Ready to test your Knowledge?
Try out our new practice tests completely free!
exam preparation banner icon

The Art Science

Business

Quiz 3 :

Business Idea Generation and Initial Evaluation

Quiz 3 :

Business Idea Generation and Initial Evaluation

search
arrow
A small business owner must have the necessary skills to operate a business, and he or she must also clearly understand the marketplace.
Free
True False
Answer:

Answer:

True

arrow
Assume that an opportunity exists in northern Minnesota.A customer needs a "hand warmer" packet.Mary, a new business owner, decides she has the ability to address this gap because she knows how to produce hand warmer packets.This process is called gap analysis.
Free
True False
Answer:

Answer:

True

arrow
The generation of ideas for new businesses often occurs spontaneously and automatically.
Free
True False
Answer:

Answer:

False

arrow
A new business owner could easily become frustrated if he or she has no passion for the business he or she has decided to start.
True False
Answer:
arrow
When brainstorming, the true potential for each idea is often fully evaluated before the process moves onto generating the next one.
True False
Answer:
arrow
A good way to generate new business ideas is to think about the things that frustrate you or cause you problems and then identify solutions.
True False
Answer:
arrow
Brainstorming is a creative process in which a group of individuals are brought together and asked to generate ideas related to a specific topic or problem.
True False
Answer:
arrow
The first step in developing a quality business idea is to analyze the market.
True False
Answer:
arrow
One way to identify a gap in the marketplace is to examine trends around the region, nation, or world that may not yet have reached your geographic location.
True False
Answer:
arrow
A person's past work experience is a source of skills and ideas for new businesses.
True False
Answer:
arrow
Some small business owners find a patent, and then get permission from the owner to develop marketable products based on it.
True False
Answer:
arrow
A person who is passionate about a hobby might be able to turn that hobby into a successful business.
True False
Answer:
arrow
Entrepreneurs must quickly react to any business opportunities they identify to maximize their gains.
True False
Answer:
arrow
Potential entrepreneurs often overlook family experiences as a source of knowledge and skills.
True False
Answer:
arrow
The process of generating new business ideas is something that occurs automatically.
True False
Answer:
arrow
When performing a gap analysis, an entrepreneur must describe business ideas in detail in the first column.
True False
Answer:
arrow
A gap analysis identifies any differences between the demand by customers and the supply provided by firms currently in the market.
True False
Answer:
arrow
Gap analysis involves identifying an opportunity between the demand for a product or service and the availability of the product or service that you can buy from vendors to be resold to your customers.
True False
Answer:
arrow
A rule of thumb in the founding of businesses has always been that an owner whose business is both a vocation and an avocation is difficult to beat.
True False
Answer:
arrow
When a potential business owner has several ideas for a business, he or she needs to identify one on which to perform a due diligence analysis.
True False
Answer:
Showing 1 - 20 of 81