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

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Question 51

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Of the following statements concerning the five major pitfalls business owners can fall into when trying to become more innovative; which statement is not true?

A) If a problem does not stay solved,the entrepreneur may have fallen victim to the pitfall of identifying the wrong problem.
B) At the end of the month,the entrepreneur has to shuffle money from one account to another,falling victim to the pitfall of not minding the money.
C) Trying to solve everyone's problems is tiring out the new entrepreneur,they have fallen victim to the pitfall of obeying rules that do not exist.
D) A worker suggests a new time saving process but the entrepreneur brushes it aside as silly,falling victim to the pitfall of judging ideas too quickly.

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

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Question 52

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One powerful but rarely used source of business ideas are:

A) family and friends.
B) work experiences.
C) existing customers.
D) government agencies.

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

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Question 53

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What is a pilot test?

The measure of how many visitors to a website actually make a purchase is known as:

If entrepreneurs realize that all the traditional applications for their products have disappeared and that they have surplus products,which of the following elements of the SCAMPER tool are they most likely to employ?

One of the pitfalls small business owners fall into is to fail to build a company culture that encourages new ideas and embraces change.

According to Graham Wallas' description of the creative process,a creative thought includes a(n) _____ stage.

Joe is planning a new mobile restaurant business.He wants to convert an antique bus into a sit-down restaurant with a service window allowing him to serve people within the bus and walk-ups who want to get their food and take it home.Joe is performing some research into his project and is looking at the overall business idea,the product/service,the industry and market,financial projections (profitability) ,and the plan for the future action.Joe is performing a(n) ___________.

When developing the customer segments of your business canvas model,which of the following statements is true?

The text outlines five major pitfalls that business owners can become victim to when trying to become more innovative,but obeying nonexistent rules is not one of those pitfalls.

The industry and market component of the feasibility study typically includes which of the following components?

Compare and contrast an imitative strategy with an incremental strategy.

Which of the following is NOT one of the great ideas for making idea-prone companies outlined in the text?

Describe the SCAMPER tool.How does it help entrepreneurs identify new opportunities?

Which of the following is an entrepreneur most likely to implement to make his company more "idea prone"?

Which of the following is not one of the five pitfalls that hinder innovation?

An online pilot test is low-cost,low-risk approach for testing feasibility when preparing the business model canvas.

How can a solo small business owner get into an innovative frame of mind? Explain.

The RBI Screen is useful when screening ideas.RBI stands for: