Deck 2: Corporate Entrepreneurship

Question 1

The Opening Profile to Chapter 2 discusses Geoff Ballard - he made a point of saying he always had a steady job - never changing from job to job.

Answer 1

False

Question 2

Most entrepreneurs and innovators agree that looking for innovative ideas is a painful awful experience.

Answer 2

False

Question 3

Work experience, whether current or prior, is the most common source of new business ideas.

Answer 3

True

Question 4

One of the best methods of finding business ideas is to simply observe your current environment.

Question 5

Entrepreneurs should also pay attention to consumer trends. Duplicating an existing trend or designing a product to meet a trend in consumers' lifestyles can be extremely profitable.

Question 6

The federal government can be a source of new product ideas in two ways. First, the files of the Patent Office, Second, new product ideas can come in response to government regulations.

Question 7

Potential entrepreneurs and intrapreneurs should also establish an informal method for monitoring and evaluating competitive products and services on the market.

Question 8

Demographics refers to the location of the population and how it can be divided into significant categories based on where people's parents were born.

Question 9

Baby boomers are people who are born between the years 1946 and 1966.

Question 10

The echo generation is made up of people born between 1960 and 1995.

Question 11

The back-end boomers bought their first homes later than the front-end boomers, waited longer to have children, and have garnered less disposable income.

Question 12

The echo generation as a whole are more receptive to technology than their parents.

Question 13

Groups of individuals providing information in a structured format is known as a Focus Group.

Question 14

The brainstorming method allows people to be stimulated to greater ... and most of the ideas generated from the group have basis for further development.

Question 15

When using brainstorming, no criticism is allowed by anyone in the group.

Question 16

Reverse brainstorming is similar to brainstorming, except that criticism is allowed.

Question 17

Brainwriting is a form of written brainstorming. The participants write their ideas on special forms or cards that circulate within the group.

Question 18

Problem inventory analysis A method for obtaining new ideas and solutions by focusing on answers.

Question 19

Creativity is an important attribute of a successful entrepreneur, and increases with age and bureaucracy.

Question 20

What is the "Gordon Method".

Question 21

The main conclusion to be drawn from the Geoff Ballard story presented in the text was __________.

A) that failing at entrepreneurship should be encouraged as it builds character and persistence
B) that it is safer to stay working for someone else rather than following "pipe dreams"
C) that some ideas such as using alternative energy sources for vehicles can take a very long time to develop
D) that getting people to change their driving habits was more important than developing alternative energy sources
E) None of the answers apply.

Question 22

Source(s) of ideas for new products or services include which of the following?

A) consumers
B) members of the distribution channel
C) the Federal Government
D) research and development
E) All of the answers are correct.

Question 23

This source of new business ideas provides the benefit of uncovering ways to improve on the market appeal of a company's products. It is which of the following?

A) consumers
B) existing products and services
C) members of the distribution channel
D) research and development
E) None of the answers apply.

Question 24

The largest collection of publicly available technology information that entrepreneurs can use as a source of new business ideas can be found __________.

A) on the Internet by searching, "new business ideas"
B) at the Canadian Science Bureau
C) at the Canadian Intellectual Property Office
D) at the Ottawa Federal Library of Science and Technology
E) None of the answers apply.

Question 25

New business ideas such as recycling bin cleaning and contractors specializing in building smoking sections in buildings were used in the text as examples of which of the following?

A) government's role in suggesting new products or services
B) compliance with government regulations creating new business opportunities
C) research and development creating new products and services
D) monitoring existing products and services to discover opportunities to improve upon them
E) None of the answers apply.

Question 26

As discussed in the text, the largest source of new product ideas is __________.

A) the Canadian Intellectual Property Office
B) the entrepreneur's research and development
C) consumers
D) members of the distribution channel
E) None of the answers apply.

Question 27

Getting an idea from your hobbies ties back to the notion of

A) starting a company in an area in which you have previous knowledge
B) starting a company in an area in which your friends have previous knowledge
C) making easy money
D) doing simple things
E) None of the answers apply.

