Directions: Please answer the following questions using complete sentences. A minimum of one paragraph is required for each response. Each paragraph must be five to seven sentences in length.
1. Describe opportunity identification for the entrepreneur.
2. What are the major sources of innovative ideas? Explain and give an example of each.
3. What are the four major components in the creative process?
4. What are the four steps involved in developing personal creativity?
5. What are the four major types of innovation?
6. Identify and describe five of the innovation principles.
7. Identify the three main pathways to entering business for a prospective entrepreneur.
8. What “right questions” need to be answered when deciding whether to buy a business?
9. What is meant by the term franchise?
10. What are the advantages and disadvantages of franchising?