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| 1 | |
Opportunity recognition is the search and capture of new ideas that lead to business opportunities. |
| | A) | True |
| | B) | False |
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| 2 | |
Serendipity is when an entrepreneur changes her hobby to her profession. |
| | A) | True |
| | B) | False |
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| 3 | |
Work experience was the number one source of ideas for business, according to entrepreneurs in PSED. |
| | A) | True |
| | B) | False |
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| 4 | |
Two of the four areas one should consider when evaluating an idea or opportunity are Revenue-generating ability and resources. |
| | A) | True |
| | B) | False |
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| 5 | |
Summarize is what the "S" in the creativity tool SCAMPER stands for. |
| | A) | True |
| | B) | False |
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| 6 | |
SCIPPER is a very effective method for helping business owners and their employees come up with alternative solutions. |
| | A) | True |
| | B) | False |
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| 7 | |
If a new company imitates established companies and practices in the industry customers generally view a new company negatively. |
| | A) | True |
| | B) | False |
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| 8 | |
The insurance requirement and the market penetration aspects should be identified in the industry and market component of the feasibility study. |
| | A) | True |
| | B) | False |
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| 9 | |
The implementation of a creative idea or opportunity leading to profitable, effective outcomes refers to |
| | A) | innovation. |
| | B) | technology transfer. |
| | C) | entrepreneurial alertness. |
| | D) | opportunity recognition. |
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| 10 | |
Majority of the entrepreneurs indicated that _______, according to PSED. |
| | A) | both the idea and decision are simultaneous |
| | B) | the business idea comes first |
| | C) | they have no recollection of what happened with business start-up |
| | D) | the decision to start a business comes first |
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| 11 | |
Which of these factors can be said to be responsible when you happen to be at the right place at the right time resulting in a successful business idea? |
| | A) | Serendipity |
| | B) | Education and expertise |
| | C) | Personal interest |
| | D) | Family and friends |
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| 12 | |
Which of these refers to the preliminary assessment of the potential for a business to be created or, once created to survive? |
| | A) | Innovation |
| | B) | Flexibility |
| | C) | Consistency |
| | D) | Viability |
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| 13 | |
Which of the following refers to a legal agreement granting you rights to a particular piece of intellectual property? |
| | A) | Licensee |
| | B) | Licensor |
| | C) | License |
| | D) | Royalty |
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| 14 | |
______ is/are NOT one of the primary areas one should consider when evaluating an idea or opportunity. |
| | A) | Revenue generating ability |
| | B) | Resources |
| | C) | Products |
| | D) | Information technology |
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| 15 | |
Which of these elements of SCAMPER is used when a bookstore starts to sell videos, music, and coffee as well? |
| | A) | Substitute |
| | B) | Combine |
| | C) | Eliminate |
| | D) | Rearrange |
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| 16 | |
Producing an idea or opportunity that is novel and useful, frequently delivered from making connections among distinct ideas or opportunities refers to |
| | A) | creativity. |
| | B) | imitation. |
| | C) | ethics. |
| | D) | flexibility. |
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| 17 | |
In the creativity tool SCAMPER, "P" stands for |
| | A) | participate. |
| | B) | personalize. |
| | C) | price. |
| | D) | put to other use. |
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| 18 | |
Of these, ______ is NOT a technique identified in your text that you can try as you practice the business of innovation. |
| | A) | have a "scan the environment" day |
| | B) | read magazines and trade journals in your area |
| | C) | redesign your work environment |
| | D) | invite someone you've never included before to a meeting at which you are solving a problem |
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| 19 | |
When trying to become more innovative all of these are major pitfalls that business owners can become victim to EXCEPT |
| | A) | judging ideas too quickly. |
| | B) | obeying rules that don't exist. |
| | C) | getting too many people involved. |
| | D) | stopping with the first good idea. |
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| 20 | |
______ refers to taking an idea and offering a way to do something slightly better than it is done presently. |
| | A) | Incremental strategy |
| | B) | Imitative strategy |
| | C) | Status quo strategy |
| | D) | Innovative strategy |
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| 21 | |
Entrepreneurs feel most confident about which of these, according to PSED? |
| | A) | Obtain a bank's help |
| | B) | Obtain start-up capital |
| | C) | Attract employees |
| | D) | Comply with local/state/federal regulations |
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| 22 | |
Which of these aspects should be included in the product/service component of the feasibility study? |
| | A) | Market penetration |
| | B) | Stage of development |
| | C) | Competition |
| | D) | Cost forecast |
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| 23 | |
______ is not included in the financial projections component of the feasibility study. |
| | A) | Pricing |
| | B) | Operating expenses |
| | C) | Insurance requirements |
| | D) | Cost forecasts |
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| 24 | |
______ is a preliminary run of a business, sales effort, program, or Web site with the goal of assessing how well the overall approach works and what problems it might have. |
| | A) | Pricing |
| | B) | Pilot testing |
| | C) | Converting rate |
| | D) | Cost forecasting |
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