EPS Test 2
Most innovations are result from
A conscious and purposeful search for new opportunities
Many entrepreneurs of new ventures lack
A unique angle for the venture
Successful entrepreneurs are able to identify and implement ideas that
Are workable and that they have the skills to implement.
Managerial problems include
Concept of a team approach
A checklist approach allows the entrepreneur to identify ___ factors of a new venture
Critical
During the restart-up and start-up phases, ___factors are critical
Five
The individual who buys the franchise is the
Franchisee
A gap or difference between expectations and reality defines
Incongruities
Logical and analytical skills are developed in the ___ hemisphere of the brain.
Left
A(n) ___ approach indicates the importance of people's awareness of their daily lives for developing new business ideas.
New-new
The __ approach indicates the importance of people's awareness of their daily lives for developing new business ideas.
New-new
"Piggybacking" one's way into a new business involves using a(n) ____ approach.
New-old
A common pitfall in selecting a new venture is
Poor financial understanding
Three specific phases that a new venture goes through are
Prestart-up, start-up, and poststart-up
In the struggle to achieve security, many people also tend to rely on the theory of __ thinking to make decisions.
Probability
A business has to increase its sales annually to net as much as it did in the previous year when
Profits are not rising as fast as sales.
Security hunting means
Using probability and stereotypes to minimize risk.
The individual who arranges for a dealer to handle a specific product or service under certain mutually agreed-upon condition is known as the
Franchisor
Starting a business by adapting something already on the market is called a __ approach
New-old
Many entrepreneurs lack ___ for their new venture
Objectivity
It takes __, not ___, to innovate successfully
Work; genius
A solid analysis is
a critical task in starting a new business
The idea experience phase of creativity is also referred to as the
eureka factor
market feasibility analysis relies on
general economic trends and competitor data
A person can develop their own creativity by
seeing new and different relationships in people, objects, and places around them
An analysis of the competition should look for
unscrupulous practices
Entrepreneurs sense potential in business problems by asking
what if and why not?
Financial consideration play a major role in
Small profitable ventures
In determining the potential market, one should look __ into the future.
Three to five years