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