Module 2

Select the best strategy for starting off the entrepreneurial pitch from the available options:

• Acknowledge that the pitch is interactive and aim to engage, or hook, the audience right away.

• Grab the audience's attention and give them your contact information for later contact

• Be upfront about your intentions for earning the audience's investment or purchase of your new product/service

• Get your product or prototype into the audience's hands as step one

What are some ways to foster a culture of creativity and innovation in the workplace? Select all that apply.

• View problems as challenges

• Build teams with similar people

• Train for and model creativity

• Encourage risks, tolerate failure

• Set quotas for new ideas and products

Which of the following options best describes the contrast between creativity and innovation in entrepreneurship?

• Creativity is the potential for the mind to conceive new ideas while innovation is the process of translating an idea into a product or service that provides value to a potential customer.

  Innovation is the process of coming up with ideas no one has thought of before while creativity is adding branding, logos, and customer-oriented aesthetics.

• Innovation is the process of coming up with ideas no one has thought of before while creativity is adding branding, logos, and customer-oriented aesthetics.

• Creativity and innovation are the same.

• You are born with creativity and innovation you are taught.

The Problem Statement, on the Business Model Canvas, is a firm statement and will not change as you research and develop other areas of the business such as Customer Segments.

• True

• False

Evaluating an entrepreneurial opportunity requires an analysis of the business's goals and fit with the staff, opportunity costs of financial stakeholders, and risk reward tolerance of stakeholders. This analysis is described as:

• Economics & Profitability

• Self & Investor Analysis

• Industry & Market Evaluation

• Competitive Advantage Analysis

Evaluating an entrepreneurial opportunity requires an analysis of the benefits the product/service offers potential customers, streamlined processes/efficiency, value of intellectual property, and strategic partnerships. This analysis is described as:

• Economics & Profitability

• Self & Investor Analysis

• Industry & Market Evaluation

• Competitive Advantage Analysis

Evaluating an entrepreneurial opportunity requires an analysis of the business's perceived customers or market, expected lifetime use, and growth potential. This analysis is described as:

• Economics & Profitability

• Industry & Market Evaluation

• Competitive Advantage Analysis

• Self & Investor Analysis

Entrepreneurial opportunities can be described as:

• Customer-driven solutions to a problem or need

• An existing product with low market reach

• An idea with a plan

• A product in search of a market

• Could turn into a profitable venture

Evaluating an entrepreneurial opportunity requires an analysis of the business's goals and fit with the staff, opportunity costs of financial stakeholders, and risk reward tolerance of stakeholders. This analysis is described as:

• Economics & Profitability

• Self & Investor Analysis

Which is more measurable? Creativity or Innovation?

• Creativity

• Neither are measurable

• Innovation

• Both are equally measurable