Instructor Resource
Neck, Entrepreneurship, 1e
SAGE Publishing, 2018
Answers to Questions in the Text
Chapter 5: Recognizing New Opportunities
ENTREPRENEURSHIP IN ACTION
Jack McCarthy, Founder, Uglychristmassweaters.com
1. Since the idea of ugly Christmas sweaters already existed, what key factors led to Jack
McCarthy’s turning it into a business opportunity?
2. What are some advantages a teenager might have over an experienced adult when it
comes to recognizing and implementing a business opportunity?
3. If you were in McCarthy’s position as a business student who already headed a highly
successful enterprise, what would your career goals be? Explain the reasons for the
goals you propose.
ENTREPRENEURSHIP MEETS ETHICS
Improving upon Someone Else’s Idea
1. What are some reasons why governments have laws protecting intellectual property
(patent, trademark, and copyright)?
Sample Answer: To establish ethics and order in the marketplace by preventing the blatant
Instructor Resource
Neck, Entrepreneurship, 1e
SAGE Publishing, 2018
It is worth noting that a key differentiator between developed nations and underdeveloped
2. Do you agree or disagree with Seth Godin’s view that ideas cannot be stolen? Is it more
ethical to “steal” an idea if the “stealer” improves on it? Explain your answers.
Sample Answer: Answers will likely vary from student to student. As you discuss this question,
3. Have you ever had someone take credit for your idea or work? Did someone profit
financially or receive public praise for your work? How did that make you feel? What did
you do in response?
Sample Answer: Answers will vary from student to student. While most students may not have
MINDSHIFT
In Love with Your Idea?
1. In view of this exercise, can you explain the popular saying, “You always find something
in the last place where you looked for it”?
2. Do you agree that it is always important to look for new ideas and solutions if a
workable solution already exists? Give examples to support your answer.
Sample Answer: World-renowned personal development coach, Anthony (Tony) Robbins,
3. In what ways did the exercise challenge your previous assumptions and beliefs? Did you
learn anything that surprised you?
Sample Answer: Answers will vary from student to student. An example of a surprise that may
RESEARCH AT WORK
SEEC STUDY
1. Describe any classes you have taken (or are currently taking) that require creative
thinking or generating new ideas. What similarities do you find with the training
described in this research study? What differences?
2. How would you measure the effectiveness of SEEC training? How would you quantify
how innovative students’ ideas were, or how skilled students were at opportunity
recognition?
Sample Answer: There are many ways to quantify the effectiveness of SEEC (or similar) training.
The first is to measure the increase of ideas generated during/after the training compared to
3. In the training, students were given “a range of SEEC exercises to help them think more
creatively.” Make up an exercise that would help accomplish this.
Sample Answer: Answers will vary from student to student. One idea is to engage in a daily (or
Summary Questions
1. Explain how the entrepreneurial mindset relates to opportunity recognition.
2. Employ strategies for generating new ideas from which opportunities are born.
Of the nearly countless ways of generating ideas, seven strategies have been outlined by
3. Apply the two primary pathways to opportunity identification.
The first is the finding approach, which relies on the notion that, as the global societies shift and
4. Demonstrate how entrepreneurs find opportunities through active search and alertness.
Instructor Resource
5. Connect idea generation to opportunity recognition.