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Recognizing Business Opportunities Quiz

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Questions and Answers

What is one reason to conduct a brainstorming session?

To secure ideas from being lost or stolen

To store ideas in a physical or digital repository

To generate ideas representing product, service, or business opportunities (correct)

To select 5 to 10 people based on common characteristics

What is the purpose of a focus group?

To store ideas in a physical or digital repository

To select 5 to 10 people based on common characteristics

To generate ideas representing product or business opportunities (correct)

To protect ideas from being lost or stolen

What is an idea bank?

A practice that avoids disclosing ideas inadvertently

A gathering of 5 to 10 people selected based on common characteristics

A means of securing ideas from theft

A physical or digital repository for storing ideas (correct)

How can ideas be protected from being lost or stolen?

By securing them and avoiding disclosure that might lead to losing rights Signup and view all the answers

Which step is NOT involved in protecting ideas from being lost or stolen?

Generating ideas through brainstorming sessions Signup and view all the answers

What is the difference between an idea and an opportunity?

An idea is a thought or impression, while an opportunity has the qualities of being attractive, durable, and timely. Signup and view all the answers

When does the window of opportunity close?

When the market becomes saturated with competitors Signup and view all the answers

What are the three general approaches entrepreneurs use to identify an opportunity?

Observing trends, solving a problem, finding gaps Signup and view all the answers

Which environmental trend is instrumental in creating opportunities according to the text?

Economic forces Signup and view all the answers

What are the personal characteristics that researchers have identified as making some people better at recognizing business opportunities than others?

Cognitive factors, social networks, creativity Signup and view all the answers

What technique is used to quickly generate a large number of ideas and solutions to problems?

Brainstorming Signup and view all the answers