Question 28

Sandra Wilson, when she created Robeez Inc., developed her ideas by

A) starting a company in an area in which your friends have previous knowledge
B) reflect on past experiences and thinking about consumer habits and demands
C) making easy money
D) doing simple things
E) Focusing on her hobbies

Question 29

Observations: One of the best methods of finding business ideas is to simply observe your current environment. In this context, often, some of the best ideas come from

A) starting a company in an area in which your friends have previous knowledge
B) your day-to-day activities.
C) making easy money
D) doing simple things
E) focusing on hobbies

Question 30

Consumers: Entrepreneurs should continually pay close attention to potential customers. This attention can take the form of

A) informally observing consumers
B) identify gaps in the marketplace
C) monitoring potential ideas
D) formally arranging for consumers to have an opportunity to express their opinions
E) All of the answers apply.

Question 31

Holey Soles, a Vancouver company, has achieved $3.5 million in sales by manufacturing candy-coloured plastic clogs. The did this by

A) identify gaps in the marketplace
B) duplicating an existing trend
C) informally observing consumers
D) formally arranging for consumers to have an opportunity to express their opinions
E) All of the answers apply.

Question 32

Vancouver native Andrew Scott founded Digital Payment Technologies Corp. (DPT), a company that developed a replacement for traditional grey parking meters. He did this by

A) informally observing consumers
B) duplicating an existing trend
C) spending money on research and development to build his new improved parking meters
D) monitoring potential ideas
E) All of the answers apply.

Question 33

Distribution Channels: Members of the distribution channels are also excellent sources for new ideas because

A) Of their familiarity with the needs of the market.
B) channel members frequently have suggestions for completely new products
C) they can also help in marketing the entrepreneur's newly developed products
D) channel members make suggestions about things such as new colours
E) All of the answers apply.

Question 34

The federal government can be a source of new product ideas in several ways. David Reynolds, who is featured in the Opening Profile in Chapter 1, frequently uses the

A) Embassies
B) Patent Office Web site
C) channel members
D) Trade Office
E) All of the answers apply.

Question 35

The largest source of new ideas is the entrepreneur's own

A) informally observing consumers
B) duplicating an existing trend
C) family
D) monitoring potential competitors ideas
E) "research and development" efforts

Question 36

To an entrepreneur in Canada, the concept of a "baby boomer"is important for which of the following reasons?

A) Babies need many different things, all of which are purchased.
B) As a group, baby boomers make up 1/3 of the population in Canada.
C) Baby boomers tend to be loud and opinionated, which can help to generate word of mouth advertising.
D) Spending power in Canada is evenly distributed amongst the various age groups that can be segmented.
E) All of the answers are correct.

Question 37

The use of demographics in determining marketing and entrepreneurship strategy is based on which of the following assumptions?

A) People of similar age and characteristics tend to have similar spending and behaviour patterns.
B) Where a person lives is a good predictor of how they think and behave.
C) Competition between age groups for resources can be accurately predicted.
D) Diversity within the Canadian population makes predicting demand more difficult.
E) None of the answers apply.

Question 38

From a marketing perspective, splitting the baby boomer group into front and back halves is necessary for which of the following reasons?

A) The baby boom echo only occurred in the back half of the baby boom.
B) The trend of delayed marriage did not kick in until 1960, thus fragmenting the market.
C) There are significant differences in thinking and behaviour within the twenty year range of the baby boom generation.
D) There are relatively few differences in spending within the range of the baby boom generation.
E) None of the answers apply.

Question 39

Baby boomers are.

A) people who are born between the years 1946 and 1966
B) those born after 1956, but before 1966
C) Those born between 1967 and 1979
D) people born between 1980 and 1995.
E) None of the answers apply.

Question 40

Baby boomers in Canada are attractive target markets for entrepreneurs for which of the following reasons?

A) they represent 1/3 of the population
B) they have the majority of the spending power in Canada
C) their interests have dominated modern society in Canada
D) they are getting older but are fighting it every step of the way
E) All of the answers are correct.

Question 41

The back end of the boomer generation, or Generation-Xers-.

A) people who are born between the years 1946 and 1966
B) those born after 1956, but before 1966
C) Those born between 1967 and 1979
D) people born between 1980 and 1995.
E) None of the answers apply.

Question 42

The back end of the baby boomers are different from the front end in which of the following ways?

