Business Idea Generation and Initial Evaluation Exam Questions And Answers 100% Pass
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Business Idea Generation and Initial Evaluation
Institution
Business Idea Generation And Initial Evaluation
Business Idea Generation and Initial
Evaluation Exam Questions And Answers
100% Pass
Which of the following are true regarding the process of generating ideas? (Check all that apply.)
- answer- Requires iteration
- Requires consideration
- Requires interaction
List the steps that are importa...
Business Idea Generation and Initial
Evaluation Exam Questions And Answers
100% Pass
Which of the following are true regarding the process of generating ideas? (Check all that apply.)
- answer✔- Requires iteration
- Requires consideration
- Requires interaction
List the steps that are important to the development of a quality business idea. Start from the first
or initial step. - answer✔- List and evaluate one's personal skill sets.
- Analyze the market and look for a gap or a need that is not being met effectively.
- Compare one's ability to fill the identified gaps with an opportunity available
What is the suggested starting point for generating business ideas? - answer✔Analyzing the skill
set of the potential founders
In hobbies and activities, individuals develop _____ specific to the hobbies. (Please enter one
word for the answer.) - answer✔skills
What is the method used to identify an opportunity that exists between the demand for a product
and the supply provided by firms in the market? - answer✔Gap analysis
A founder or founding team must have synergy, which is a combination of: (Check all that
apply.) - answer✔- Competitive advantage
- Understanding of an industry
- Skill set
An individual's work experience builds _____ sets that can have direct applicability to the
pursuit of a new business. - answer✔skill
Which of the following statements are true regarding education as it relates to skill sets? (Check
all that apply.) - answer✔- Knowledge gained from formal education provides a skill set.
- Technology skills acquired through education can be particularly valuable.
- An opportunity that uses your education is another source of a business.
Once a list of skills, abilities, and interests has been developed, the next step is to: -
answer✔perform a gap analysis.
Entrepreneurs can examine business risk by considering three threats to business success. Those
three threats are: (Check all that apply.) - answer✔- Profit margin
- Operational financing
- Sales generation schemes
Along with the business idea, what else should be included in the first column of the gap analysis
chart? - answer✔A brief explanation of the business idea
What are the typical categories used to analyze a business idea? (Check all that apply.) -
answer✔- Non-financial resources
- Competitors
- Time
- Finance
- Risk
Which of the following businesses could be most likely pursued by individuals who do NOT
prefer to work with people? (Check all that apply.) - answer✔- Bookkeeping
- Order fulfillment
- Internet-based businesses
The initial analysis is a process of: - answer✔moving from three to five ideas to a single idea.
The business owner whose business is both a(n) _____ and a(n) _____ is difficult to beat. -
answer✔vocation; avocation
Which of the following is NOT an example of family experiences that build knowledge and can
grow into a new business opportunity? - answer✔Attending SBA courses with your sibling
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