Entrepreneurship: Successfully Launching New Ventures, 4e (Barringer/Ireland)
Chapter 2 Recognizing Opportunities and Generating Ideas

1) BenchPrep, the company profiled in the opening feature for Chapter 2, sells an iPhone app to help students prepare for the GMAT and other exams. The original idea for the company stemmed from the founders' recognition that if people could use their iPhones to study for the GMAT:
A) they wouldn't have to carry heavy study books around and they could maximize their study time by catching a few minutes of studying between meetings and on similar occasions
B) they could study more questions and a computer within the app could keep track of their progress on practice exams
C) they could save money by not having to buy multiple study guides and a small computer within the app could keep track of their progress on practice exams
D) they wouldn't have to carry heavy study books around and they could interact online with other people preparing for the GMAT and similar exams
E) they could maximize their study time by catching a few minutes of studying between meetings and on similar occasions and they could save money by not having to buy multiple study guides
Answer: A
Diff: 2 Page Ref: 41
Topic: Identifying and Recognizing Opportunities
AACSB: Reflective Thinking
Objective: Describe the role of entrepreneurs and small business

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: 43
Topic: Identifying and Recognizing Opportunities
AACSB: Reflective Thinking
Objective: Describe the role of entrepreneurs and small business

3) According to the textbook, opportunities are:
A) easy to spot
B) easy to spot in fast growing industries but tough to spot in