Creating and Recognizing New Opportunities in entrepreneurship MCQ
Entrepreneurs typically go through three processes before they are able to identify an opportunity for a new business ventures. These processes are
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Idea generation, creativity, and opportunity recognition.
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The ______ pathway to opportunity identification is the concept that opportunities exist independent of entrepreneurs and are waiting to be discovered.
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find
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______ opportunities involve using what you have (skills, knowledge, abilities) to uncover an opportunity that uniquely fits with the entrepreneur.
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Effectuating
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It is most accurate to say that the entrepreneurial mindset is all about openness to ______.
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the new
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Which of the following is accurate about innovation?
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Many well-known inventions have evolved because of a substantial number of people working on them simultaneously.
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In the IDEATE approach, to actively search for ideas in problem-rich environments where there are social and demographic changes, technological change, political and regulatory change, and/or changes in industry structure is the ______ stage.
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discovery
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______ is an apparent way of generating value through unique, novel, or desirable products or services that have not been previously exploited.
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Opportunity
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In the IDEATE approach, to define and understand a particular market and validate new ideas with early adopters is the ______ stage.
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target
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The process of identifying links or connections between apparently unrelated things or events is known as ______.
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pattern recognition
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______ strategies for idea generation involve consciously making links between concepts or ideas that are not normally associated with each other.
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Relationship-seeking
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The ______ approach is the least complicated and most common way to identify new opportunities.
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finding
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______ strategies for idea generation involve using memory to retrieve information to make links or connections based on past experiences that are relevant to the current problem.
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Search
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By training themselves to note changes in technology, markets, and demographics; engage in active searches; and keep an open mind to recognizing trends and patterns, individuals can become better at ______.
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opportunity recognition
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An idea that has a high degree of novelty but may or may not have a high level of usefulness is considered to be ______.
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invention
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That some people spot opportunities while others don’t, suggests that entrepreneurs who are ______ their environment are able to take advantage of opportunities that are not found through rational and systematic search.
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alert to
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The different methods by which third parties such as brokers (or “middlemen”) can generate money.
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Broker
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Actions that involve using a stimulus to retrieve memories in order to make links or connections based on personal experience that are relevant to the current problem is known as.?
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Search Strategies
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Search Pathway is used when ______
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entrepreneurs are not quite sure what type of venture they want to start, so they engage in an active search to discover new opportunities.
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Relationship-Seeking Strategies Plans of action that involve___.
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consciously making links between concepts or ideas that are not normally associated with each other.
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Prior Knowledge information gained from a_____.
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combination of life and work experience.
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The process of identifying links or connections between apparently
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Pattern Recognition
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Actions that involve group members generating ideas and building on each other’s ideas.
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Interpersonal Strategies
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_____ involve suspending disbelief and dropping constraints in order to create unrealistic states or fantasies.
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Imagination-Based Strategies
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Habit-Breaking Strategies is actions that involve____.
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techniques that help to break our minds out of mental fixedness in order to bring about creative insights.
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_____ assumes that opportunities exist independent of entrepreneurs and are waiting to be found.
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Find Pathway
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Effectuate Pathway is a that involves_____.
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using what you have (skills, knowledge, abilities) to uncover an opportunity that uniquely fits you.
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Development Strategies involve enhancing _____
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modifying existing ideas in order to create better alternatives and new possibilities.
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A pathway that can uncover high-value opportunities because the entrepreneur is focusing on unmet needs of customers, specifically latent need is known as?
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Design Pathway
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Actions that involve taking time to think carefully about a problem by breaking it up into parts, or looking at it in a more general way is known as
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Analytical Strategies
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Alertness is ability of_______.
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Some people have to identify opportunities.
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