Reveiw 1 - Entrepreneurship

True or False: The Business Plan is a visual summary of the business model, often on one page.

• True

• False

Pick the best definition for: Entrepreneur

• an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

• a temporary organization that searches for a repeatable and scalable business model

• Started to fill a gap or provide a service, be your own boss

• a formally educated individual who invests in small businesses

Pick the best definition for: Startup

• Started to fill a gap or provide a service, be your own boss

• an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

• an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

• a temporary organization that searches for a repeatable and scalable business model

Pick the best definition for: Small Business

• Started to fill a gap or provide a service, be your own boss

• an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

• a temporary organization that searches for a repeatable and scalable business model

• a formally educated individual who invests in small businesses

Pick two essential characteristics of successful entrepreneurs.

• Formally Educated and Driven

• Passionate and Determined

• Profit-Oriented and Independent

• Extroverted and Aggressive

Dante's business is called Sock Nation. He and his team sell customized socks and slippers and donate a pair of shoes for every ten pairs of socks sold. Their priorities are satisfying an unmet need in the marketplace for custom socks and improving society. Their goals or vision includes expanding their product lines and customer segments as well as the magnitude of their social improvements. What type of entrepreneur would best describe Dante?

• Generic Entrepreneur

• Climate/Green Entrepreneur

• Hobby Entrepreneur

• Social Entrepreneur

Keira's business is called Sustainable Slabs. She and her team sell cutting boards and decorative wood products from reclaimed or recycled wood. Their priorities are creating beautiful home products through sustainable methods. Their goals or vision includes expanding to other products sourced from reclaimed natural resources. What type of business would best describe Keira's Sustainable Slabs?

• Hobby Entrepreneur

• Social Entrepreneur

• Climate/Green Entrepreneur

• Generic Entrepreneur

True or False: The Business Plan and Business Model Canvas are static documents that are written early in the planning phase.

• True

• False

True or False: The Business Plan is a visual summary of the business model, often on one page.

• True

• False

Select all of the following that are NOT part of a Business Model Canvas:

i. Executive Summary

ii. Advertising Strategy

iii. Value Proposition

iv. Profit Analysis

v. Customer Relationships

• i

• ii

• iii

• iv

• v