Which of the following statements is incorrect in regard to entrepreneurial alertness?

1

Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall

Entrepreneurship: Successfully Launching New Ventures, 4e (Barringer/Ireland)

Chapter 2 Recognizing Opportunities and Generating Ideas

1) BenchPrep, the company profiled in the opening feature for Chapter 2, sells an iPhone app to

help students prepare for the GMAT and other exams. The original idea for the company

stemmed from the founders' recognition that if people could use their iPhones to study for the

GMAT:

A) they wouldn't have to carry heavy study books around and they could maximize their study

time by catching a few minutes of studying between meetings and on similar occasions

B) they could study more questions and a computer within the app could keep track of their

progress on practice exams

C) they could save money by not having to buy multiple study guides and a small computer

within the app could keep track of their progress on practice exams

D) they wouldn't have to carry heavy study books around and they could interact online with

other people preparing for the GMAT and similar exams

E) they could maximize their study time by catching a few minutes of studying between

meetings and on similar occasions and they could save money by not having to buy multiple

study guides

Answer: A

Diff: 2 Page Ref: 41

Topic: Identifying and Recognizing Opportunities

AACSB: Reflective Thinking

Objective: Describe the role of entrepreneurs and small business

2) A(n) ________ is a favorable set of circumstances that creates a need for a new product,

service, or business.

A) idea

B) scheme

C) design

D) proposal

E) opportunity

Answer: E

Diff: 1 Page Ref: 43

Topic: Identifying and Recognizing Opportunities

AACSB: Reflective Thinking

Objective: Describe the role of entrepreneurs and small business

Full file at https://testbankgo.info/p/

Related Questions

• Q18:

  Economic forces impact the opportunities available to entrepreneurs. Which of the following alternatives reflects a set of economic forces that would be of interest to entrepreneurs? A) Level of disposable income, new uses of old technologies, and new laws and regulations B) New technologies, consumer spending patterns, and new laws C) Housing starts, consumer spending patterns, and stability of interest rates D) Social and cultural trends, level of interest rates, and what people think is "in" E) New changes in political areas, new laws, and level of disposable income

• Q19:

  The term "window of opportunity" is a metaphor describing the time period in which a firm can realistically raise money.

• Q20:

  A(n) ________ is a favorable set of circumstances that creates the need for a new product, service, or business. A(n) ________ is a thought, an impression or a notion. A) scheme, notion B) opportunity, idea C) idea, design D) idea, opportunity E) notion, scheme

• Q21:

  The Savvy Entrepreneurial Firm feature in Chapter 2 features three firms: Swipe Out Hunger, Soko, and Drive for Change. All three are examples of ________. A) corporate ventures B) non-altruistic ventures C) targeted ventures D) social ventures E) for-profit ventures

• Q22:

  An individual who identifies a business idea on his or her own is referred to as a(n) ________ entrepreneur. A) separate B) functional C) lone D) individual E) solo

• Q24:

  Hulu.com allows people to watch television shows and movies on the Internet. Hulu.com's business opportunity was made possible by ________ that enhanced the ability of television shows and movies to be uploaded to the Internet and played by anyone with a suitable computer and an Internet connection. A) social forces B) technological advances C) legal changes D) regulatory changes E) economic forces

• Q25:

  Economic factors, social factors, technological advances, and political action and regulatory changes are the most important trends to follow in trying to identify opportunities.

• Q26:

  Describe the three separate ways that entrepreneurs identify new business, product, and service opportunities.

• Q27:

  A common way that gaps in the marketplace are recognized is ________. A) by observing changing environmental trends B) by recognizing problems that need to be solved C) via studying industry reports D) when people become frustrated because they can't find a product or service that they need and recognize that other people feel the same way E) via combined focus groups and brainstorming sessions

• Q28:

  Kelly Pryor, who has launched several successful entrepreneurial firms, seems to have a "sixth sense" that allows him to see opportunities that others miss. Kelly's ability is referred to as _________. A) individual awareness B) cognitive alertness C) entrepreneurial alertness D) individual readiness E) cognitive readiness

What is alertness in entrepreneurship?

Which of the following statements about entrepreneurs is incorrect?

What is entrepreneurial alertness quizlet?

Which of the following is not one of the four steps of the entrepreneurial process?