11 Questions
What is one reason to conduct a brainstorming session?
To generate ideas representing product, service, or business opportunities
What is the purpose of a focus group?
To generate ideas representing product or business opportunities
What is an idea bank?
A physical or digital repository for storing ideas
How can ideas be protected from being lost or stolen?
By securing them and avoiding disclosure that might lead to losing rights
Which step is NOT involved in protecting ideas from being lost or stolen?
Generating ideas through brainstorming sessions
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.
When does the window of opportunity close?
When the market becomes saturated with competitors
What are the three general approaches entrepreneurs use to identify an opportunity?
Observing trends, solving a problem, finding gaps
Which environmental trend is instrumental in creating opportunities according to the text?
Economic forces
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
What technique is used to quickly generate a large number of ideas and solutions to problems?
Brainstorming
Test your knowledge on recognizing business opportunities, understanding the growth and saturation of markets, and differentiating between ideas and opportunities. Explore the qualities of attractive, durable, and timely opportunities anchored in valuable products or services.
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