Entrepreneurship - Chapters 8 thru 10 Review

The business model phase is a part of the entrepreneurial process where questions must be answered in order for the business to be a validated .

• orchestration

• confirmation

• acknowledgement

• validation

What are 3 requirements for using critical thinking in scenarios?

• Acknowledge personal feelings and preexisting opinions, Rely on reason and thought instead of on emotion or impulse, Evaluate the most popular options.

• Acknowledge personal feelings and preexisting opinions, Rely on intuition, Evaluate all possible options—even those that are unpopular.

• Acknowledge personal feelings and preexisting opinions, Rely on reason and thought instead of on emotion or impulse, Evaluate all possible options—even those that are unpopular.

• Ignore personal feelings and preexisting opinions, Rely on reason and thought instead of on emotion or impulse, Evaluate all possible options—even those that are unpopular.

If there was a huge increase in the % of women entering the workforce, which of these would be the BEST business opportunity based on the DEMAND this would create?

• A pet store

• A cooking school

• A daycare business

• A travel agency

• A home and garden store

Answer explanation

When women who have children (especially very young children) go back into the workforce, one of the biggest needs for their families becomes childcare.

A well-written research question will get you _______ data that can be used for the business.

• primary

• secondary

• consecutive

• profitable

Both trade associations and list-rental companies will typically charge for their services but there are also free online survey tools such as Survey Monkey that will allow you to send surveys and collect data online for no charge.

• True

• False

What is an inherent DISADVANTAGE of putting together a minimum viable product (MVP) to test?

• You don't gain insight into how customers interact with the product

• You typically have higher start-up costs since there is less market research conducted before opening the business

• You don't have the benefit of advanced market research before you launch

• You aren't able to tweak the product in response to customer feedback

Answer explanation

You WILL conduct and use marketing research AFTER you roll out your mvp - but by definition you won't do advanced marketing research before you roll it out.

A research objective is a carefully worded question used to conduct market research about a prospective business opportunity in order to validate it.

answer

• True

• False

"SWOT" stands for...

• Strengths, Weaknesses, Options and Threats

• Strengths, Weaknesses, Options and Trade

• Strengths, Weaknesses, Opinions and Threats

• Strategies, Weaknesses, Opportunities and Threats

• Strengths, Weaknesses, Opportunities and Threats

Answer explanation

SWOT analysis was invented in the 1960s by a management consultant named Albert Humphrey at the Stanford Research Institute. Previously, corporate planning had not met with much success. Fortune 500 companies needed a way to produce long-term planning that was executable and reasonable.

A business canvas tool serves as an alternate tool to traditional business planning and should be finalized one time before the business is started.

• True

• False

Answer explanation

It's not done one time...It allows you to make changes to the opportunity as information is gathered over time - it is used as an ongoing process to tweak and re-tweak your business opportunity.

Which of these is NOT a requirement to apply critical thinking?...

• Acknowledge personal feelings and pre existing opinions

• Rely on reason and thought instead of on emotion or impulse

• Evaluate all possible options—even those that are unpopular.

• These are all requirements to apply critical thinking