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BUSA 3110 1617 (1) SOLVED Q&A

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BUSA 31101617 (1) SOLVED Q&A Entrepreneurship: Successfully Launching New Ventures, 4e (Barringer/Ireland) Chapter 2 Recognizing Opportunities and Generating Ideas 1) BenchPrep, the company profiled in the opening feature for Chapter 2, sells an iPhone app to help students prepare for the GMAT and other exams. The original idea for the company stemmed from the founders' recognition that if people could use their iPhones to study for the GMAT: A) they wouldn't have to carry heavy study books around and they could maximize their study time by catching a few minutes of studying between meetings and on similar occasions B) they could study more questions and a computer within the app could keep track of their progress on practice exams C) they could save money by not having to buy multiple study guides and a small computer within the app could keep track of their progress on practice exams D) they wouldn't have to carry heavy study books around and they could interact online with other people preparing for the GMAT and similar exams E) they could maximize their study time by catching a few minutes of studying between meetings and on similar occasions and they could save money by not having to buy multiple study guides Answer: A Diff: 2 Page Ref: 41 Topic: Identifying and Recognizing Opportunities AACSB: Reflective Thinking Objective: Describe the role of entrepreneurs and small business 2) A(n) ________ is a favorable set of circumstances that creates a need for a new product, service, or business. A) idea B) scheme C) design D) proposal E) opportunity Answer: E Diff: 1 Page Ref: 43 Topic: Identifying and Recognizing Opportunities AACSB: Reflective Thinking Objective: Describe the role of entrepreneurs and small business 3) According to the textbook, opportunities are: A) easy to spot B) easy to spot in fast growing industries but tough to spot in slow growing industries C) easy to spot in the manufacturing sector but tough to spot in the service sector D) tough to spot E) neither easy nor tough to spot Answer: D Diff: 2 Page Ref: 43 Topic: Identifying and Recognizing Opportunities AACSB: Reflective Thinking Objective: Describe the role of entrepreneurs and small business 4) An opportunity has four essential qualities: A) attractive, timely, durable, and anchored in a product, service, or business that creates or adds value for its buyer or end user B) practical, opportune, appropriate, and anchored in a product, service, or business that is efficient and effective C) realistic, striking, timely, and anchored in a product, service, or business that is timely D) attention-getting, attractive, timely, and anchored in a product, service, or business that creates or adds value for its buyer or end user E) attractive, durable, resilient, and opportune Answer: A Diff: 2 Page Ref: 43 Topic: Identifying and Recognizing Opportunities AACSB: Reflective Thinking Objective: Describe the role of entrepreneurs and small business 5) Shelly Ford is starting a fashion boutique in an upscale mall near San Antonio. She wants to open her store during the time period in which a business like hers can realistically enter the new market. Shelly is trying to open her business while the ________ is open. A) safe harbor B) window of opportunity C) portal of entry D) doorway of opportunity E) safety zone Answer: B Diff: 2 Page Ref: 43 Topic: Identifying and Recognizing Opportunities AACSB: Reflective Thinking Objective: Describe the role of entrepreneurs and small business

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