One of the pitfalls small business owners fall into is to fail to build a company culture
that encourages new ideas and embraces change.
One of the pitfalls small business owners fall into is to fail to build a company culture
that encourages new ideas and embraces change.
Using short sentences in communication increases miscommunications.
All organizations, including service firms such as banks and hospitals, have a
production function.
In crafting a feasibility study, the goal is to assess if the idea can be profitably brought
to market.
The strategy for using the pilot test approach is:
A. to show potential partners that the idea can generate sales.
B. to generate IP protection for the idea.
C. to check the number of visitors to the Web site.
D. to circumvent government regulations.
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?
A. Magnify
B. Adapt
C. Eliminate
D. Restitute
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?
A. Family and friends
B. Serendipity
C. Education and expertise
D. Personal interest
Josh, an electronics retailer, noticed that the e-commerce business was booming. He
started an online shopping Web site to take advantage of this surge in business. As a
result, his business attracted more customers from all across the country. This reflects
Joshs:
A. creativity.
B. radical ability.
C. incremental skill.
D. entrepreneurial alertness.
_____ means the extent to which an idea is viable and realistic, and the extent to which
you are aware of internal and external forces that could affect your business.
A. Flexibility
B. Consistency
C. Feasibility
D. Innovation
Which of the following is an advantage of the SCAMPER tool?
A. It helps entrepreneurs to come up with alternative solutions.
B. It helps entrepreneurs to generate more royalty than any other method.
C. It gives IP protection to products and services.
D. It helps entrepreneurs to avoid governmental taxes and liabilities.
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?
A. Magnify
B. Adapt
C. Eliminate
D. Restitute
Susan has a part-time “cottage industry” producing seasonal plywood yard ornaments
for resale at local craft fairs and bazaars. She currently works 8 hours per day to
produce 16 ornaments.
a. What is her productivity?
b. She thinks that by redesigning the ornaments and switching from use
of a wood glue to a hot-glue gun she can increase her total
production to 20 ornaments per day. What is her new productivity?
c. What is her percentage increase in productivity?
Productivity can be improved by
A) increasing inputs while holding outputs steady
B) decreasing outputs while holding inputs steady
C) increasing inputs and outputs in the same proportion
D) decreasing inputs while holding outputs steady
E) none of the above
Which of the following sentences avoids the use of cluttering phrases?
A. This account was created for the purpose of contacting my brother.
B. We are talking about something in the neighborhood of $40 million for donations.
C. With reference to the article written yesterday, there was a huge outcry demanding its
retraction.
D. They agreed to abide by the rules in accordance with the treaty.
E. Please fill up the forms and provide all relevant documents to help us speed the
application process.
Starbucks stopped requiring signatures on credit-card purchases under $25 in an attempt
to reduce __________ .
What are the different sources of ideas for new businesses?
__________ is the operations management trend that moves more decision making to
the individual worker.
Elucidate the relationship between innovation and entrepreneurship.
What are the major pitfalls that business owners can become victims to when trying to
become more innovative?