Question 1

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

Accepted Answer

A)   industry survey
B)   elimination
C)   combination
D)   incubationE) B) and D)
F) A) and C)

Question 2

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.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A)   Judging ideas too quickly.
B)   Obeying rules that do not exist.
C)   Failing to act.
D)   Hiring the wrong people.E) C) and D)
F) None of the above

Question 4

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

Accepted Answer

One tool that helps entrepreneurs identi...

Question 5

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?

Accepted Answer

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) All of the above
F) A) and B)

Question 6

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

Accepted Answer

Student's answers may vary.Even if you a...

Question 7

One powerful but rarely used source of business ideas are:

Accepted Answer

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

Question 8

Compare and contrast an imitative strategy with an incremental strategy.

Accepted Answer

Companies may find it easier to mimic th...

Question 9

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

Accepted Answer

A)   illumination rate.
B)   frame rate.
C)   conversion rate.
D)   pilot test.E) C) and D)
F) All of the above

Question 10

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

Accepted Answer

A)   Only reinforce good ideas.
B)   Get a room with a view.
C)   Look to unlikely sources of opportunities.
D)   Give yourself and your employees time to think of ideas.E) B) and C)
F) A) and B)

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A)   Really Big Idea
B)   Randy Bruton's Idea
C)   Relatively Bright Idea
D)   Resources Bring IdeasE) A) and B)
F) All of the above

Question 13

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

Accepted Answer

A)   Sales revenue forecast
B)   The competition
C)   Writing a business plan
D)   Writing a mission statementE) None of the above
F) B) and C)

Question 14

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

Accepted Answer

A)   Redesign the work environment
B)   Increase the IP protection on the products or services
C)   Simply sell the products or services
D)   Read journals related to the area of expertiseE) A) and B)
F) A) and C)

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

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?

Accepted Answer

A)   Sectionalize
B)   Put to other uses
C)   Eliminate
D)   RestituteE) None of the above
F) All of the above

Question 17

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

Accepted Answer

A)   Each type of customer is a customer segment.
B)   There will be one canvas encompassing all customer segments.
C)   All segments will have the same problem and need a viable solution.
D)   You must satisfy all customer segments.E) A) and D)
F) A) and C)

Question 18

What is a pilot test?

Accepted Answer

With so many sales and service businesse...

Question 19

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) ___________.

Accepted Answer

A)   business model canvas
B)   pilot test
C)   feasibility study
D)   RBI screenE) B) and C)
F) C) and D)

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

Correct Answer
verified

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

Correct Answer
verified
Student's answers may vary.Even if you a...
View Answer

One powerful but rarely used source of business ideas are:

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Compare and contrast an imitative strategy with an incremental strategy.

Correct Answer
verified
Companies may find it easier to mimic th...
View Answer

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.

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified
One tool that helps entrepreneurs identi...
View Answer

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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?

Correct Answer
verified

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?

Correct Answer
verified

What is a pilot test?

Correct Answer
verified
With so many sales and service businesse...
View Answer

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

Correct Answer
verified

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedStudent's answers may vary.Even if you a...View AnswerShow Answer

One powerful but rarely used source of business ideas are:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Compare and contrast an imitative strategy with an incremental strategy.

Correct AnswerverifiedCompanies may find it easier to mimic th...View AnswerShow Answer

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.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedOne tool that helps entrepreneurs identi...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

What is a pilot test?

Correct AnswerverifiedWith so many sales and service businesse...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Student's answers may vary.Even if you a...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Companies may find it easier to mimic th...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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One tool that helps entrepreneurs identi...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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With so many sales and service businesse...
View Answer

Correct Answer
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