Unit 3: The Big Idea Quiz

Scarlett and David are discussing an idea assessment. According to them, an idea assessment is:

• brainstorming ideas with little to no purpose behind them

• the process of examining a need in the market and developing a solution for that need

• when you come up with an idea and then decide who your customer is

• taking a test about your ideas

Benjamin, Aiden, and Aria are planning to start a new business together. They are excited about their idea and want to make sure it's viable. To do this, they need to conduct a feasibility analysis. Can you help them identify the four components they should consider in their analysis?

• Entrepreneur/Team Feasibility

• Financial Feasibility

• Realistic Feasibility

• Product or Service Feasibility

• Industry and Market Feasibility

Luna is focusing on selling handmade candles, which is a subset of the larger market of home decor. This is an example of a niche market.

• True

• False

Primary Research (select two)

• Research is designed with a specific outcome in mind
• Research has already been done, data has been analyzed
• Can be collected in variety of ways
• Can apply right away

Secondary Research (select one of two)

• Research is designed with a specific outcome in mind
• Research has already been done, data has been analyzed
• Can be collected in variety of ways
• Can apply right away

Secondary Research (select one of two)

• Research is designed with a specific outcome in mind
• Research has already been done, data has been analyzed
• Can be collected in variety of ways
• Can apply right away

David, Elijah, and James are planning to start a new business. They are discussing the four elements of a financial feasibility analysis. Can you help them identify these elements?

• Capital Requirements

• Estimated Earnings

• Time out of Cash

• Return on Investment

• Secondary Research

Avery, Benjamin, and Ava conducted a survey in their neighborhood to understand the preferred local grocery store. This is an example of what?

• Primary Research

• Secondary Research