Module 2 - What's the Problem?

Select all that apply: Entrepreneurial opportunities can be described as:

• Customer-driven solutions to a problem or need

• A product in search of a market

• Could turn into a profitable venture

• An idea with a plan

• An existing product with low market reach

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:

• Economics & Profitability

• Industry & Market Evaluation

• Competitive Advantage Analysis

• Managerial Strategy

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:

• Competitive Advantage Analysis

• Managerial Strategy

• Self & Investor Analysis

• Economics & Profitability

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:

• Economics & Profitability

• Competitive Advantage Analysis

• Management & Team

• Self & Investor Analysis

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

• Creativity you are born with and innovation you are taught.

• Creativity and innovation are the same.

• Innovation is the process of coming up with ideas no one has thought of before while creativity is adding branding, logos, and customer-oriented aesthetics.

• 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.

Select the best definition for Design Thinking.

• The entrepreneur's ability to continuously design new products and processes to create value for customers and profitability for the entrepreneur.

• The entrepreneur's ability to continuously design new products and processes to create value for customers and profitability for the entrepreneur.

• Creating an art portfolio showing your design abilities.

• 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 waht best meets the customers' needs and creates value.

Select the best strategy for starting off the entrepreneurial pitch from the available options:

• 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.

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

• Be upfront about your intentions for earning the audience's investment or purchase of your new product/service