Recognizing Opportunities and Generating Ideas Quiz
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Questions and Answers

What is the difference between an opportunity and an idea?

  • An opportunity is a specific plan for a new business venture, while an idea is a general concept for a product or service
  • An opportunity is a favorable set of circumstances that creates a need for a new product, service, or business, while an idea is a thought, an impression, or a notion (correct)
  • An opportunity is a fully developed business concept, while an idea is a vague notion without potential
  • An opportunity is a market demand, while an idea is a unique invention

    • Which of the following is not one of the three general approaches entrepreneurs use to identify opportunities?

  • Problem-focused approach
  • Idea-focused approach
  • Opportunity recognition approach
  • Ethical approach (correct)

    • What are the four environmental trends that are most instrumental in creating business opportunities?

  • Competitive landscape, supply chain dynamics, labor market trends, and legal changes
  • Cultural shifts, personal preferences, global events, and government policies
  • Economic forces, social forces, technological advances, and political action (correct)
  • Market demand, consumer behavior, industry regulations, and financial stability

    • What is the purpose of brainstorming as an idea generator?

    <p>To generate a large number of ideas in a short amount of time without criticism</p> Signup and view all the answers

    What are the five steps in the creative process?

    <p>Preparation, incubation, insight, evaluation, elaboration</p> Signup and view all the answers

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