindsight they should have.

An error of commission occurs from the decision not to act on a new entry opportunity.

The decision to exploit or not to exploit a new entry opportunity depends on whether the entrepreneur has sufficient information, and on whether the window of opportunity is still open.