entrepreneurship successfully launching new ventures

Entrepreneurship: Successfully Launching New Ventures, 3e (Barringer/Ireland)
Chapter 2 Recognizing Opportunities and Generating Ideas
1) Kathryn Kerrigan, the company profiled in the opening feature for Chapter 2, sells shoes.
Kerrigan's original idea for the company stemmed from her recognition that:
A) there were no athletic shoes specifically designed for older women
B) there were no fashionable shoes available for young girls
C) there were no low cost women's shoes available in the Chicago area
D) there were no small shoes available for petite women
E) there were no fashionable shoes available for tall women
Answer: E
Diff: 2
Page Ref: 40
Topic: Identifying and Recognizing Opportunities
AACSB: Reflective Thinking
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: 42
Topic: Identifying and Recognizing Opportunities
3) According to the textbook, opportunities are:
A) tough to spot
B) easy to spot in the service sector but tough to spot in the manufacturing sector
C) easy to spot in the manufacturing sector but tough to spot in the service sector
D) easy to spot
E) neither easy nor tough to spot
Answer: A
Diff: 2
Page Ref: 42
Topic: Identifying and Recognizing Opportunities

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Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall

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