FINAL: Section 8: Entrepreneurship

Just like the resume should get you an interview, the elevator pitch should get you ________.

• a S. A. F. E.

• an offer to invest

• the next meeting

• a broad and diverse network

Customer discovery is the process of ________ -- or relying on facts to start a business--not what you think that customers want, but what customers actually will buy (not necessarily what they say the will buy). 

• conducting solution interviews

• validating your assumptions

• disintermediation

• factual reallocation

See the "bug report" below. Why might an entrepreneur use the "bug report" system?

• to identify early adopters

• to validate assumptions

• to identify potential opportunities

• to validate pest control

What is the term for when a company has a unique solution which it can defend from competition?

• Innovative defensible construct

• Sustainable competitive advantage

• Unique dedicated advantage

• Innovative defended solution

True or False.  Entrepreneurs should use social media platforms to advertise their startups online.

• True

• False

The process of ideation includes all of the following except:

• a process for coming up with new ideas.

• methods of convincing clients to buy products and services.

• systems for validating assumptions.

• methods for evaluating both new ideas and existing businesses.

The average age at which an Entrepreneur starts their first business is 40 years  old. 

• True

• False

The U.S. Small Business Administration (SBA) gives interest-free loans to start-up  businesses and fully guarantees loans from local commercial lenders.

• True

• False

A _____ is a formal document that describes a business concept, outlines core  business objectives, and details strategies and timelines for achieving those  objectives.

• business warrant

• business resource

• business directory

• business plan

The primary reason people choose to become entrepreneurs is to:

• avoid difficult challenges.

• avoid uncertainty.

• earn more money.

• develop evolutionary business models.