* 2. Developing successful business ideas includes: (1 Point) a. Recognizing opportunities and generating ideas b. Feasibility analysis O c. Developing an effective business model O d. All of these 4. At which stage of the creative process, the creative idea is put into a final form: the details are worked out and the idea is transformed into something of value, such as new product, service, or a business concept; and a business plan is written (1 Point) O a. Elaboration O b. Insight O c Evaluation Od. Incubation 5. Once the Entrepreneur understands the importance of each approach to identify opportunity, he will be much more likely to look for opportunities and ideas that fit each profile. Which of the following is NOT an approach to identify opportunity? (1 Point) O a Solving Problem O b. Observing Trend O c. Finding Gaps in the Marketplace O d. Seeking enjoyment 6. An opportunity is a favourable set of circumstances that creates a need for a new product, service, or business. The key to opportunity recognition is to identify: (1 Point) O a. A product/service that people need and are willing to buy. b. A product that entrepreneur wants to make. O c A product that entrepreneur wants to sell. d. None of these