CHAPTER 5 -- TEST REVIEW

Where do entrepreneurs look to find new ideas?

• Entrepreneurs find new ideas through government agencies, community and professional associations, hobby groups and trade shows

Where do experienced business people get information?

• They get information from:

1. Government agencies and departments
2. Community organizations
3. Business associations

What is the difference between invention and innovation?

• Invention is the creation of something new.
• Innovation is a change to something that already exists.

How do people protect their ideas?

• When you have an idea, an invention, or an innovation you need to take steps to protect it from possible competitors -- called intellectual property.
• Patents
• Copyrights
• Trademarks
• Industrial design act
• Integrated circuit topography act

DEFINE:

Lateral thinking

• Means generating ideas by being flexible and creative.

Trademarks

• Words, symbols, or designs used to identify a product or service and distinguish it from its competitors.

Brainstorming

• Completing a word cluster or mind map with other people -- can generate a large number of new and unusual ideas.

Patent

• The right to make, use, and sell an invention for a set period of time.

Right brain

• Portion of the brain that is creative, imaginative, emotional, and intuitive.

Intellectual property

• When you have an idea, an invention, or an innovation you need to take steps to protect it from possible competitors

Left brain

• Portion of the brain responsible for language and language related activities

SIX THINKING HATS:

• White hat

• Concerned with gathering facts, figures and objective information
• Does not allow opinions to interfere

• Red hat

• Recognizes the emotions or intuition influence thinking

• Green hat

• Indicates a form of lateral thinking that includes creativity, alternatives, and proposals -- encourages provocations and change

• Black hat

• Represents the use of judgement and caution -- must present the case against the idea by providing objective negative feedback

• Yellow hat

• Also logical but in a constructive way -- looks for positive outcomes and reasons why the idea will work.

• Blue hat

• Used to lead and pull the other hats together to solve the problem

What are more ways to generate ideas?

• Newspapers
• Magazines
• Trade shows

TEN BRAIN TEASERS:

1. A man stands on one side of a river, his dog on the other. The man calls his dog, who immediately crosses the river without getting wet and without using a bridge or a boat. How did the dog do it?

• The river was frozen.

2. A sundial has the fewest moving parts of any timepiece. Which has the most?

• An hourglass, with thousands of grains of sand.

3. What is unusual about the following words: revive, banana, grammar, voodoo, assess, potato, dresser, uneven?

• Take the first letter of each word and place it at the end. It will spell the same word backwards.

4. What makes this number unique — 8,549,176,320?

• It contains each number, zero through nine, in alphabetical order.

5. Put a coin into an empty bottle and insert a cork into the neck. How can you remove the coin without removing the cork or breaking the bottle?

• Push the cork down into the bottle. Then shake the coin out.

6. Two boxers are in a match scheduled for 12 rounds. (Pure boxing only – no kicking, UFC takedowns, or anything else). One of the boxers gets knocked out after only six rounds, yet no man throws a punch. How is this possible?

• Both boxers are female.

7. In 1990, a person is 15 years old. In 1995, that same person is 10 years old. How can this be?

• The person was born in 2005 B.C.

8. A man takes his car to a hotel. Upon reaching the hotel, he is immediately declared bankrupt. Why?

• The man is playing Monopoly. He lands on a property with a hotel and doesn’t have enough money to pay the rent.

9. What do these words have in common: polish, job, herb?

• All three words are pronounced differently when the first letter is capitalized.

10. You’re standing in a hallway with three light switches on the wall, each of which turns on a different lamp inside a closed room. You can’t see inside the room, and you can’t open the door except to enter the room. You can enter the room only once, and when you do, all the lamps must be turned off. How can you tell which switch turns on which lamp?

• Turn on the right switch and leave it on for two minutes. After two minutes, turn on the middle switch and leave it on for one minute. When that minute is up, turn off both switches and enter the room. One light bulb will be hot (1st switch) and one will be warm (2nd switch). The cold bulb will correspond to the switch you didn’t turn on.