Question 1

In an attempt to become more innovative,a major pitfall that business owners are most likely to become victim to is:

Accepted Answer

A)   judging ideas slowly.
B)   asking for support after failing the first time.
C)   obeying all the rules to get investors.
D)   using the first good idea as a business opportunity.E) A) and D)
F) C) and D)

Question 2

Using paradoxes such as using stimulants to calm hyperactive children,to challenge old ways of thinking,refers to which of the following cues of the SCAMPER tool?

Accepted Answer

A)   Minimize
B)   Saturate
C)   Restitute
D)   RearrangeE) All of the above
F) None of the above D

Question 3

According to a majority of entrepreneurs in the Panel Study of Entrepreneurial Dynamics (PSED) ,which of the following is the most frequently mentioned source of business ideas?

Accepted Answer

A)   Discussion with potential investors
B)   Education and expertise
C)   Family and friends
D)   Work experienceE) A) and B)
F) A) and C)

Question 4

The SCAMPER tool is based on the work of:

Accepted Answer

A)   David McClelland.
B)   Abraham Maslow.
C)   Alex Osborne.
D)   Frederick Herzberg.E) All of the above
F) A) and D) C

Question 5

In the SCAMPER tool,"E" stands for:

Accepted Answer

A)   Entertain
B)   Extrapolate
C)   Engineer
D)   EliminateE) A) and C)
F) A) and B)

Question 6

The goal of a feasibility study is:

Accepted Answer

A)   to create additional value for customers through great products or services.
B)   to create outlets for employees to bring out new ideas.
C)   to assess if a business idea can be profitably brought to market.
D)   to assess how well a preliminary run of a business works and what problems it might have.E) A) and B)
F) A) and C)

Question 7

The business model canvas and the classic feasibility study produce very different results.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following statements about innovation and building an idea-prone culture is not true?

Accepted Answer

A)   Techniques,like SCAMPER,may be helpful in the innovation process.
B)   Innovative companies automatically develop out of innovative business ideas.
C)   Innovation is not always unpredictable and uncontrollable.
D)   Varied experiences allow different perspectives,sometimes leading to breakthrough ideas.E) B) and D)
F) A) and B) B

Question 9

_____ is a payment to a licensor based on the number or value of licensed items sold.

Accepted Answer

A)   Milestone payment
B)   Lump sum payment
C)   Royalty
D)   Pay-offE) A) and B)
F) B) and C)

Question 10

During a feasibility study,the examination of customers you wish to serve and those who would show interest in your product is helpful.This step defines your _______.

Accepted Answer

A)   target market
B)   conversion rate
C)   royalty
D)   verificationE) B) and C)
F) C) and D)

Question 11

Which of the following aspects of the SCAMPER tools involves searching for opportunities that arise when a person gets rid of something or stops doing something?

Accepted Answer

A)   Adapt
B)   Eliminate
C)   Rearrange
D)   ModifyE) A) and B)
F) A) and C)

Question 12

_____ means the extent to which an idea is viable and realistic,and the extent to which you are aware of internal and external forces that could affect your business.

Accepted Answer

A)   Flexibility
B)   Consistency
C)   Feasibility
D)   InnovationE) None of the above
F) B) and D)

Question 13

According to the SCAMPER tool,a feature that allows customers to order directly from a website rather than visiting a store is an example of:

Accepted Answer

A)   elimination.
B)   adaptation.
C)   magnification.
D)   substitution.E) A) and D)
F) A) and C)

Question 14

The idea trigger of the separate products,services,or whole businesses that entrepreneurs can put together to create another distinct business represents which cue of the SCAMPER tool?

Accepted Answer

A)   Substitute
B)   Magnify
C)   Adapt
D)   CombineE) C) and D)
F) None of the above

Question 15

Define opportunity recognition and entrepreneurial alertness.

Accepted Answer

The search and capture of new ideas that...

