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D An idea is a favorable set of circumstances that creates a need for a new product, service, or business. E It's important to discern whether a particular idea meets the criteria for an opportunity.
Analytical Thinking 8 A n is a favorable set of circumstances that creates the need for a new product, service, or business. A n is a thought, an impression or a notion. Reflective Thinking 9 Jessica Smith is thinking about starting a chain of fitness centers for young adults ages Which of the following is not an appropriate criterion for Jessica to test her idea against?
A Determine whether the "window of opportunity" is open. B Determine whether a fitness center for young adults ages meets the threshold of being a good idea. C Determine the extent to which the notion takes advantage of an environmental trend, solves a problem, or fills a gap in the marketplace.
D Determine whether opening a fitness center for young adults ages is timely. E Determine whether opening a fitness center for young adults ages is a concept that creates value for its downloader or end user.
Reflective Thinking 10 An idea is a favorable set of circumstances that creates a need for a new product, service, or business. It is 1 rare, 2 attractive, 3 timely, and 4 anchored in a product, service, or business that creates or adds value for its downloader or end user.
TRUE Diff: Analytical Thinking 12 The term "window of opportunity" is a metaphor describing the time period in which a firm can realistically raise money. Reflective Thinking 13 An idea is a thought, impression, or notion. It may or may not meet the criteria of an opportunity.
Reflective Thinking 14 Describe the difference between an idea and an opportunity. Why is the distinction important?
An opportunity is a favorable set of circumstances that creates a need for a new product, service, or business. An opportunity has four essential qualities. It is 1 attractive, 2 durable, 3 timely, and 4 is anchored in a product, service, or business that creates or adds value for its downloader or end user.
In contrast, an idea is a thought, impression, or notion. This distinction between an idea and an opportunity is important because many entrepreneurial ventures fail not because the entrepreneurs that launched them didn't work hard, but rather because there was no real opportunity to begin with. Analytical Thinking 15 The three ways to identify an opportunity include.
A observing trends, solving a problem, and finding gaps in the marketplace B studying industry trade journals, talking to consumers, and solving a problem C observing trends, conducting brainstorming sessions, and studying industry trade journals D observing trends, talking to consumers, and finding gaps in the marketplace E reading books, solving a problem, and findings gaps in the marketplace Answer: Describe the three general approaches entrepreneurs use to identify opportunities.
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Which environmental trend is most likely to have provided the impetus for the creation of these companies? C Diff: Analytical Thinking 17 Economic forces impact the opportunities available to entrepreneurs. Which of the following alternatives reflects a set of economic forces that would be of interest to entrepreneurs? A Level of disposable income, new uses of old technologies, and new laws and regulations B New technologies, consumer spending patterns, and new laws C Interest rates, consumer spending patterns, and level of disposable income D Social and cultural trends, level of interest rates, and what people think is "in" E New changes in political areas, new laws, and level of disposable income Answer: Reflective Thinking 18 Which of the following is not an example of a social force?
A Changes in interest rates B Increasing participation in social networks C Increasing diversity of the workplace D Aging of the population E Continual migration of people from small towns and rural areas to cities Answer: An increased focus on health and wellness is an important that is creating opportunities in many areas for entrepreneurial firms.
Reflective Thinking 20 The increasing number of social networks on the Internet is attributed to a jump in the number of people who are wanting to connect with one another online. The increasing number of social networks is an important trend. Reflective Thinking 21 Hulu.
A social forces B technological advances C legal changes D regulatory changes E economic forces Answer: A changes in economic forces B demographic changes C changes in social forces D changes in technological forces E political actions and regulatory changes Answer: Reflective Thinking 23 SafetyWeb is a Web-based service that helps parents protect their children's online reputation, privacy, and safety.
Which of the following approaches to identifying an opportunity was most likely the impetus for SafetyWeb? Reflective Thinking 24 The Savvy Entrepreneurial Firm feature in Chapter 2 focuses on a technique through which entrepreneurs can learn about emerging trends. The technique focused on in the chapter is. A online databases B newspapers and magazines C targeted Internet searches D social media E radio and television Answer: Analytical Thinking.
Recently, he noticed a problem that computer engineers have, and thought of a solution to the problem that might represent an opportunity for a new software product. Casey's idea for a new software product is an example of a n discovery. Reflective Thinking 26 Clothing boutiques and specialty shops often start because there is a need for a particular product, but large retailers like Wal-Mart and Costco can't sell enough of the item to stock it on their shelves.
If a clothing boutique started to sell designer clothes or clothing for hard-to-fit people because the clothing wasn't being offered by a larger retailer, the best way to describe how that idea was recognized is. A finding a gap in the marketplace B brainstorming C observing trends D solving a problem E talking to consumers Answer: Reflective Thinking 27 In , Tish Cirovolo realized that there were no guitars on the market made specifically for women.
As a result, she started Daisy Rock Guitars, a company that makes guitars just for women. Daisy Rock Guitars are stylish and come in feminine colors, and incorporate design features that accommodate a woman's smaller hand and build. The best way to describe how Cirovolo's business idea was recognized is. A brainstorming B talking to consumers C reading industry reports D observing trends E finding a gap in the marketplace Answer: A by observing changing environmental trends B by recognizing problems that need to be solved C via studying industry reports D when people become frustrated because they can't find a product or service that they need and recognize that other people feel the same way E via combined focus groups and brainstorming sessions Answer: Reflective Thinking 29 The three ways to identify an opportunity include observing trends, solving a problem, and finding gaps in the marketplace.
Reflective Thinking 30 Economic factors, social factors, technological advances, and political action and regulatory changes are the most important trends to follow in trying to identify opportunities. Reflective Thinking 31 Many new businesses are successful by taking advantage of fads.
