Chap004 - Chapter 04 - Small Business Ideas: Creativity,...

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Chapter 04 - Small Business Ideas: Creativity, Opportunity and Feasibility Chapter 04 Small Business Ideas: Creativity, Opportunity and Feasibility True / False Questions 1. (p. 79) Search and capture of new ideas that lead to business opportunities is called opportunity recognition. TRUE Difficulty: Easy 2. (p. 79) On the question of what came first for new businesses, according to PSED, majority of entrepreneurs indicated that business idea and the decision to start a business were simultaneous. FALSE Difficulty: Medium 3. (p. 80) Hobbies cannot be turned into successful businesses. FALSE Difficulty: Medium 4. (p. 81) According to entrepreneurs in PSED, work experience was the number one source of ideas for their business. TRUE Difficulty: Medium 4-1
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Chapter 04 - Small Business Ideas: Creativity, Opportunity and Feasibility 5. (p. 82) One powerful but rarely used source of business ideas are friends and family. FALSE Difficulty: Easy 4-2
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Chapter 04 - Small Business Ideas: Creativity, Opportunity and Feasibility 6. (p. 82) In entrepreneurship, every good idea is a viable business opportunity. FALSE Difficulty: Easy 7. (p. 82) A license is a legal agreement granting you rights to use a particular piece of intellectual property. TRUE Difficulty: Easy 8. (p. 82) A typical I 2 P analysis consists of a one-page response to eight questions—four about the product, three about the process and one about the people. FALSE Difficulty: Hard 9. (p. 85) "C" in the creativity tool SCAMPER stands for copy. FALSE Difficulty: Medium 10. (p. 85) Alex Osborne, a pioneer in the field of creativity, coined the word brainstorming. TRUE Difficulty: Easy 11. (p. 85) "S" in the creativity tool SCAMPER stands for summarize. FALSE Difficulty: Medium 4-3
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Chapter 04 - Small Business Ideas: Creativity, Opportunity and Feasibility 12. (p. 88) One way you can try to practice the business of innovation is to invite someone you never included before to a meeting at which you are solving a problem or searching for a new opportunity. TRUE Difficulty: Easy 13. (p. 88) Preparation and correlation are two stages of the creative process, according to Graham Wallas. FALSE Difficulty: Hard 14. (p. 89) Entrepreneurs need to avoid the pitfalls of too many ideas. Research suggests that the first good idea they come up with is always the best. FALSE Difficulty: Medium 15. (p. 89) Customers generally view a new company negatively if it imitates established companies and practices in the industry. FALSE Difficulty: Medium 16. (p. 90) One unusual ability found in the entrepreneurs Gaglio and Katz studied was that many of them can come up with new ideas given nearly any combination of resources. TRUE Difficulty: Medium 4-4
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Chapter 04 - Small Business Ideas: Creativity, Opportunity and Feasibility 17. (p. 91) According to research, start-up entrepreneurs felt most confident about obtaining start-up capital. FALSE
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This note was uploaded on 11/21/2009 for the course MNGT 422X taught by Professor Godsey during the Spring '09 term at UNL.

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Chap004 - Chapter 04 - Small Business Ideas: Creativity,...

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