Question 1

The Opening Profile to Chapter 3 of Chris Griffiths and Garrison Guitars is a story of not just innovation, but of perseverance and intrapreneurship.

Accepted Answer

The Opening Profile to Chapter 3 of Chris Griffiths and Garrison Guitars highlights themes of innovation, perseverance, and intrapreneurship, showcasing how these elements contributed to the success of the company.

Question 2

The entrepreneurial process described in the text has only two stages: identifying an entrepreneurial opportunity, and then creating the new business venture to capitalize on it.

Accepted Answer

The entrepreneurial process typically involves multiple stages, including opportunity identification, feasibility analysis, business planning, resource gathering, and business launch.

Question 3

The stages of the entrepreneurial process discussed in the text are progressive and if not followed sequentially, can often lead to new business failure.

Accepted Answer

False

Question 4

Because most good business opportunities appear suddenly, the entrepreneur is rarely able to identify opportunities early enough to exploit them.

Accepted Answer

Entrepreneurs often identify opportunities through market research, trends analysis, and understanding customer needs, allowing them to exploit opportunities early.

Question 5

Consumers are often the best source of new venture ideas for entrepreneurs.

Accepted Answer

Consumers can provide valuable insights and feedback that can inspire new products or services, making them a key source of ideas for entrepreneurs.

Question 6

Business venture risks and rewards are determined by the market size and the length of the window of opportunity.

Accepted Answer

The market size indicates potential revenue, while the window of opportunity affects how long a business can capitalize on market conditions.

Question 7

When evaluating new venture opportunities, the risks reflect the market, competition, technology, and amount of capital involved.

Accepted Answer

The answer of When evaluating new venture opportunities, the risks...

Question 8

To an entrepreneur, an opportunity assessment plan is simply another term for a business plan.

Accepted Answer

An opportunity assessment plan is a preliminary evaluation of a business idea's potential, while a business plan is a detailed document outlining the strategy and operations of a business.

Question 9

To an entrepreneur, the difference between a good idea and a true opportunity is often determined by research.

Accepted Answer

Research helps entrepreneurs assess market demand, competition, feasibility, and potential profitability, distinguishing a mere idea from a viable business opportunity.

Question 10

Quantitative opportunity assessment methods include the income statement approach and the market analysis approach.

Accepted Answer

Quantitative opportunity assessment methods often involve financial analysis, such as the income statement approach, and market analysis to evaluate potential opportunities.

Question 11

The difference between the income statement approach and the market analysis approach to opportunity assessment is that the income statement approach does not consider market size when forecasting sales revenue.

Accepted Answer

The answer of The difference between the income statement approach...

Question 12

The first stage in determining retail market share is to estimate as accurately as possible the size of your competitor's store,

Accepted Answer

The first stage in determining retail market share is to estimate as accurately as possible the size of your competitor's store. This is because the size of a store is a key factor in determining its market share. A larger store will typically have a larger market share than a smaller store.

Question 13

The final two segments of the income statement approach are determining the start-up costs of the business and calculating a ROI

Accepted Answer

The answer of The final two segments of the income...

Question 14

At each stage of the product planning and development process, criteria for evaluation need to be established.

Accepted Answer

Establishing criteria for evaluation at each stage ensures that the product meets the desired standards and objectives, allowing for informed decision-making and adjustments throughout the development process.

Question 15

The product planning and development process: The Second stage in product development Process is the idea stage.

Accepted Answer

The second stage in the product development process is typically the "screening" or "idea screening" stage, where ideas generated in the first stage are evaluated for feasibility and potential.

Question 16

The product planning and development process: In the concept stage, the refined product idea is tested to determine consumer acceptance.

Accepted Answer

The answer of The product planning and development process: In...

Question 17

The product planning and development process: In the product development stage, consumer reaction to the physical product is determined.

Accepted Answer

In the product development stage, prototypes or models are created and tested to gather consumer feedback and reactions to the physical product.

Question 18

The product planning and development process: This last step in the evaluation process, the test marketing stage, provides "theoretical"sales results, which indicate the acceptance level of consumers.

Accepted Answer

Test marketing provides actual sales results, not theoretical ones, to gauge consumer acceptance.

Question 19

It is important to note that the opportunity assessment plan is not one-size-fits-all.

Accepted Answer

An opportunity assessment plan should be tailored to the specific needs and context of each situation or organization, as different opportunities may require different approaches and considerations.

Question 20

Although formal mechanisms are generally found within more established companies, most entrepreneurs use informal sources for their ideas, such as being sensitive to the complaints and chance comments of friends and associates.

Accepted Answer

Entrepreneurs often rely on informal sources like feedback and observations from their network to generate ideas, as they may not have access to formal mechanisms typically found in larger, established companies.

Quiz 3: Generating and Exploring New Entries