Question 1

A solo entrepreneur is an individual who identified his or her business idea ________. A network entrepreneur is an individual who identified his or her business idea ________.

Accepted Answer

A solo entrepreneur identified his or her business idea on their own without any assistance from any business incubator program or paid consultants. On the other hand, a network entrepreneur identified his or her business idea through social contacts or connections.

Question 2

Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as:

Accepted Answer

Weak-tie relationships refer to acquaintances or connections that are not very close or frequent. These relationships may be important for access to new information or opportunities, as they connect individuals to a broader network beyond their strong-tie relationships with close friends and family.

Question 3

According to research in this area, it is more likely that an entrepreneur will get a new business idea through a ________ relationship than the alternatives.

Accepted Answer

The answer of According to research in this area, it...

Question 4

In 2000, Tish Cirovolo realized that there were no guitars on the market made specifically for women. As a result, she started Daisy Rock Guitars, a company that makes guitars just for women. Daisy Rock Guitars are stylish and come in feminine colors, and incorporate design features that accommodate a woman's smaller hand and build. The best way to describe how Cirovolo's business idea was recognized is:

Accepted Answer

Tish Cirovolo recognized a gap in the market where there were no guitars specifically made for women.

Question 5

Macy is a very creative person. Often, when trying to generate a novel or useful idea, she spends several days "mulling over" the idea, which is her way of thinking it through, at both the conscious and unconscious level. The stage of the creative process that Macy is in while she is mulling over an idea is referred to as:

Accepted Answer

Incubation is the stage of the creative process during which the individual sets the idea aside for a period of time and allows the subconscious to work on the idea. This is usually a period of "mulling over" the idea, where the individual thinks about it at both conscious and unconscious levels. Macy's behavior is consistent with the incubation phase of the creative process.

Question 6

A common way that gaps in the marketplace are recognized is:

Accepted Answer

The option D reflects the most direct and tangible way of recognizing gaps in the marketplace, i.e. when people can't find a solution to their needs and frustrations. This creates an opportunity for entrepreneurs or businesses to fill the gap by offering a new product or service. Option A, B, and C can also provide insights into potential gaps, but they may require more analysis and interpretation before identifying a clear market need. Option E may be a useful method for generating ideas, but it may not necessarily result in identifying a gap in the market.

Question 7

________ is the process of generating a novel or useful idea.

Accepted Answer

Creativity is the process of generating a novel or useful idea. Innovation refers to the process of implementing or applying those ideas. Imagining, visualization, and envisioning are all related to the mental process of forming mental images, but they do not necessarily involve generating new or useful ideas.

Question 8

Clothing boutiques and specialty shops often start because there is a need for a particular product but large retailers like Wal-Mart and Costco can't sell enough of the item to stock it on their shelves. If a clothing boutique started to sell designer clothes or clothing for hard-to-fit people because the clothing wasn't being offered by a larger retailer, the best way to describe how that idea was recognized is:

Accepted Answer

The scenario described is an example of recognizing a gap or niche in the marketplace and filling it with a specialized product.

Question 9

The ability to notice things without engaging in deliberate search is referred to as:

Accepted Answer

The ability to notice things without engaging in deliberate search is referred to as entrepreneurial alertness. This is a key trait of successful entrepreneurs, who are able to identify new opportunities and potential business ideas through their innate ability to notice things that others may overlook. Options A, B, C, and E do not accurately describe this concept.

Question 10

Frank Patterson started a firm in 2011 that creates and manufactures accessories for Apple iPhones. He started with four accessories, and after several months added three new accessories that have been very successful. The fact that Frank recognized the opportunity for the three new accessories only after he started his firm and become immersed in the iPhone accessory industry is an example of the ________ at work.

Accepted Answer

The corridor principle suggests that once an entrepreneur starts a business, they gain insights and recognize additional opportunities that were not initially apparent. Frank's recognition of new accessory opportunities after starting his firm exemplifies this principle.

Question 11

According to the textbook, research results over time consistently suggest that somewhere between ________ of those who start businesses got their ideas through social contacts.

Accepted Answer

Research results over time consistently suggest that somewhere between 40 percent and 50 percent of those who start businesses got their ideas through social contacts. This emphasizes the importance of networking and building relationships with others in the industry.

Question 12

Most of Jacob's ideas come from interacting with coworkers, friends, his spouse, his parents, and other people that share the same beliefs that he does. Jacob is getting most of his ideas through:

Accepted Answer

Strong-tie relationships refer to close connections with family, friends, and coworkers who share similar beliefs and values. These connections tend to be more influential in shaping our ideas and views. Therefore, most of Jacob's ideas come from his strong-tie relationships, as he interacts mainly with coworkers, friends, his spouse, and his parents who share the same beliefs as him.

Question 13

Which of the following statements is incorrect regarding the personal characteristics of entrepreneurs?

Accepted Answer

Several studies show that prior experience in an industry actually enhances the recognition of new opportunities in the same industry, rather than blinds entrepreneurs to them.

Question 14

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:

Accepted Answer

The ability of Kelly Pryor to see opportunities that others miss is referred to as entrepreneurial alertness. This is a key characteristic of successful entrepreneurs who can identify and exploit opportunities in a dynamic business environment. Individual awareness, cognitive alertness, individual readiness, and cognitive readiness are not specifically related to identifying entrepreneurial opportunities.

Question 15

Which of the following represents the correct order of the five stages of the creative process?

Accepted Answer

The correct order of the five stages of the creative process is preparation, incubation, insight, evaluation, and elaboration. This is represented by option C. Option A has "insight" repeated twice, which is incorrect. Option B has "insight" as the first stage, which is not the correct order. Option D has "evaluation" as the second stage, which is incorrect. Option E has "preparation" and "evaluation" switched, which is not the correct order.

Question 16

________ are characterized by frequent interactions that form between coworkers, friends, and spouses.

Accepted Answer

Strong-tie relationships are characterized by frequent interactions between individuals who have close relationships such as coworkers, friends, and spouses. These relationships are built on a strong foundation of trust, intimacy, and shared experiences, which lead to greater emotional support, advice, and assistance.

Question 17

A network entrepreneur is an individual who identifies his or her business idea:

Accepted Answer

A network entrepreneur identifies business ideas through social contacts, leveraging their network to find opportunities, insights, and resources.

Question 18

The What Went Wrong? feature in Chapter 1 focuses on Clearly Canadian, a company that introduced a line of fruit-flavored bottled water in the early 1990s. The main takeaway from the feature is that:

Accepted Answer

The main lesson from the What Went Wrong? feature is that if a company is promoting a unique selling proposition, it needs to deliver on its promises. Clearly Canadian marketed itself as a healthy, natural alternative to soda, but the taste of the product failed to meet consumer expectations. As a result, the company failed to sustain its initial success.

Question 19

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

Accepted Answer

The statement that "The research findings on entrepreneurial alertness are conclusive" is incorrect. While there have been many studies on the topic, there is still debate among scholars about the nature and importance of entrepreneurial alertness.

Question 20

An individual who identifies a business idea on his or her own is referred to as a(n):

Accepted Answer

An individual who identifies a business idea on his or her own is commonly referred to as a solo entrepreneur, indicating that they are working alone in building their business. While other terms such as "individual entrepreneur" may also be fitting, "solo entrepreneur" is the most widely used term in this context.

Quiz 2: Recognizing Opportunities and Generating Ideas

A solo entrepreneur is an individual who identified his or her business idea . A network entrepreneur is an individual who identified his or her business idea .