MGT 3 302 CHAPTER 3 RPPO STUDY WITH WELL COMPOSED
QUESTIONS AND WELL ANALYSED ANSWERS.
According to the book, new product ideas for small business start-ups originate from
all of the following EXCEPT: - ANSWER existing records of a business
An example of an idea for a new start-up from a hobby is _________. - ANSWER a
sports card collector who bought and sold cards for a year to build a personal
collection, deciding to become a sports card dealer
Successful new business ideas can come from: - ANSWER books and magazines
individual's background
hobbies
ALL OF THESE
Potential generation of new business ideas occurs: - ANSWER because of the
process of identifying skills and opportunities in the market
Before forming a new business, the first thing a founder should do is: - ANSWER list
their personal skill set
A small business owner must possess all of the following EXCEPT: - ANSWER a
sequential formula
Potential owners should examine all of these specific areas before choosing a
business idea EXCEPT: - ANSWER financial history
Founders of a small business need to be involved with which one of the following
tasks in the start-up of a business? - ANSWER design, funding, operating (ALL OF
THESE)
What term is used to describe the process of systematically examining the difference
between what is expected and what occurs? - ANSWER gap analysis
A type of analysis that examines opportunities in the marketplace compared to the
individual's ability to address those gaps is called: - ANSWER opportunity analysis
All of the following are ways to identify gaps or business opportunities EXCEPT: -
ANSWER read government documents
Mark brings his friends together to generate ideas on his new business. Mark will
identify what his skills are, and then ask his friends to generate a list of business
ideas that he might start. This is called _________. - ANSWER brainstorming
Brainstorming works well with _________ groups. - ANSWER informal
The process of generating ideas should occur in a(n) _________ environment and
not a(n) _________ environment. - ANSWER interactive; linear
A potential business owner needs to convey his or her business idea to a
prospective investor or lender in _________ minutes - ANSWER two
QUESTIONS AND WELL ANALYSED ANSWERS.
According to the book, new product ideas for small business start-ups originate from
all of the following EXCEPT: - ANSWER existing records of a business
An example of an idea for a new start-up from a hobby is _________. - ANSWER a
sports card collector who bought and sold cards for a year to build a personal
collection, deciding to become a sports card dealer
Successful new business ideas can come from: - ANSWER books and magazines
individual's background
hobbies
ALL OF THESE
Potential generation of new business ideas occurs: - ANSWER because of the
process of identifying skills and opportunities in the market
Before forming a new business, the first thing a founder should do is: - ANSWER list
their personal skill set
A small business owner must possess all of the following EXCEPT: - ANSWER a
sequential formula
Potential owners should examine all of these specific areas before choosing a
business idea EXCEPT: - ANSWER financial history
Founders of a small business need to be involved with which one of the following
tasks in the start-up of a business? - ANSWER design, funding, operating (ALL OF
THESE)
What term is used to describe the process of systematically examining the difference
between what is expected and what occurs? - ANSWER gap analysis
A type of analysis that examines opportunities in the marketplace compared to the
individual's ability to address those gaps is called: - ANSWER opportunity analysis
All of the following are ways to identify gaps or business opportunities EXCEPT: -
ANSWER read government documents
Mark brings his friends together to generate ideas on his new business. Mark will
identify what his skills are, and then ask his friends to generate a list of business
ideas that he might start. This is called _________. - ANSWER brainstorming
Brainstorming works well with _________ groups. - ANSWER informal
The process of generating ideas should occur in a(n) _________ environment and
not a(n) _________ environment. - ANSWER interactive; linear
A potential business owner needs to convey his or her business idea to a
prospective investor or lender in _________ minutes - ANSWER two
