6.2 What is a business opportunity? Assessment

What is the term for someone who is licensing to sell businesses?

• Business broker

• Franchisee

• Franchisor

• Prototype

What is the term for risk in which potential costs and benefits are carefully considered before starting a business?

• Calculated risk

• Cost/Benefit analysis

• Creative thinking

• Critical thinking

What is the thought process that involves looking at the situation or object in new ways, also called lateral thinking?

• Creative thinking

• Critical thinking

• Feasibility

• Prototype

What is the logical thought process that involves analyzing and evaluating a situation or object, also called vertical thinking?

• Critical thinking

• Creative thinking

• Feasibility

• Intangible

How possible or worthwhile it is to pursue an idea, to see if it is actually an opportunity, is known as what?

• Feasibility

• Need

• Intangible

• Prototype

What is the value of what you will give up to get something called?

• Opportunity cost

• Feasibility

• Intangible

• Prototype

Fill in the blank: ________ is a business evaluation method that draws its name from the four areas it evaluates.

• SWOT analysis

• PEST analysis

• BCG matrix

• Porter's Five Forces

Fill in the blank: ________ is a convention where related businesses come to promote their products or services.

• Trade show

• Workshop

• Seminar

• Webinar

Fill in the blank: ________ is a product or service that people desire.

• Want

• Need

• Supply

• Demand

Fill in the blank: ________ is the period of time in which you have to act before a business opportunity is lost.

• Window of opportunity

• Deadline

• Grace period

• Time frame