NFTE Unit 1- Developing Entre Mindset Assessment

Which of the following is not part of the entrepreneurial mindset?

• Passiveness

• Critical Thinking and Problem Solving

• Initiative and Self-Reliance

• Creativity and Innovation

Darshan does a self-assessment of his entrepreneurial mindset. He finds that future orientation is a domain that he wants to improve. What action should he take to improve this?

• Spend time alone thinking of new ideas

• Use a planner to set goals around his business

• Practice public speaking

• Try doing brainteaser exercises daily

Which of the following is one of the biggest risks of being an entrepreneur?

• Solving problems for others

• Doing work that you enjoy

• Making your own rules

• Losing money if the business fails

Human-Centered Design Thinking is used to solve problems for customers. Which step of this process best allows you to think of solutions to their problems?

• Empathize

• Ideate

• Interpret

• MVP Prototype

Karina is starting a business that builds websites for other businesses. It is really important to her to be environmentally friendly while still making a profit. How should she set up her business based on her goals?

• Run the business completely paperless and work to be certified as a benefit-corporation

• Ask her employees to volunteer in the community

• Write a mission statement that states all paper will be recycled

• Start a non-profit organization instead that builds websites for free

Below is a list of business ideas that came from an idea map around hair care. Which of the following would be the best solution for busy salon owners?

• Organic hair care products

• Salon with childcare

• Hair styling video tutorials

• App for easy appointment scheduling

Entrepreneurs can use tools to see if it is worth it to pursue an opportunity. Which of the following tools can be used to compare its strengths and opportunities against its weaknesses and threats?

• Lean Canvas

• Cost/Benefit Analysis

• SWOT Analysis

• Opportunity Cost

Market research is used to gather information needed to make business decisions. Which of the following is not a reason to perform market research?

• It can help you avoid costly mistakes from wrong decisions

• Talking directly to customers can inform your product design

• You do not have to complete a lean canvas if you do research first

• You can get information on competition in your industry

Marcos wants to start a wedding photography business. His business would post the pictures to social media for guests to view during the ceremony. What would be a question he could ask his potential customers?

• How much did you spend on your wedding?

• Do you like my idea?

• Would you have someone posting pictures to social media?

• Would you pay to have someone posting pictures to social media?

Many entrepreneurs now use a Lean Canvas instead of a written business plan. Which of the following is the main reason for this?

• Funders do not need see research data

• It is easier to make changes after testing

• There is no reason to ever write a business plan anymore

• It is faster to get a validated opportunity than with a written plan