Test Prep ESB

You decide to create a new type of energy bar. You take samples to a focus group to get their reactions to your product. Which stage of the development process are you in?

• Market strategy creation

• Product development

• Idea generation

• Concept development

Which two actions help start-up companies achieve product/market fit?

• Determining the primary competition

• Testing the minimum viable product prototype with customers

• Identifying underserved customer needs

• Hiring additional staff to handle exponential growth

You want to buy a gift shop in a popular location within a large town. Which three factors

will help you determine if the business opportunity is viable?

• Financing requirements

• Market size

• Revenues and cost

• Current number of employees

• Shop’s floorplan

What is the benefit of being an entrepreneur?

• Consistent 40-hour work weeks

• Limitless income potential

• Paid sick time and health insurance

• Predictable job description

You recently opened a food truck business. Which of the following is a start-up cost?

• Cooking utensils

• Truck lease payments

• Business license

• Gasoline

You recently opened a food truck business. Which of the following is an operating cost?

• Business license

• Cooking utensils

• Truck lease payments

• Gasoline

What is the first step in forming a product/ market fit in the hypothesis?

• Establish a distribution system

• Determine who the target customer is

• Determine who the competition is

• Create a prototype

What are the two advantages of using the Lean Canvas business plan instead of the traditional business plan model?

• A Lean Canvas is an extremely detailed, thorough, multiple-page report

• A Lean Canvas focuses on the problem, solutions, key metrics, and unique value

  proposition

• A Lean Canvas is a quick, concise tool to document or update a business plan

• A Lean Canvas includes financial projections, a market analysis, and the marketing strategy

In your business plan, you describe that in five years, you plan to sell your company to another organization. In what section of the business plan should you include this information?

• Exit strategy

• Executive summary

• Vision

• Financial projections

You are creating a business plan that includes your value proposition. Which three items should you have in your value proposition? Choose 3

• The differences between your business and your competitor's businesses

• Projected financial reports and operating costs

• The services you offer to customers

• An overview of your business

• Your target audience’s demographic information