Creating and Recognizing New Opportunities in entrepreneurship MCQ
Creating and Recognizing New Opportunities in entrepreneurship MCQ
1. 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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2. 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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3. ______ 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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4. 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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5. 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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6. 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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7. ______ 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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8. 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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9. 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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10. ______ 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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11. The ______ approach is the least complicated and most common way to identify new opportunities.
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finding
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12. ______ 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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13. 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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14. 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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15. 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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16. The different methods by which third parties such as brokers (or “middlemen”) can generate money.
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Broker
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17. 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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18. 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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19. 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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20. Prior Knowledge information gained from a_____.
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combination of life and work experience.
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21. The process of identifying links or connections between apparently
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Pattern Recognition
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22. Actions that involve group members generating ideas and building on each other’s ideas.
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Interpersonal Strategies
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23. _____ 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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24. 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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25. _____ assumes that opportunities exist independent of entrepreneurs and are waiting to be found.
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Find Pathway
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26. 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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27. Development Strategies involve enhancing _____
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modifying existing ideas in order to create better alternatives and new possibilities.
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28. 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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29. 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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30. Alertness is ability of_______.
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Some people have to identify opportunities.
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