Question 1

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

Accepted Answer

The five pitfalls that hinder innovation are judging ideas too quickly, obeying rules that do not exist, failing to act, focusing only on problems and not opportunities, and fearing failure. Hiring the wrong people is not listed as one of the five pitfalls.

Question 2

Rejecting existing ideas,and presenting a way to do things differently refers to the _____ strategy.

Accepted Answer

Rejecting existing ideas and presenting a way to do things differently is a characteristic of radical innovation. This strategy involves developing entirely new products, services, or processes that significantly alter the way things are currently done in the industry or market. Unlike imitative innovation which involves creating products or services that are similar to those already on the market, radical innovation requires original and inventive ideas. Prototyping and integrative innovation are not relevant strategies for this scenario.

Question 3

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

The statement about shuffling money from one account to another does not relate to the pitfalls of innovation. The other statements (A, C, and D) accurately describe common pitfalls such as identifying the wrong problem, trying to please everyone, and dismissing ideas too quickly.

Question 4

Which of the following is the idea trigger for the magnify cue of the SCAMPER tool?

Accepted Answer

The magnify cue of the SCAMPER tool involves looking for ways to make a product or idea stand out from competitors. This can be achieved through enhancing or emphasizing a particular feature, benefit or aspect of the product that sets it apart from the competition. Therefore, option D, which talks about making a product different from competitors, is the best choice for the idea trigger of the magnify cue.

Question 5

Which of the following statements about idea-prone companies is true?

Accepted Answer

An innovative company requires more than just a good idea; it needs a supportive culture, processes, and resources to foster innovation.

Question 6

In the SCAMPER tool,"S" stands for:

Accepted Answer

In the SCAMPER tool, "S" stands for "Substitute", which involves replacing one element of a product, process, or problem with another element to improve or enhance it. For example, substituting a traditional ingredient in a recipe with a healthier or more sustainable alternative.

Question 7

When building a business model canvas,the ________ is where your offering goes - how you plan to solve the pains or create the gains for your customers.

Accepted Answer

The answer of When building a business model canvas,the ________...

Question 8

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

Accepted Answer

Each type of customer is considered as a customer segment. A business may have multiple customer segments with different needs, problems, and solutions. Identifying and targeting each customer segment allows a business to develop differentiated value propositions, tailored marketing strategies, and efficient resource allocation.

Question 9

When it comes to building an idea-prone culture,remember that ___________ is the fuel that fans the fires of creativity and helps your business reach potentials that you may never have anticipated.

Accepted Answer

Recognition is important in building an idea-prone culture as it motivates employees to come up with creative and innovative ideas. Employees who feel recognized for their contributions are more likely to continue to generate and share their ideas, which can ultimately lead to the success of the business. While money, research and development, and education are important factors, none have the same level of impact on fostering creativity as recognition.

Question 10

The SCAMPER tool is based on the work of:

Accepted Answer

The SCAMPER tool was developed by Alex Osborne, an advertising executive and creator of the term "brainstorming." SCAMPER stands for Substitute, Combine, Adapt, Modify, Put to another use, Eliminate, and Reverse/Rearrange.

Question 11

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

Accepted Answer

The text actually suggests the opposite of only reinforcing good ideas by encouraging companies to also learn from their failures and mistakes, and use them as opportunities for growth and improvement.

Question 12

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

"Put to other uses" is the most appropriate choice because it encourages entrepreneurs to think outside the box and find alternative uses for their surplus products. This approach may lead to new markets and revenue streams for the product.

Question 13

In the SCAMPER tool,"M" stands for:

Accepted Answer

In the SCAMPER tool, "M" stands for Modify. This means to change or adjust a product or idea in some way to generate new solutions or improvements.

Question 14

According to the SCAMPER tool,which popular innovation strategy can be just as effective and much more likely in the real world than business opportunities that result from radical innovations?

Accepted Answer

The SCAMPER tool suggests the strategy of adapting existing products, processes or services to create new business opportunities, which can be just as effective and more likely to succeed than radical innovations. This strategy involves making changes to the way something is done or the way a product is designed to meet customer needs or solve a problem. It is a practical approach that leverages existing resources and knowledge while minimizing risk and cost. Magnify, eliminate and restitute are other innovation strategies which may be effective in certain contexts, but may involve higher levels of risk and investment.

Question 15

When a bookstore starts to sell videos,music,and coffee as well,it uses which of the following elements of the SCAMPER tool?

Accepted Answer

Combining different products or services is a key aspect of the SCAMPER tool. In this case, the bookstore is combining books with videos, music, and coffee to offer a more diverse range of products to customers.

Question 16

Gabriel has a product idea of a device which he believes will help people manage their daily chores,hence making their lives easier.He is unsure if the device is actually a feasible product but shares the idea with his boss and coworkers anyway.Gabriel is positive his device will get a fair review.He has offered other ideas in the past and one was now a viable product for the company.Which of the four ideas for making a creative business culture best describes Gabriel's company?

Accepted Answer

Gabriel's company positively reinforces ideas, as evidenced by the fact that his previous idea was turned into a viable product for the company.

Question 17

According to the SCAMPER tool,a feature that allows customers to order directly from a website rather than visiting a store is an example of:

Accepted Answer

The feature of ordering directly from a website rather than visiting a store represents a substitution in the SCAMPER tool. It involves replacing a traditional way of doing things with a new and improved approach using technology.

Question 18

Which of the following is the idea trigger for the "substitute" cue of the SCAMPER tool?

Accepted Answer

The "substitute" cue in the SCAMPER tool focuses on finding opportunities by replacing something that already exists with something else, which can lead to innovation or improvement of products, services, or processes.

Question 19

_____ is a process of producing an idea or opportunity that is novel and useful,frequently derived from making connections among distinct ideas or opportunities.

Accepted Answer

The process described in the question is creativity, as it involves generating new and valuable ideas by combining different concepts or opportunities. Prototyping, benchmarking, and incubation are all related to the development and refinement of these ideas, but they do not necessarily involve the initial creative spark of generating novel ideas.

Question 20

The idea trigger of the separate products,services,or whole businesses that entrepreneurs can put together to create another distinct business represents which cue of the SCAMPER tool?

Accepted Answer

The cue of the SCAMPER tool that involves combining elements is "Combine." This refers to the process of bringing together separate products, services, or businesses to create a new and distinct offering. Therefore, D is the correct answer.

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