Ent. Final 2

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

A

In the five-stage creative process, the flash of recognition, or what is sometimes referred to as the "eureka" experience, occurs in the ________ stage. A) insight B) preparation C) incubation D) elaboration E) evaluation

A

The number one rule for a brainstorming session is ________. A) no criticism is allowed B) no freewheeling is allowed C) no leapfrogging is allowed D) no more than 10 people are allowed to participate E) no wild or unrealistic ideas are allowed

A

Jessica Smith is thinking about starting a chain of fitness centers for young adults ages 18-30. Which of the following is NOT an appropriate criterion for Jessica to test her idea against? A) Determine whether the "window of opportunity" is open. B) Determine whether a fitness center for young adults ages 18-30 meets the threshold of being a good idea. C) Determine the extent to which the notion takes advantage of an environmental trend, solves a problem, or fills a gap in the marketplace. D) Determine whether opening a fitness center for young adults ages 18-30 is timely. E) Determine whether opening a fitness center for young adults ages 18-30 is a concept that creates value for its buyer or end user.

B

Economic forces impact the opportunities available to entrepreneurs. Which of the following alternatives reflects a set of economic forces that would be of interest to entrepreneurs? A) Level of disposable income, new uses of old technologies, and new laws and regulations B) New technologies, consumer spending patterns, and new laws C) Housing starts, consumer spending patterns, and stability of interest rates D) Social and cultural trends, level of interest rates, and what people think is "in" E) New changes in political areas, new laws, and level of disposable income

C

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? A) Regulatory changes B) Political changes C) Economic forces D) Technological advances E) Social forces

C

________ is the process of generating a novel or useful idea. A) Innovation B) Imagining C) Creativity D) Visualization E) Envisioning

C

The ability to notice things without engaging in deliberate search is referred to as ________. A) cognitive alertness B) cognitive awareness C) managerial alertness D) entrepreneurial alertness E) individual awareness

D

The increasing number of social networks on the Internet is attributed to a jump in the number of people who are wanting to connect with one another online. The increasing number of social networks is an important ________ trend. A) political B) economic C) legal D) social E) demographic

D

An individual who identifies a business idea on his or her own is referred to as a(n) ________ entrepreneur. A) separate B) functional C) lone D) individual E) solo

E

If a new firm was launched to help businesses comply with The Affordable Care Act, that opportunity was created by ________. A) changes in economic forces B) demographic changes C) changes in social forces D) changes in technological forces E) political actions and regulatory changes

E

SafetyWeb is a Web-based service that helps parents protect their children's online reputation, privacy, and safety. Which of the following approaches to identifying an opportunity was most likely the impetus for SafetyWeb? A) Observing trends B) Studying government reports C) Finding gaps in the marketplace D) Talking to consumers E) Solving a problem

E

Which of the following is NOT one of the rules for a formal brainstorming session? A) No criticism is allowed. B) The session moves quickly. C) Freewheeling is encouraged. D) Leapfrogging is encouraged. E) The session is used for decision making.

E

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

C

________ relationships are characterized by frequent interactions that form between coworkers, friends, and spouses. A) Balanced B) Weak-tie C) Lateral-tie D) Moderate-tie E) Strong-tie

E

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

A

Clothing boutiques and specialty shops often start because there is a need for a particular product, but large retailers like Wal-Mart and Costco can't sell enough of the item to stock it on their shelves. If a clothing boutique started to sell designer clothes or clothing for hard-to-fit people because the clothing wasn't being offered by a larger retailer, the best way to describe how that idea was recognized is ________. A) finding a gap in the marketplace B) brainstorming C) observing trends D) solving a problem E) talking to consumers

A

The What Wrong feature in Chapter 2 focuses on Everpix, a company that enabled users to organize and store photos online in an innovative manner. Regrettably, Everpix failed. According to the feature, Everpix's failure resulted from that fact that it's founders spent too much time ________. A) and energy perfecting their service at the expense of building a business B) and energy raising money at the expense of perfecting their service C) networking at the expense of building a business D) marketing their product at the expense of perfecting their service E) analyzing their market at the expense of networking

A

Which of the following is NOT an example of a social force? A) Changes in interest rates B) Increasing participation in social networks C) Increasing diversity of the workplace D) Aging of the population E) Continual migration of people from small towns and rural areas to cities

A

Which of the following statements is incorrect in regard to entrepreneurial alertness? A) The research findings on entrepreneurial alertness are conclusive. B) Alertness is largely a learned skill. C) People who have more knowledge of an area tend to be more alert to opportunities in that area than others. D) The term "entrepreneurial alertness" is often associated with a "sixth sense" that seems to allow some people to see opportunities that others miss. E) Entrepreneurial alertness is defined as the ability to notice things without engaging in deliberate search.

