Quiz 3
_____ means "let the buyer beware," and is a philosophy sometimes used by businesses to put the burden for consumer protection onto a customer. (page 68)
Caveat emptor
_____ is a process of producing an idea or opportunity that is novel and useful, frequently derived from making connections among distinct ideas or opportunities. (page 89)
Creativity
Many owners of consulting companies took their own skills and launched businesses by selling those skills to other companies or individuals who needed them. This is an example of which of the following sources of business ideas? (page 84)
Education and expertise
_____ refers to a situation where a person's values are in conflict, making it unclear whether a particular decision is the right thing to do. (page 66)
Ethical dilemma
_____ refers to searching and capturing new ideas that lead to business opportunities. (page 82)
Opportunity recognition
_____ refers to a set of shared beliefs, basic assumptions, or common, accepted ways of dealing with problems and challenges within a company that demonstrate how things get done. (page 53)
Organizational culture
When a person happens to be at the right place at the right time resulting in a successful business idea, which of the following would be considered to be the factor that led to the business idea? (page 84)
Serendipity
Which of the following is an element of a firm's external environment? (page 54)
Suppliers
Which of the following questions in a typical I2P analysis provides a simple and nontechnical description of the product? (page 87)
What is your product or idea?
When compared to large businesses, small business owners start their business typically to take advantage of: (page 72)
an innovative idea.
A system of values people use to determine whether actions are right or wrong is referred to as _____. ?(page 66)
ethics
The general description for the processes and skills used in the management of a firm's interactions with people, organizations, and institutions outside of its boundary is called _____. (page 57)
external relations
Taking an idea and offering a way to do something slightly better than it is done presently refers to a(n): (page 93)
incremental strategy.
A _____ is a legal agreement that grants the rights to use a particular piece of intellectual property. (page 84)?
license
Interacting with others in order to build relationships useful to a business refers to _____. (page 62)
networking
A firm can best increase its product-based legitimacy by: (page 58)
placing interviews, articles, or columns in media about the product.
Rejecting existing ideas, and presenting a way to do things differently refers to the _____ strategy. (page 90)
radical innovation
An ethical model that advocates treating others in the manner one wishes to be treated refers to _____. (page 70)
the Golden Rule
The goal of a feasibility study is: (page 94)
to assess if a business idea can be profitably brought to market.
In an attempt to become more innovative, a major pitfall that business owners are most likely to become victim to is: (page 92)
using the first good idea as a business opportunity.
