BizInnovator Startup - What's Your Problem

Front

Entrepreneurial opportunities can be described as:
i. Customer-driven solutions to a problem or need
ii. A product in search of a market
iii. Could turn into a profitable venture
iv. An idea with a plan
v. An existing product with low market reach

Back

i, iii, iv

Front

Evaluating an entrepreneurial opportunity requires an analysis of the capital needed to start, projected profit and breakeven points, and the return on investment potential. This analysis is described as:

Back

Economics & Profitability

Front

Evaluating an entrepreneurial opportunity requires an analysis of the benefits the product/service offers potential customers, streamlined processes/efficiency, value of intellectual property, and strategic partnerships. This analysis is described as:

Back

Competitive Advantage Analysis

Front

Evaluating an entrepreneurial opportunity requires an analysis of the business's potential management style, team structure and composition, and their backgrounds and integrity. This analysis is described as:

Back

Management & Team

Front

Which of the following options best describes the contrast between creativity and innovation in entrepreneurship?

Back

Creativity is the potential for the mind to conceive new ideas while innovation is the process of translating an idea into a product or service that provides value to a potential customer.

Front

Select the best definition for Design Thinking.

Back

The process of combining empathy for potential customers' needs and problems with innovation of an entrepreneur and the entrepreneur's ability to iterate numerous prototypes to discover what best meets the customers' needs and creates value.

Front

What is the Problem Statement, as included on the Business Model Canvas?

Back

The identified problem or need of potential customers in the market that an entrepreneur might be able to address with their product or service concept.

Front

Select the key components of the Value Proposition, as included on the Business Model Canvas:
i. identify customer benefits
ii. Differentiation and positioning
iii. Link benefits to product/service value
iv. Problem description
v. Measure of profitability

Back

i, ii, iii

Front

Select the best strategy for starting off the entrepreneurial pitch: Acknowledge that the pitch is interactive and aim to engage, or hook, the audience right away., Grab the audience's attention and give them your contact information for later contact, Get your product or prototype into the audience's hands as step one, Be upfront about your intentions for earning the audience's investment or purchase of your new product/service

Back

Acknowledge that the pitch is interactive and aim to engage, or hook, the audience right away.

Front

The Value Proposition is an integral part of the Business Model Canvas. From whose perspective is value derived from?

Back

The potential customer