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Questions and Answers
What is the difference between an opportunity and an idea?
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?
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?
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?
What is the purpose of brainstorming as an idea generator?
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What are the five steps in the creative process?
What are the five steps in the creative process?
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