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

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Question 21

Multiple Choice

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The RBI screen consists of asking yourself five questions to help you screen entrepreneurial ideas.Which of the following is NOT one of those five questions?

A) Who are you?
B) Who are your competitors?
C) What are you offering?
D) Why do they care?

E) A) and C)
F) B) and C)

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Question 22

Multiple Choice

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One of the quickest and simplest ways to screen an idea for business potential is through the ______.

A) use of a pilot test
B) business model canvas
C) feasibility study
D) RBI screen

E) A) and D)
F) B) and C)

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Question 23

Multiple Choice

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Rejecting existing ideas,and presenting a way to do things differently refers to the _____ strategy.

Josh,an electronics retailer,noticed that the e-commerce business was booming.He started an online shopping website to take advantage of this surge in business.As a result,his business attracted more customers from all across the country.This reflects Josh's:

Born and raised in India,Rashmi has always enjoyed Indian cooking.As a matter of fact,cooking was her passion and she always enjoyed reading,learning,and experimenting with different ethnic cuisines.Ever since Rashmi's family moved to the United States,her cousins,friends,and other people at dinner gatherings have always commented that Rashmi should start a catering business.Realizing that her American friends may not be able to handle or like the Indian food because of its spiciness,Rashmi decided to make changes to the recipes to suit the local taste.Rashmi is seriously contemplating whether she should start a catering business-Tastes of India.Rashmi appears to be applying which element of the SCAMPER tool in her entrepreneurship ideas?

_____ is a special set of observational and thinking skills that help entrepreneurs identify good opportunities.

Which of the following statements is true when referring to the RBI screen?

Elucidate the relationship between innovation and entrepreneurship.

It can take 3000 ideas to yield one commercially viable product.To increase the odds of finding a good idea,the screening process takes all the thoughts from the ______ step of the entrepreneurial process,and puts them through a ______.

According to the SCAMPER tool,which popular innovation strategy can be just as effective and much more likely in the real world than business opportunities that result from radical innovations?

In the SCAMPER tool,"R" stands for:

Which of the following statements about idea-prone companies is true?

_____ requires an entrepreneur to assess whether the situation faced is one that is the same as it has been traditionally or if it is changing.

"C" in the SCAMPER tool stands for copy.

Which of the following is true of creative business owners?

There is much a small business can do to create memorable images and advertising for itself,and it does not need expensive television ads to do it.Which element of SCAMPER is being referred to here?

In crafting a feasibility study,the goal is to assess if the idea can be profitably brought to market.

A _____ is a legal agreement that grants the rights to use a particular piece of intellectual property.

The future action plan component of the feasibility study includes which of the following elements?

Taking an idea and offering a way to do something slightly better than it is done presently refers to a(n) :