BootCamp1_2023_2024

Which lean canvas component describes how a business idea solves customers problems in a better way than existing solutions?

• Milestones

• Competition

• Value Proposition

• Business Model

What are the characteristics of an entrepreneurial mindset?

• business knowledge, financial knowledge,

  and organizational skills

• community awareness, educactional readiness, and literacy

• people skills, problem solving and career exploration

• creativity, adaptability, determination, and empathy

You manufacture race cars.

How should you determine performance criteria for your product?

• Secure additional funding

• Run a social media campaign

• Create a commercial explaining the product

• Test an interactive prototype

You own a hot dog cart downtown. You sell each hot dog for $2.50. You need to determine your monthly BREAK-EVEN POINT

• * Monthly Expenses $600

• * Cost to produce each hot dog $1

How MANY hot dogs do you need to sell each month to break-even

• 172

• 240

• 400

• 600

Which THREE answer options are products that would be developed by digital production not physical production

(Choose 3)

• Social Media applications

• Wall mounted televisions

• E-Books

• Laptops

• Banner Ads

You have a small business. Your first-year financials are as follows

• - Start up costs: $60,000

• - Gross Sales: $65,800

• - Total Expenses: $28,500

• - Income Taxes: $6,370

What is the Return on Investment (ROI) for your business?

• 1.96%

• 51%

• 61%

• 92%

Which THREE resources represent SECONDARY DATA

(Choose 3)

• Focus Groups

• Industry Newsletter

• United States Census

• Customer Interviews

• Academic Journals

You decide to open a coffee shop. You need to determine your monthly fixed costs and variable costs.

Which two costs are FIXED (Choose 2)

• Cups

• Insurance

• Coffee grounds

• Rent

What is the main advantage of direct distribution over fulfillment services?

• Unfiltered relationship with customers

• Established distribution system

• Brand recognition

• Minimal storage costs

Which two types of information does an income statement provide?

( Choose 2 )

• An analysis of the shareholder equity

• A classification of revenues and expenses

• An indication of profitability

• A classification of assets and liabilities