Opportunity

Question 1

What type/size of firms does most radical innovation occur in?

Answer 1

new or small firms

Question 2

Businesses that start out to do a particular opportunity and end up doing it are the best type of opportunities…T or F

Answer 2

False Business may brainstorm an opportunity, do their research, make changes, and may end up doing it. Others may find out it isn’t feasible. Others may find something totally different and go a different direction.

Question 3

T or F…It is very common for small business owners to put in really long hours with little time off to make their business thrive.

Answer 3

True

Question 4

Name something that is visually comparable to a business plan.

Answer 4

roadmap, blueprint, recipe, sewing directions…anything that plans something out from beginning to end

Question 5

What don’t you lose sight of if you are opportunity-focused?

Answer 5

Customers and Marketplace

Question 6

Which of the following is the first thing you should consider when pursuing an opportunity? 
1-The Financials
2-The Market
3-The Product
4-The Technology/Management Team
5-Personnel Training
6-Depends on the opportunity

Answer 6

2-The Market

Question 7

What are the various ways to protect you ideas or innovations?

Answer 7

Trademark
Copyright
Patents

Question 8

What is the purpose of a Break-Even Analysis?

Answer 8

Determine at what level or amount of sales will you start to make a profit.

Question 9

Larry invested $250 in the Knight Mint Molds. It took the Knight Mint Molds two years to become successful. The business was able to pay Larry back $300 for his share of the business. Larry’s return on investment rate was what?

Answer 9

(Gains - Cost)/Cost

(300 - 250)/250 = 0.2 or 20%