A) They were the first to experience "free love."
B) They are more interested in quality over price as buying criteria.
C) They have shown more interest in nostalgia-based marketing.
D) They have not done as well career-wise and financially, as the front end boomers took all of the good jobs and refuse to give them up.
E) All of the answers are correct.

Question 43

Children of the baby boomers are known as __________.

A) rebound kids
B) Generation Y2K
C) the echo generation
D) the techno generation
E) None of the answers apply.

Question 44

The echo generation are different from their parents in which of the following ways?

A) they are a larger group due to the multiplier effect
B) they are more receptive to technology
C) they are less concerned about the environment
D) they are not as well educated
E) All of the answers are correct.

Question 45

The echo generation is made up of people.

A) people who are born between the years 1946 and 1966
B) those born after 1956, but before 1966
C) Those born between 1967 and 1979
D) people born between 1980 and 1995.
E) None of the answers apply.

Question 46

To an entrepreneur, the needs of the echo generation are notable for which of the following reasons?

A) They are nothing like the purchases of their parents, due to different interests and available resources.
B) They are repeating the purchases of their parents, twenty five years previous.
C) Their needs are different due to their interest in simplifying their life and slowing down.
D) They are more interested in nostalgia-based products than their parents.
E) All of the answers are correct.

Question 47

This generation as a whole are more receptive to technology than their parents, more conscious of the environment, and well educated.

A) people who are born between the years 1946 and 1966
B) those born after 1956, but before 1966
C) Those born between 1967 and 1979
D) people born between 1980 and 1995.
E) None of the answers apply.

Question 48

Entrepreneurs may use which of the following to generate new business ideas?

A) drawing from past experience and consumer demand
B) focus group discussions
C) brainstorming
D) problem inventory analysis
E) All of the answers are correct.

Question 49

As a method of generating new business ideas, __________ has the advantage of using the knowledge and creativity of the entrepreneur.

A) drawing from past experience and consumer demand
B) focus group discussions
C) brainstorming
D) problem inventory analysis
E) None of the answers apply.

Question 50

As defined in the text, groups of individuals providing information in a structured format is (are) known as __________.

A) focus groups
B) panel discussions
C) reverse brainstorming
D) problem inventory analysis
E) None of the answers apply.

Question 51

What is Problem Inventory Analysis.

Question 52

Focus groups can be used for which of the following purposes?

A) generating new ideas
B) initial screening of ideas and concepts
C) help to develop marketing communication messages
D) All of the answers are correct.
E) None of the answers apply.

Question 53

Describe the brainstorming method.

Question 54

Using the income statement approach to opportunity assessment, briefly explain how you would estimate sales revenue using the concept of market share for a retailer, manufacturer, and a service provider.

Question 55

The objective of brainstorming is to __________.

A) critically evaluate new business or product ideas presented by a group
B) generate ideas about a problem within a limited time frame through the spontaneous contributions of participants
C) develop new ideas by focusing on parameter identification and creative synthesis
D) critically evaluate new business or product ideas presented by an individual
E) None of the answers apply.

Question 56

Which of the following statements regarding brainstorming as a creative problem-solving technique is true?

A) only those ideas with have merit need to be recorded
B) critically evaluating ideas as they are presented helps to save time
C) having product or industry experts within the group helps to generate good ideas
D) the session should start with a problem statement that is neither too broad or too narrow
E) All of the answers are correct.

Question 57

Providing consumers with a list of problems in a general product category and then asking them to identify and discuss products that have some of these problems is part of a technique known as__________.

A) reverse brainstorming
B) Gordon method
C) checklist method
D) problem inventory analysis
E) None of the answers apply.

Question 58

Which of the following methods of generating ideas recognizes that it is easier to relate known products to suggested problems to arrive at a new product idea, rather than attempting to generate an entirely new product idea by itself?

A) problem inventory analysis
B) brainstorming
C) focus groups
D) Gordon method
E) None of the answers apply.

Question 59

One of the challenges with using problem inventory analysis as a method of generating new product ideas is __________.

A) careful evaluation of the results are required to ensure that they do actually represent a new business opportunity
B) limiting the method to identifying product ideas for further evaluation
C) wasting consumers' time by focusing only on problems and not opportunities
D) limiting the number of problems that need to be identified for each general product category
E) None of the answers apply.

Question 60

As discussed in the text, to ensure the best results, problem inventory analysis should be __________.

