WEEK 7 REVISION

The ability to apply creative solutions to problems and opportunities to enhance or to enrich people's lives is called ________.

• entrepreneurship

• creativity

• innovation

• creative thinking

Successful entrepreneurship requires both ________ and ________ reasoning.

• divergent; convergent

• divergent; lateral

• convergent; lateral

• asymmetric; symmetric

The ability to develop new ideas and to discover new ways of looking at problems and opportunities is called ________.

• entrepreneurship

• creativity

• creative thinking

• innovation

While Arturo finds it difficult to evaluate known options to a problem, he finds that he can generate a number of highly creative solutions to the problem. The reasoning ability that Arturo has is called ________.

• A) convergent

• divergent

• rational

• lateral

A(n) ________ is the process of examining a need in the market, developing a solution for that need, and determining the entrepreneur's ability to successfully turn the idea into a business.

• business plan

• strategic analysis

• feasibility analysis

• idea assessment

An effective tool used to help assess ideas is the ________.

• idea sketch pad

• idea toolkit

• idea dashboard

• idea metric

The process of determining whether an entrepreneur's idea is a viable foundation for creating a successful business is known as a(n) ________.

• business plan

• feasibility analysis

• strategic analysis

• industry analysis

Which of the following is not a macro force that creates change in industries?

• Sociocultural

• Economic

• Technological

• Entry barriers

Porter's five forces model assesses industry attractiveness by surveying these five factors

• potential entrants, suppliers, buyers, substitutes, and rivalry among existing firms

• potential entrants, suppliers, buyers, similar products, and rivalry among existing firms

• potential entrants, suppliers, raw materials, substitutes, and rivalry among existing firms

• potential entrants, competitors, buyers, substitutes, and rivalry among existing firms

________ is the process of finding creative ways to exploit opportunities to launch and grow businesses with limited resources.

• Prototyping

• Bootstrapping

• Undercapitalizing

• Leveraging