Determining the potential for profitability.

Question 1

1 out of 1 points

Innovation is the process that takes a novel idea and transforms it into a product or service that customers will pay for.

Design thinking is a brainstorming strategy in which the entrepreneur uses brainwriting, visualization, and journey mapping to generate original ideas.

Joel is a team manager at Green Enterprises. When solving a problem, he often uses _____, which is a form of brainstorming that makes sure that everyone on the team feels comfortable offering up ideas.

The creation of something novel and original whether or not it is commercialized is known as

Entrepreneurs often unintentionally erect two main types of roadblocks that prevent them from following the creating path: _____ and _____.

_____ is a simple technique that has the entrepreneur breaking down a problem into its various elements and then generating new approaches or modifications for each element.

At the heart of design thinking is

Opportunity is the intersection of an idea and a customer.

Question 9

1 out of 1 points

Research on entrepreneurial opportunity has identified two fundamental theories to explain how opportunities happened: discovery theory and creation theory.

Selected Answer:

Question 10

1 out of 1 points

_____ is the process that moves an innovation from the laboratory to the market by executing on a business strategy.

Question 11

1 out of 1 points

_____ is the basis for invention and innovation, and is also fundamental to problem-solving.

Question 12

0 out of 1 points

All of the following are components of an effective problem statement EXCEPT

Question 13

1 out of 1 points

_____ sees opportunity arising from shifts in external factors in the market or industry, such as regulation, technological changes, and changes in customer preferences.

Question 14

1 out of 1 points

One of the most effective ways entrepreneurs have of creating opportunity is to identify a problem in a market and seek a solution.

Question 15

1 out of 1 points

Which of the following rules does NOT apply to idea generation?

Question 16

1 out of 1 points

“What does the industry look like?,” “Is the industry growing?,” and “Where are the opportunities?” are examples of the questions that should be answered when conducting

Question 17

1 out of 1 points

The _____ stage of the industry life cycle is an expensive period for most companies because they need to deploy extensive resources while developing critical partnerships to establish their position in the industry.

Question 18

1 out of 1 points

Due to the rise of digital media, many print newspapers have gone out of print or have reduced circulation. The newspaper industry is in the _____ stage of the industry life cycle.

Question 19

1 out of 1 points

In the customer discovery hierarchy, _____ are those individuals or companies that hold the key to reaching particular customers; they control the flow of information.

Question 20

1 out of 1 points

The North American Industry Classification System (NAICS) code consists of _____ digits where the first two digits designate _____.

Question 21

1 out of 1 points

Which of the following is a goal of market research for a new company?

Question 22

0 out of 1 points

Industries remain static or stable over time.

Question 23

1 out of 1 points

The _____ represents an unserved niche that enables an entrepreneur to enter a market with no direct competition for a time.

Question 24

1 out of 1 points

Google, Wikipedia.com, journals, and trade magazines are examples of

Question 25

1 out of 1 points

Target market research provides some of the least important data that is to determine who the first customer is.

Question 26

1 out of 1 points

A(n) _____ is a grouping of businesses that interact in a common environment as part of a value chain or distribution channel for a particular good.

Selected Answer:

Question 27

1 out of 1 points

Which of the following is NOT one of the key questions to be asked to discover your first customer?

Selected Answer:

Question 28

0 out of 1 points

In the context of Porter’s Five Forces, barriers to entry, threat from substitutes, threat from buyers’ bargaining power, and threat from suppliers’ bargaining power all work together to

Question 29

1 out of 1 points

Which of the following is NOT part of Porter’s Five Forces framework?

Question 30

1 out of 1 points

Understanding how an industry operates is fundamental to shaping effective _____ and growth strategies and to determining the potential for profitability.