A) used primarily to screen ideas for commercial potential
B) used primarily to evaluate new product concepts or prototypes
C) used sparingly unless trained in dynamic psychological profiling
D) used primarily to identify product ideas for further evaluation
E) None of the answers apply.

Question 61

As discussed in the text, creativity declines with __________.

A) bureaucracy
B) education
C) age
D) lack of use
E) All of the answers are correct.

Question 62

Creative problem-solving techniques discussed in the text include which of the following?

A) brainstorming
B) reverse brainstorming
C) brainwriting
D) Gordon method
E) All of the answers are correct.

Question 63

Which of the following is not one of the creative problem-solving techniques discussed in the text?

A) Checklist method
B) attribute listing
C) Gordon method
D) brainstorming
E) voluntary relationships

Question 64

Which of the following creative problem-solving techniques is probably the most well known and widely used, as discussed in the text?

A) Gordon method
B) checklist method
C) brainstorming
D) reverse brainstorming
E) free association

Question 65

As defined in the text, a group method of obtaining new ideas by focusing on the negative aspects of a product, service or idea is known as __________.

A) reverse brainstorming
B) brainwriting
C) attribute listing
D) parameter analysis
E) Gordon method

Question 66

As a creative problem-solving technique, reverse brainstorming is much like brainstorming except that__________.

A) criticism is allowed
B) the technique is based on finding fault with existing products, services, or ideas
C) the group must be careful to maintain good morale
D) All of the answers are correct.

Question 67

Using __________, participants silently write their ideas on special forms that circulate within the group.

A) brainstorming
B) reverse brainstorming
C) brainwriting
D) checklist method
E) Gordon method

Question 68

As a creative problem-solving technique, the primary advantage of brainwriting over other brainstorming methods is __________.

A) some participants have difficulty expressing themselves in writing
B) there is less chance of group dynamics inhibiting the ideas presented
C) the group discussion format encourages dynamic thinking
D) participants have more time to think rather than expressing their ideas spontaneously
E) None of the answers apply.

Question 69

Describe the measures that might be used in a qualitative opportunity assessment method?

Question 70

The primary advantage of using the Gordon method of creative problem-solving is __________.

A) participation in the group is voluntary
B) the initial solution proposed is not clouded by preconceived ideas and behavioural patterns
C) ideas are critically evaluated as they are presented which helps to speed things up
D) ideas generated can often be applied to many different products or services
E) None of the answers apply.

Question 71

Define and describe an opportunity assessment plan. How is this plan different from a business plan?

Question 72

Which of the following creative problem-solving methods recognizes that interesting and useful ideas can come to someone at any time of the day, often times when not concentrating on the problem at hand?

A) free association
B) forced relationships
C) parameter analysis
D) collective notebook method
E) None of the answers apply.

Question 73

Developing a new idea by looking at the positives and negatives of an item or problem is known as__________.

A) parameter analysis
B) attribute listing
C) free association
D) Gordon method
E) None of the answers apply.

Question 74

Discuss the different ways and sources that entrepreneurs use to identify business opportunities.

Question 75

Describe the four distinct phases of the entrepreneurial process, as discussed in the text.

Question 76

A creative problem-solving method that involves analyzing the different variables in a situation to determine their relative importance, and then examining the relationships between the more important variables to produce a solution is known as __________.

A) free association
B) Gordon method
C) parameter analysis
D) attribute listing
E) None of the answers apply.

Question 77

The high growth of electronic commerce has been facilitated by which of the following?

A) widespread use of personal computers
B) adoption of intranets in companies
C) acceptance of the Internet as a business communications platform
D) All of the answers are correct.

Question 78

Electronic commerce offers which of the following benefits?

A) access to a broader customer base
B) lower information dissemination costs
C) lower transaction costs
D) interactive nature of the Internet
E) All of the answers are correct.

Question 79

Front-end website operations involve __________.

A) search capabilities
B) shopping baskets
C) secure payment features
D) All of the answers are correct.

Question 80

A key decision for an entrepreneur seeking to use e-commerce in their business is __________.

A) deciding how much business can they handle
B) whether to do it themselves or outsource to experts in the area
C) deciding how they will create value by doing it
D) deciding how to integrate the front and back ends of the model
E) None of the answers apply.