Question 1

In discussing the concept of idea in entrepreneurship, which of the following is generally accepted?&#10;A) An idea is the point of departure of the entrepreneurial process.&#10;B) An idea is an opportunity in itself.&#10;C) An idea should not be acted on.&#10;D) An idea is a vague conception about life.

Accepted Answer

An idea is generally accepted as the starting point of the entrepreneurial process. It provides the foundation for developing a business plan or creating a new product/service. B is partially correct, as an idea can also represent an opportunity, but it is not the only definition. C is incorrect, as the purpose of entrepreneurship is to act on an idea, and D is incorrect, as a vague conception about life is not necessarily an entrepreneurial idea.

Question 2

The concept of 'window of opportunity' refers to ________________.&#10;A) The durability of the business opportunity.&#10;B) The attractiveness of the business opportunity.&#10;C) The timeliness of the business opportunity.&#10;D) The value of the business opportunity.

Accepted Answer

Window of opportunity refers to the limited time period during which a business opportunity is available and can be pursued successfully. It emphasizes the importance of timing in entrepreneurship and the need to act quickly and decisively to take advantage of emerging trends or market demands. The durability, attractiveness, and value of an opportunity are important factors, but without proper timing, they may not be sufficient to achieve success.

Question 3

Which is of the following is not among the four Cs of a business opportunity?&#10;A) Consideration.&#10;B) Connection.&#10;C) Coordination.&#10;D) Commitment.

Accepted Answer

C

Question 4

Which type of ideas involve creating new processes for producing or delivering existing products or services?&#10;A) Type C ideas.&#10;B) Type B ideas.&#10;C) Type D ideas.&#10;D) Type A ideas.

Accepted Answer

Type C ideas involve creating new processes for producing or delivering existing products or services.

Question 5

Which type of ideas involve identifying entirely new products or services?&#10;A) Type C ideas.&#10;B) Type B ideas.&#10;C) Type D ideas.&#10;D) Type A ideas.

Accepted Answer

The answer of Which type of ideas involve identifying entirely...

Question 6

Which type of ideas involve identifying a new market for an existing product or service?&#10;A) Type D ideas.&#10;B) Type A ideas.&#10;C) Type C ideas.&#10;D) Type B ideas.

Accepted Answer

Type B ideas involve taking existing products or services and finding new markets for them. This could involve targeting a different demographic, expanding into a new geographic area, or finding a new use for the product that appeals to a different set of customers.

Question 7

Entrepreneurial ideas come from the following, except:&#10;A) Personal experiences.&#10;B) Passive action.&#10;C) Hobbies.&#10;D) Accidental discovery (serendipity)

Accepted Answer

Entrepreneurial ideas come from personal experiences, hobbies, and accidental discovery (serendipity). Passive action does not generate entrepreneurial ideas because it involves no active effort to create or innovate.

Question 8

Which of the following is not part of the creative process?&#10;A) Insight.&#10;B) Incubation.&#10;C) Preparation.&#10;D) Imagination.

Accepted Answer

Imagination is actually a crucial component of the creative process, as it involves envisioning new and innovative ideas. Therefore, D is not the correct choice. A, B, and C are all key elements of the creative process. Insight involves identifying a problem or challenge that needs to be solved. Incubation involves allowing ideas to simmer in the mind, without actively thinking about them. Preparation involves gathering information, learning new skills, and conducting research to support the creative process.

Question 9

The process of generating new ideas is best described as _____________.&#10;A) Innovation.&#10;B) Creativity.&#10;C) Discovery.&#10;D) Imagination.

Accepted Answer

The process of generating new ideas involves using imagination and creativity to come up with innovative solutions or concepts, which makes choice B, creativity, the best answer. Discovery may involve finding something that already exists or uncovering new information, but it does not necessarily involve the creation of new ideas. Innovation is a result of new ideas, but it does not describe the process of generating those ideas. Imagination is necessary for generating new ideas, but it alone does not fully encompass the process.

Question 10

A set of favorable events involving customers, consideration, connection, and commitment (the 4 Cs) that have the potential to become a successful business is best known as___________.&#10;A) A business opportunity.&#10;B) A business concept.&#10;C) A business idea.&#10;D) An idea.

Accepted Answer

The answer of A set of favorable events involving customers,...

Deck 5: Managing the External Environment of Social Ventures