INNOVATION COMPREHENSIVE SCRIPT 2026
QUESTIONS AND ANSWERS GUARANTEED TO
PASS
◉ which two characteristics are ideal for entrepreneurs to have.
choose 2 answers. Answer: enthusiastic outlook
resiliency after failures
◉ why is discovery the first stage of the entrepreneurial process.
Answer: entrepreneurs can determine what they want to do and if
there is an opportunity
◉ Which question is most appropriately considered during the
discovery stage. Answer: does my product or service meet an unmet
demand
◉ why are prototypes useful during the market evaluation stage of
the entrepreneurial process?. Answer: Prototypes are a way to
measure consumer interest in a new product or service
◉ What are two reasons why an entrepreneur might choose to
structure his venture as a corporation. Answer: to structure the
,venture in a simple, less costly way that promotes more flexibility in
decision-making
to enable the venture to survive beyond the entrepreneurs lifetime
◉ What is one outcome of the strategic planning stage of the
entrepreneurial process. Answer: a mission statement
◉ how can operational planning assist with financial planning
during the fifth stage of the entrepreneurial process. Answer: sales
projections from the marketing plan can be used to project revenue
◉ What are three reasons to create business plans. Answer: they
require entrepreneurs to extensively research the market
opportunity
They help entrepreneurs figure out solutions to potential challenges
before starting operations
They are helpful in attracting financing and investments to launch a
venture
◉ what challenge does the implementation stage present for some
entrepreneurs. Answer: a primary focus on observation and
documentation
◉ An entrepreneur would like to secure access to both a large sum
of chase and industry experience.
,Which funding option would best align with this entrepreneurs
overall good. Answer: Equity investors
◉ An entrepreneur comes up with a great idea for her business.
Which concept does this entrepreneur need to understand when
developing a new enterprise. Answer: a great idea cannot succeed
without effective communication
◉ Which features are highly important to the sustainability of new
ventures according to Barney and Clark. Answer: competencies and
capabilities
◉ What is social entrepreneurship. Answer: The application of
entrepreneurial tools to solve societal problems
◉ What two statements describe social entrepreneurs. Answer: they
look for innovative ways to solve existing problems
they employ entrepreneurial tools to address community issues
◉ Which description explains the relationship between creativity
and vision. Answer: Innovation is the conversion of creative new
ideas into new products, processes and services
, ◉ What is required during the incubation stage of Amabile's stages
of innovation. Answer: Making time for creative thought without
regards to immediate results
◉ Which techniques are methods for overcoming barriers to
innovation. Answer: Divergent thinking and listening
◉ During which part of innovation is it most important to expose the
organization to external thinking. Answer: Imagination
◉ What is a simple an inexpressive way team leaders can foster
creativity. Answer: holding team brainstorming sessions in a new
location
◉ What is an example of an incremental innovation. Answer:
internet shopping website
◉ What is the primary role of an idea champion in the innovation
process. Answer: The champion strongly believes the idea
◉ What is the role of innovation in the public section as compared to
the private sector. Answer: it is more challenging than in the private
section but important because of the enormous impact of
innovations.