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Rutiri-Entrep. Chap4
Opportunity Recognition
| Question | Answer |
|---|---|
| To become an ______________, you should be able to recognize business opportunities. | entrepreneur |
| Many famous _____________ have been started because an entrepreneur wanted to solve a problem. | companies |
| Who is the person who recognized a problem of confusing and complicated software for computers? He went on to create software that was fun and easy to use. | Bill Gates - Microsoft |
| Who is the person that was tired of purchasing expensive fancy packaging when she bought makeup. | Anita Roddick - The Body Shop |
| What company was predicted to dominate the be the leaders of technology but then proven to be too big and slow to adapt to new technology. | Telephone companies |
| What companies quickly took the lead for technological advancement? | Entrepreneur, Jerry Yang with Yahoo! and Steve Case, who founded AOL, quickly took over. |
| What small entrepreneur company beat the telephone company and signed up million of customers for Internet service. | Earthlink |
| Businesses are also created when entrepreneurs imagine what? | Products and services they wish existed. |
| What is an opportunity? | It is based on what consumers want - not necessarily on what you want. |
| When should you get your business up and running? | Window of Opportunity - This is the amount of time you have before someone else beats you to the customers. |
| A business idea is good when it doesn't meet the needs of customers. | False! It must meet the needs of customers or it will fail... |
| What are the top 10 rules of building a successful business? | Recognize an opportunity, evaluate it with critical thinking, write a business plan, gather resources, decide ownership, keep good financial records, stay aware, keep satisfying customer needs, and create wealth. |
| What are the six roots of opportunity? | Problems, changes, inventions, competition, technological advances, unique knowledge. |
| To decide if you want to invest your time, energy, or money, you need to do what? | Cost/benefit analysis |
| Before investing, look carefully at which factors? | Costs - money and time you will have to invest. Benefits - the rate of return on your money or the advancement of your business. |
| It the ____________ outweigh the costs, the investment will probably be worthwhile. | benefits |
| _____________ ______________ is the value of what must be given up in order to obtain something else. | Opportunity cost |
| What is an opportunity cost of obtain a college degree? | Lost wages/earnings from a job out of high school |
| What is SWOT analysis? | Strengths, weaknesses, opportunities, threats |
| Explain why not every idea is an opportunity? | The idea must match a consumer need. |
| An example of an opportunities are created by: | changes in laws, new situation or trends |
| Opportunities are created by: | Beating the competition on Price, Location, Quality, Reputation, Service |
Created by:
eva_rutiri
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