A

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

B

Brad Johnson is starting an upscale men's clothing store in a mall near Seattle. He wants to open his store during the time period in which a business like his can realistically enter the new market. Brad is trying to open his business while the ________ is open. A) safe harbor B) window of opportunity C) portal of entry D) doorway of opportunity E) safety zone

B

Hulu.com allows people to watch television shows and movies on the Internet. Hulu.com's business opportunity was made possible by ________ that enhanced the ability of television shows and movies to be uploaded to the Internet and played by anyone with a suitable computer and an Internet connection. A) social forces B) technological advances C) legal changes D) regulatory changes E) economic forces

B

Some companies set up ________ that meet regularly to discuss needs, wants, and problems that may lead to new ideas. A) staff committees B) customer advisory boards C) managerial committees D) supervisory committees E) supplier advisory boards

B

Which of the following statements is incorrect regarding the personal characteristics of entrepreneurs? A) Some people think that entrepreneurs have a "sixth sense" that allows them to see opportunities that others miss. B) The extent and depth of an individual's social network affects opportunity recognition. C) Several studies show that prior experience in an industry actually blinds an entrepreneur to the recognition of new opportunities in the same industry. D) Creativity is the process of generating novel or useful ideas. E) The corridor principle states that once an entrepreneur starts a firm, he or she begins a journey down a path where "corridors" leading to new venture opportunities become apparent.

C

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

D

According to the textbook, opportunities are ________. A) easy to spot B) easy to spot in fast growing industries, but tough to spot in slow growing industries C) easy to spot in the manufacturing sector, but tough to spot in the service sector D) tough to spot E) neither easy nor tough to spot

D

According to the textbook, research results over time consistently suggest that somewhere between ________ percent of those who start businesses got their ideas through social contacts. A) 10 and 20 B) 20 and 30 C) 30 and 40 D) 40 and 50 E) 50 and 60

D

Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as ________ -tie relationships. A) strong B) moderate C) lateral D) weak E) multiple

D

In the five-stage creative process, the stage in which the creative idea is put into final form is referred to as the ________ stage. A) insight B) preparation C) incubation D) elaboration E) evaluation

D

The Savvy Entrepreneurial Firm feature in Chapter 2 features three firms: Swipe Out Hunger, Soko, and Drive for Change. All three are examples of ________. A) corporate ventures B) non-altruistic ventures C) targeted ventures D) social ventures E) for-profit ventures

D

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

D

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

E

An example of a valuable library resource is IBISWorld, which is a(n) ________. A) business publication B) academic journal C) Census Bureau publication D) trade journal E) database of industry-related information

E

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. An increased focus on health and wellness is an important ________ that is creating opportunities in many areas for entrepreneurial firms. A) economic force B) regulatory force C) legal force D) technological advances E) social force

E

Macy is a very creative person. Often, when trying to generate a novel or useful idea, she spends several days "mulling over" the idea, which is her way of thinking it through, at both the conscious and unconscious level. The stage of the creative process that Macy is in while she is mulling over an idea is referred to as ________. A) preparation B) insight C) evaluation D) elaboration E) incubation

E

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

E

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.

E

Wiivv, the company profiled in the opening feature of Chapter 2, is in the 3D printing business of footwear insoles. To manufacture the insoles, the company uses a process called ________ manufacturing. A) structured B) adhesive C) bounded D) batch E) adaptive

E

________ is (are) used to generate a number of ideas quickly. A) Insight groups B) Competitive intelligence gatherings C) Examination groups D) Survey groups E) Brainstorming

E

According to the textbook, the best approach to utilizing a library for entrepreneurship-related research is to ________. A) discuss your general area of interest with a reference librarian B) focus your efforts on studying newspapers and periodicals C) focus your efforts on browsing through industry-related materials D) discuss your general area of interest with other library patrons E) focus your efforts on academic journals

A

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

A

According to the textbook, a focus group is a gathering of 5 to 10 people who are selected because ________. A) they are most likely to purchase large amounts of the product or service being discussed B) they responded to a self-selected opinion poll about the topic being discussed C) of their relationship to the issue being discussed D) they responded to a mail survey about the topic being discussed E) they are spokespersons for the topic being discussed

C

A solo entrepreneur is an individual who identified his or her business idea ________. A network entrepreneur is an individual who identified his or her business idea ________. A) through social contacts; on their own B) through a business incubator program; through social contacts C) on their own; through social contacts D) through the assistance of a paid consultant; through social contacts E) with one or more partners; on their own

C

Most of Sarah's ideas come from interacting with coworkers, friends, her spouse, her parents, and other people that share the same beliefs that she does. Sarah is getting most of her ideas through ________ -tie relationships. A) weak B) horizontal C) strong D) multiple E) vertical

C

Which of the following represents the correct order of the five stages of the creative process? A) Preparation, incubation, elaboration, insight, evaluation B) Insight, preparation, incubation, elaboration, insight C) Preparation, incubation, insight, evaluation, elaboration D) Incubation, evaluation, insight, preparation, elaboration E) Incubation, preparation, evaluation, elaboration, insight

C