Recognizing Opportunities and Generating Ideas
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Questions and Answers

Which of the following best defines an opportunity?

  • Choosing an existing product or service and trying to create a slightly improved version
  • A problem or gap that an entrepreneur identifies and creates a business to address
  • A favorable set of circumstances that leads to the need for a new product, service, or business (correct)
  • Identifying a product or service that meets people's needs and is marketable

    • What is a common mistake when identifying opportunities?

  • Choosing an existing product or service and trying to create a slightly improved version (correct)
  • Not considering the marketability of the product or service
  • Not appealing to potential customers or users
  • Not identifying a problem or gap to address

    • Which of the following is one of the key qualities of an opportunity?

  • Attractive to potential customers or users (correct)
  • Externally stimulated by an entrepreneur
  • Challenging to identify
  • Internally stimulated by an entrepreneur

    • What is the timing consideration for launching an opportunity?

    <p>The timing for launching the product, service, or business should be right</p> Signup and view all the answers

    What is the difference between externally stimulated and internally stimulated entrepreneurial ventures?

    <p>Externally stimulated ventures are when an entrepreneur recognizes an opportunity and starts a business, while internally stimulated ventures are when an entrepreneur identifies a problem or gap and creates a business to address it</p> Signup and view all the answers

    True or false: Identifying an opportunity involves offering something distinct from existing options.

    <p>True</p> Signup and view all the answers

    True or false: An opportunity should be appealing to potential customers or users.

    <p>True</p> Signup and view all the answers

    True or false: The timing for launching an opportunity should be right.

    <p>True</p> Signup and view all the answers

    True or false: Choosing an existing product or service and creating a slightly improved version is a common mistake when identifying opportunities.

    <p>True</p> Signup and view all the answers

    True or false: Entrepreneurial ventures can only be externally stimulated.

    <p>False</p> Signup and view all the answers

    True or false: Entrepreneurial ventures can only be externally stimulated.

    <p>False</p> Signup and view all the answers

    True or false: Identifying a product or service that meets people's needs is not important in opportunity recognition.

    <p>False</p> Signup and view all the answers

    True or false: A common mistake in opportunity recognition is choosing an existing product and creating a slightly improved version of it.

    <p>True</p> Signup and view all the answers

    True or false: An opportunity should be appealing to potential customers or users.

    <p>True</p> Signup and view all the answers

    True or false: Timing is not a consideration when launching an opportunity.

    <p>False</p> Signup and view all the answers

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