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Exam 4: Small Business Ideas: Creativity, Opportunity, and Feasibility

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Question 1

Multiple Choice

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The product/service component of the feasibility study typically includes which of the following aspects?

A) Stage of development
B) Competition
C) Market penetration
D) Cost forecast

E) A) and B)
F) A) and C)

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Question 2

Multiple Choice

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

A) Rearrange
B) Eliminate
C) Combine
D) Substitute

E) None of the above
F) B) and C)

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Question 3

Multiple Choice

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Which of the following is an advantage of the SCAMPER tool?

Many owners of consulting companies took their own skills and launched businesses by selling those skills to other companies or individuals who needed them.This is an example of which of the following sources of business ideas?

Born and raised in India,Rashmi has always enjoyed Indian cooking.As a matter of fact,cooking was her passion and she always enjoyed reading,learning,and experimenting with different ethnic cuisines.Ever since Rashmi's family moved to the United States,her cousins,friends,and other people at dinner gatherings have always commented that Rashmi should start a catering business.Realizing that her American friends may not be able to handle or like the Indian food because of its spiciness,Rashmi decided to make changes to the recipes to suit the local taste.Rashmi is seriously contemplating whether she should start a catering business-Tastes of India.Rashmi appears to be applying which element of the SCAMPER tool in her entrepreneurship ideas?

What is a pilot test?

The SCAMPER tool is based on the work of:

Which of the following is most likely to be true of people with highly innovative businesses?

Which of the following questions in a typical I2P analysis provides information on competing products?

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?

_____ refers to a preliminary run of a business,sales effort,program,or Web site with the goal of assessing how well the overall approach works and what problems it might have.

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?

An overall strategic approach in which the entrepreneur does more or less what others are already doing refers to a(n) :

The firm that obtains the rights to use a particular piece of intellectual property is referred to as the:

Which of the following aspects of the SCAMPER tools involves searching for opportunities that arise when a person gets rid of something or stops doing something?

Gabriel has a product idea of a device which he believes will help people manage their daily chores,hence making their lives easier.The description of the product is most likely to address which aspect of the I2P analysis?

The industry and market component of the feasibility study typically includes which of the following components?

Born and raised in India,Rashmi has always enjoyed Indian cooking.As a matter of fact,cooking was her passion and she always enjoyed reading,learning,and experimenting with different ethnic cuisines.Ever since Rashmi's family moved to the United States,she was constantly encouraged by her relatives to start a business related to cooking.Realizing that her American friends may not be able to handle or like Indian food due its spiciness,Rashmi decided to make changes to the recipes to suit the local taste.Rashmi is seriously contemplating whether she should start a catering business-Tastes of India.Which of the following factors has encouraged Rashmi to consider the catering business idea?

RecycleAll Inc.is a company in Memphis,Tennessee,which recycles all the biodegradable waste in the city.Being a staunch environmentalist,Francine,a resident of Memphis,started up a small business that had tie-ups with all the schools and colleges in the city to spread awareness on the importance of recycling.Which of the following factors most likely led Francine to her business idea?

Correlation is one of the four stages in the creative process.