Venture Growth - Material for Exam 1
Feasibility
means the extent to which an idea is viable and realistic, and the extent to which you are aware of internal and external forces that could affect your business.
Opportunity Recognition
refers to searching and capturing new ideas that lead to business opportunities.
Taking an idea and offering a way to do something slightly better than it is done presently refers to a(n):
Incremental Strategy
Creativity
is a process of producing an idea or opportunity that is novel and useful, frequently derived from making connections among distinct ideas or opportunities.
Pilot test
refers to a preliminary run of a business, sales effort, program, or website with the goal of assessing how well the overall approach works and what problems it might have.
Combine
· When a bookstore starts to sell videos, music, and coffee as well, it uses which of the following elements of the SCAMPER tool?
license
A is a legal agreement that grants the rights to use a particular piece of intellectual property.
preparation, Incubation, Illumination, Verification
According to Graham Wallas' description of the creative process, a creative thought includes a(n) BLANK stage.
The lightbulb Stage
According to Graham Wallas' description of the creative process, ideas begin to flow in which of the following stages?
Preparation
According to Graham Wallas' description of the creative process, the BLANK stage of a creative thought involves exploring the problem or opportunity in all directions.
The lightbulb comes on, and ideas start to flow.
According to Graham Wallas' description of the creative process, which of the following is true of the incubation stage of a creative thought?
Substitute
According to the SCAMPER tool, a feature that allows customers to order directly from a website rather than visiting a store is an example of
Adapt
According to the SCAMPER tool, which popular innovation strategy can be just as effective and much more likely in the real world than business opportunities that result from radical innovations?
Royalty
Adam owns a software development company. He and his team developed and licensed new software that could help many organizations strengthen their web security. Any organization that wishes to use Adam's licensed software would most likely have to pay him in the form of a
Obeying Rules that Don't exist
If a business owner assumes that he or she needs to do all the work, make all the sales calls, and solve everybody's problems, which major pitfall is the business owner becoming a victim to while trying to become more innovative?
Put to other uses.
If entrepreneurs realize that all the traditional applications for their products have disappeared and that they have surplus products, which of the following elements of the SCAMPER tool are they most likely to employ?
An overall strategic approach in which the entrepreneur does more or less what others are already doing refers to a(n)
Imitative strategy
1. Identifying the wrong problem, 2. Judging ideas too quickly, 3. Stopping with the first good idea, 4. Failing to act, 5. Obeying rules that don't exist.
In an attempt to become more innovative, a major pitfall that business owners are most likely to become victim to is:
Eliminate
In the SCAMPER tool, "E" stands for
Magnify or Modify
In the SCAMPER tool, "M" stands for
Rearrange or Reverse
In the SCAMPER tool, "R" stands for
Substitute
In the SCAMPER tool, "S" stands for
Feasibility Study
Joe has an idea for a new mobile restaurant business. He wants to convert an antique bus into a sit-down restaurant with a service window allowing him to serve people within the bus and walk-ups who want to get their food and take it home. Joe takes his idea and looks at the people, the offerings, the customers, the value proposition, and his distinctive competencies. Joe is performing a(n)
Radical Innovation
Rejecting existing ideas, and presenting a way to do things differently refers to the BLANK strategy.
Really Big Idea
The RBI Screen is useful when screening ideas. RBI stands for: Really Big Idea
1. People - Who are you? 2. Offering: What are you offering? 3. Customer: Whom are you offering it to? 4. Value Proposition - Why do they care? 5. Distinctive Competencies: Do you have nay key or core science/technology or feature?
The RBI screen consists of asking yourself five questions to help you screen entrepreneurial ideas. Which of the following is NOT one of those five questions?
Alex Osborne
The SCAMPER tool is based on the work of
Description of your Business, You, Your Firm and Your Fit
The business idea component of the feasibility study includes which of the following aspects?
Start-Up Capital, Sources of Start-Up Capital, Further Info Needed, Writing a business plan, support needed.
The future action plan component of the feasibility study includes which of the following elements?
Combine
The idea trigger of the separate products, services, or whole businesses that entrepreneurs can put together to create another distinct business represents which cue of the SCAMPER tool?
Current Industry, Market Potential for this Industry, The Competition, Your Customers, Market Penetration
The industry and market component of the feasibility study typically includes which of the following components?
conversion rate
The measure of how many visitors to a website actually make a purchase is known as:
Unique features: Benefits, Unique Features: Limitations, Legal Restrictions and Rights, Insurance Requirements, Trends Related to the Product or Service, Production or Service Deliver Costs.
The product/service component of the feasibility study typically includes which of the following aspects?
Magnify or Modify
There is much a small business can do to create memorable images and advertising for itself, and it does not need expensive television ads to do it. Which element of SCAMPER is being referred to here?
Rearrange or Reverse
Using paradoxes such as using stimulants to calm hyperactive children, to challenge old ways of thinking, refers to which of the following cues of the SCAMPER tool?
solution
When building a business model canvas, the BLANK is where your offering goes - how you plan to solve the pains or create the gains for your customers.
Eliminate
Which of the following aspects of the SCAMPER tools involves searching for opportunities that arise when a person gets rid of something or stops doing something?
1. Identify the wrong problem, 2. Judging ideas too quickly, 3. Stopping with the first good idea, 4. Failing to act, 5. Obeying rules that don't exist.
Which of the following is not one of the five pitfalls that hinder innovation?
What opportunities can you think of that come as result of substituting or replacing something that already exists?
Which of the following is the idea trigger for the "substitute" cue of the SCAMPER tool?
What could I make more noticeable or dramatic, or different in some way from my competitors? It need not be in the product itself, but it cold be the way you advertise or treat the during the transaction that becomes memorable.
Which of the following is the idea trigger for the magnify cue of the SCAMPER tool?
Def: Entrepreneurial Alertness is a special set of observational and thinking skills that help entrepreneurs identify good opportunities; the ability to notice things that have been overlooked, without actually launching a formal search for opportunities, and the motivation to look for opportunities.
Which of the following is true of entrepreneurial alertness?
Royalties
is a payment to a licensor based on the number or value of licensed items sold.
Entrepreneurial Alertness
is a special set of observational and thinking skills that help entrepreneurs identify good opportunities.
Adapt
Born and raised in India, Rashmi has always enjoyed Indian cooking. As a matter of fact, cooking was her passion and she always enjoyed reading, learning, and experimenting with different ethnic cuisines. Ever since Rashmi's family moved to the United States, her cousins, friends, and other people at dinner gatherings have always commented that Rashmi should start a catering business. Realizing that her American friends may not be able to handle or like the Indian food because of its spiciness, Rashmi decided to make changes to the recipes to suit the local taste. Rashmi is seriously contemplating whether she should start a catering business—Tastes of India. Rashmi appears to be applying which element of the SCAMPER tool in her entrepreneurship ideas?