ENTR 187, Sec. 01 Exam 1_Chapter 4

It can take 3000 ideas to yield one commercially viable product. To increase the odds of finding a good idea, the screening process takes all the thoughts from the ______ step of the entrepreneurial process, and puts them through a ______.

"Feel"; "Check"

Licensee

A firm that obtains the rights to use a particular piece of intellectual property.

Josh, an electronics retailer, noticed that the e-commerce business was booming. He started an online shopping website to take advantage of this surge in business. As a result, his business attracted more customers from all across the country. This reflects Josh's:

Entrepreneurial alertness

"S" in the creativity tool SCAMPER stands for summarize.

False

In entrepreneurship, every good idea is a viable business opportunity.

False

Research suggests that the first good idea entrepreneurs come up with is always the best.

False

Taking an idea and offering a way to do something slightly better than it is done presently is an imitative strategy.

False

The SCAMPER tool is effective for solving problems only in traditional ways.

False

The text outlines five major pitfalls that business owners can become victim to when trying to become more innovative, but obeying nonexistent rules is not one of those pitfalls.

False

There are only a few good business models available for the new entrepreneur.

False

Joe is planning 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 is performing some research into his project and is looking at the overall business idea, the product/service, the industry and market, financial projections (profitability), and the plan for the future action. Joe is performing a(n) ___________.

Feasibility Study

Entrepreneurial Alertness

Is a special set of observational and thinking skills that help entrepreneurs identify good opportunities.

Opportunity Recognition

Refers to searching and capturing new ideas that lead to business opportunities.

In crafting a feasibility study, the goal is to assess if the idea can be profitably brought to market.

True

One of the ways to practice the business of innovation is to invite someone who was never included before in a meeting for solving a problem.

True

The business model canvas and the classic feasibility study produce very different results.

True

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?

Who are your competitors?