Reflective Thinking 32 Aging of the population, the increasing diversity of the workplace, and the continual migration of people from small towns and rural areas to cities are important economic trends. The three ways that entrepreneurs identify new business, product, and service opportunities are through observing trends, solving a problem, and finding gaps in the marketplace.
The first approach to identifying opportunities is to observe trends and study how they create opportunities to pursue.
Economic forces, social factors, technological advances, and political action and regulatory changes are the most important trends to follow. The second approach to identifying opportunities is solving a problem. Sometimes identifying opportunities simply involves noticing a problem and finding a way to solve it. These problems can be pinpointed through observing trends and through more simple means e. The third approach is finding gaps in the marketplace.
This approach is accomplished by finding a need that customers have that is not being satisfied-by either large, established firms or entrepreneurial ventures. Large retailers like Wal-Mart, Costco, and Home Depot compete primarily on price by serving large groups of customers with similar needs. They do this by offering the most popular items targeted towards mainstream consumers. While this approach allows the large retailers to achieve economies of scale, it leaves gaps in the marketplace.
Entrepreneurs step in to start businesses to fill these gaps. There are also gaps in the marketplace that represent consumer needs that aren't being met by anyone. Reflective Thinking 34 The What Wrong feature in Chapter 2 focuses on Everpix, a company that enabled users to organize and store photos online in an innovative manner.
Regrettably, Everpix failed. According to the feature, Everpix's failure resulted from that fact that it's founders. A spent too much time and energy perfecting their service at the expense of building a business B spent too much time and energy raising money at the expense of perfecting their service C spent too much time networking at the expense of building a business D spent too much time marketing their product at the expense of perfecting their service E spent too much time analyzing their market at the expense of networking Answer: Discuss the personal characteristics of entrepreneurs that contribute to their ability to recognize business opportunities.
A Some people think that entrepreneurs have a "sixth sense" that allows them to see opportunities that others miss. B The extent and depth of an individual's social network affects opportunity recognition. C Several studies show that prior experience in an industry actually blinds an entrepreneur to the recognition of new opportunities in the same industry.
D Creativity is the process of generating novel or useful ideas. E The corridor principle states that once an entrepreneur starts a firm, he or she begins a journey down a path where "corridors" leading to new venture opportunities become apparent. Analytical Thinking 36 The ability to notice things without engaging in deliberate search is referred to as.
A cognitive alertness B cognitive awareness C managerial alertness D entrepreneurial alertness E individual awareness Answer: Reflective Thinking 37 Kelly Pryor, who has launched several successful entrepreneurial firms, seems to have a "sixth sense" that allows him to see opportunities that others miss.
Kelly's ability is referred to as. A individual awareness B cognitive alertness C entrepreneurial alertness D individual readiness E cognitive readiness Answer: A The research findings on entrepreneurial alertness are conclusive. B Alertness is largely a learned skill. C People who have more knowledge of an area tend to be more alert to opportunities in that area than others. D The term "entrepreneurial alertness" is often associated with a "sixth sense" that seems to allow some people to see opportunities that others miss.
E Entrepreneurial alertness is defined as the ability to notice things without engaging in deliberate search. Reflective Thinking 39 According to the textbook, research results over time consistently suggest that somewhere between percent of those who start businesses got their ideas through social contacts.
Reflective Thinking 40 An individual who identifies a business idea on his or her own is referred to as a n entrepreneur. A on their own B through the assistance of a paid consultant C through social contacts D with one or more partners E through a business incubator program Answer: Reflective Thinking 42 A solo entrepreneur is an individual who identified his or her business idea. A network entrepreneur is an individual who identified his or her business idea.
A through social contacts; on their own B through a business incubator program; through social contacts C on their own; through social contacts D through the assistance of a paid consultant; through social contacts E with one or more partners; on their own Answer: Reflective Thinking 43 relationships are characterized by frequent interactions that form between coworkers, friends, and spouses.
Sarah is getting most of her ideas through relationships. Reflective Thinking 45 Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as relationships. Reflective Thinking 48 Which of the following represents the correct order of the five stages of the creative process? Be the first to like this.
Entrepreneurship Successfully Launching New Ventures 5th Edition by Bruce R. Barringer – Test Bank
No Downloads. Views Total views. Actions Shares. Embeds 0 No embeds. No notes for slide. Read Entrepreneurship: Book Details Author: Bruce R. Barringer ,R. Duane Ireland Pages: Hardcover Brand: Description Entrepreneurship: Launching New Ventures, 3e, introduces readers to the process of entrepreneurial success and shows them how to be effective every step of the way.
If you want to download this book, click link in the next page 5. Download or read Entrepreneurship: Thank You For Visiting. You just clipped your first slide! Clipping is a handy way to collect important slides you want to go back to later. Now customize the name of a clipboard to store your clips. Visibility Others can see my Clipboard. Cancel Save.The session moves quickly, and nothing is permitted to slow down the pace. By most accounts, those changes were both necessary and successful, leading to a range of performance gains.
Clipping is a handy way to collect important slides you want to go back to later. They notice and wax nostalgic about it only when it wanes. If a clothing boutique started to sell designer clothes or clothing for hard-to-fit people because the clothing wasn't being offered by a larger retailer, the best way to describe how that idea was recognized is.
Kaplan, S. While Christian theologians and Western philosophers have long had debates about the soul, many have believed in it and in its persistence over time. Bradford: Emerald Group Publishing Limited. These are not simply cultural norms designed to shape behavior. According to research in this area, it is more likely that an entrepreneur will get a new business idea through a weak-tie than a strong-tie relationship because strong-tie relationships, which typically form between like-minded individuals, tend to reinforce insights and ideas the individuals already have.
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