Which illustrates how environmental factors are interrelated?

The economy affects what competitors are doing.

Which is TRUE about entrepreneurial discovery?

Ongoing process that facilitates a business's success rate

Which is usually a characteristic of a creative person?

Like to seek out new challenges

The primary goal during brainstorming process is to:

Come up with as many ideas as possible

Which is true regarding the use of group creative-thinking techniques in idea generation?

Members generate new ideas by altering/building upon others

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Entrepreneurship - Obj. 2.01 - 2.06

23 termsStudBud Administration446 plays

Review of concepts covered in Objectives 2.01 - 2.06 (Entrepreneurial Discovery & Creative Thinking)

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Questions 23

Answers

1
When determining venture-creation opportunities, entrepreneurs must first:
Select a location
Conduct research
Identify staffing needs
Obtain financing
2
Entrepreneurial discovery process requires knowledge and recognition of a(n):
Preventable Accident
Economic Crisis
Market Need
Creative Observation
3
When using mind-mapping to generate ideas, you begin by writing down the main problem or?
Situational Analysis
Primary Associations
Market Opportunity
Supporting Facts
4
Market opportunity is often affected by:
Rewards
Methodology
Timing
Location
5
Which is a global trend that might encourage international business opportunities?
Enforceable trade agreements
Flexible currency rates
Higher allowances
Lower tariffs
6
Identifying new product opportunities usually requires a person to be:
Indifferent
Decisive
Aware
Emotional
7
Which personality traits is often associated with creative people?
Acting independently
Shunning recognition and praise
Preferring routine activities
Exhibiting low energy levels
8
When generating ideas for new businesses, entrepreneurs often look for ways to:
Solve problems
Rationalize spending
Increase liability
Control outcomes
9
People who are naturally creative often are:
Emotionally controlled
Highly educated
Physically active
Mentally flexible
10
Which of the following processes helps aspiring entrepreneurs generate venture ideas?
Decision Making
Creative Thinking
Financial Planning
Goal Setting
11
Which is an example of a demographic trend?
Rising interest rates
The aging of the population
A concern for health and fitness
Shifting political climates
12
Which is an example of a demographic trend that encouraged entrep. discovery?
Industry degregulation
Increased cultural diversity
Interest rate flucatations
Technological advancements
13
Entrepreneurial discovery is an important process in a free-enterprise system b/c you can
Improve economic sanctions
Satisfy an unmet demand
Form a technological monopoly
Change legal requirements
14
Jessica's hobby is making jewelry and hopes to sell on eBay. This is identifying a product opp?
By demographic changes
By consumer attitudes
By business processes
By personal experiences
15
Which illustrates how environmental factors are interrelated?
The economy affects what competitors are doing.
New legislation will be written in the future.
The economy affects banking institutions.
Low investor confidence heavily impacts financial planners
16
Which is TRUE about entrepreneurial discovery?
Ongoing process that facilitates a business's success rate
It ensure that start-up businesses have continuous funding
A way to determine long-term profit a start-up can generate
Provides entrepreneurs with professional dev. training
17
What is an economic factor that a business should consider during an environmental scan?
Local Demographics
Consumer Spending Habits
Restricted Sales Territories
Global Trade Regulations
18
Which is usually a characteristic of a creative person?
Like to seek out new challenges
Depends on others
Prefers working under supervision
Is patient with other people
19
The primary goal during brainstorming process is to:
Rate each idea in relation to one another
Come up with as many ideas as possible
Come up with a set number of ideas within a certain time
Analyze each idea as it is presented
20
Which is true regarding the use of group creative-thinking techniques in idea generation?
Six Hat technique is generally most effective technique.
Members generate new ideas by altering/building upon others
Groups are more effective when using mind-mapping
Brainstorming usually generates the best ideas
21
The primary responsibilities of a facilitator in brainstorming are to compile ideas and ...
Judge the bad ideas
Select the best idea
Keep the group on task
Evaluate the group's creativity
22
Kwan decided to sell Korean goods after noticing an increase in the Korean population. This is?
Changes in travel habits
Advancement in technology
Shifts in population ethnicity
Differences in priorities
23
Which is true about a business's environment?
It can be avoided
It is always changing
It may not affect the business, depending on industry
It consists of the economy and technology

Entrepreneurship - Obj. 2.01 - 2.06 Flashcards | StudBud