Question 16

An overall strategic approach in which the entrepreneur does more or less what others are already doing refers to a(n) :

Accepted Answer

A)   imitative strategy.
B)   innovative strategy.
C)   incremental strategy.
D)   radical innovation strategy.E) B) and D)
F) B) and C)

Question 17

The SCAMPER tool is effective for solving problems only in traditional ways.

Accepted Answer

A) True 
 B)False

Question 18

If a business owner assumes that he or she needs to do all the work,make all the sales calls,and solve everybody's problems,which major pitfall is the business owner becoming a victim to while trying to become more innovative?

Accepted Answer

A)   Obeying rules that do not exist
B)   Judging ideas too quickly
C)   Identifying the wrong problem
D)   Failing to ask for supportE) A) and B)
F) B) and D)

Question 19

Define the classic feasibility study and give a brief description of the outline for the study.Finally,what is the goal of the feasibility study?

Accepted Answer

The feasibility study evaluates the pote...

Question 20

A business model is a preliminary run of a business with the goal of assessing how well the overall approach works and what problems it might have.

Accepted Answer

A) True 
 B)False

Exam 4: Small Business Ideas: Creativity, opportunity, and Feasibility

In an attempt to become more innovative,a major pitfall that business owners are most likely to become victim to is:

Correct AnswerverifiedShow Answer

Using paradoxes such as using stimulants to calm hyperactive children,to challenge old ways of thinking,refers to which of the following cues of the SCAMPER tool?

Correct AnswerverifiedD

According to a majority of entrepreneurs in the Panel Study of Entrepreneurial Dynamics (PSED) ,which of the following is the most frequently mentioned source of business ideas?

Correct AnswerverifiedShow Answer

The SCAMPER tool is based on the work of:

Correct AnswerverifiedC

In the SCAMPER tool,"E" stands for:

Correct AnswerverifiedShow Answer

The goal of a feasibility study is:

Correct AnswerverifiedShow Answer

The business model canvas and the classic feasibility study produce very different results.

Correct AnswerverifiedShow Answer

Which of the following statements about innovation and building an idea-prone culture is not true?

Correct AnswerverifiedB

_____ is a payment to a licensor based on the number or value of licensed items sold.

Correct AnswerverifiedShow Answer

During a feasibility study,the examination of customers you wish to serve and those who would show interest in your product is helpful.This step defines your _______.

Correct AnswerverifiedShow Answer

Which of the following aspects of the SCAMPER tools involves searching for opportunities that arise when a person gets rid of something or stops doing something?

Correct AnswerverifiedShow Answer

_____ means the extent to which an idea is viable and realistic,and the extent to which you are aware of internal and external forces that could affect your business.

Correct AnswerverifiedShow Answer

According to the SCAMPER tool,a feature that allows customers to order directly from a website rather than visiting a store is an example of:

Correct AnswerverifiedShow Answer

The idea trigger of the separate products,services,or whole businesses that entrepreneurs can put together to create another distinct business represents which cue of the SCAMPER tool?

Correct AnswerverifiedShow Answer

Define opportunity recognition and entrepreneurial alertness.

Correct AnswerverifiedThe search and capture of new ideas that...View AnswerShow Answer

An overall strategic approach in which the entrepreneur does more or less what others are already doing refers to a(n) :

Correct AnswerverifiedShow Answer

The SCAMPER tool is effective for solving problems only in traditional ways.

Correct AnswerverifiedShow Answer

If a business owner assumes that he or she needs to do all the work,make all the sales calls,and solve everybody's problems,which major pitfall is the business owner becoming a victim to while trying to become more innovative?

Correct AnswerverifiedShow Answer

Define the classic feasibility study and give a brief description of the outline for the study.Finally,what is the goal of the feasibility study?

Correct AnswerverifiedThe feasibility study evaluates the pote...View AnswerShow Answer

A business model is a preliminary run of a business with the goal of assessing how well the overall approach works and what problems it might have.

Correct AnswerverifiedShow Answer

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C

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B

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The search and capture of new ideas that...
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The feasibility study evaluates the pote...
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