Pick two essential characteristics of successful entrepreneurs.

Profit-Oriented and Independent

The ______________________ is/are often required by potential investors, lenders, and other financial stakeholders prior to investing money or other assets into the new business venture.

Business Plan & Business Model Canvas

Early stage startups spend significant time doing the following (select all that apply):

Going to the bank/seeking investors

Creating partnership agreements

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

Encourage risks, tolerate failure

Build teams with similar people

Set quotas for new ideas and products

Select the best definition for the "Ideation" stage of design thinking.

Developing innovative solutions and moving beyond common ideas.

Understanding who you're designing for and their motivations

Process of formally interviewing potential customers for their feedback on the design

Experimenting with prototypes and redesigning each iteration

Entrepreneurial opportunities can be described as: (Select all that apply)

Customer-driven solutions to a problem or need

Could turn into a profitable venture

A product in search of a market

An existing product with low market reach

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.

You are born with creativity and innovation you are taught.

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.

What is the Problem Statement, as included on the Business Model Canvas?

The identified problem or need of potential customers in the market that an entrepreneur might be able to address with their product or service concept.

Costs identified to solve the problem

The customer's problem and a description of the product or service that will solve that customer problem.

Select the key components of the Value Proposition, as included on the Business Model Canvas:

Link benefits to product/service value

Differentiation and positioning

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.

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

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

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

Which statement provides a valuable assumption about the use of Customer Discovery?

provides an entrepreneur with imporant information about their product.

hinders an entrepreneur in the start up process.

What role do customers play in the success of a product/business?

Customers must like the business idea and be willing to use/purchase the product.

Customers are generally clueless about products.

Customers come and go. No need to keep the same people as a customer.

Customers do not play a vital role in the success of the product.

Define Channel from a marketing perspective.

Sharing your value proposition with others.

The way you receive funds from customers.

The way you "turn" out your product to the public

Which statement accurately describes why an entrepreneur should understand the concepts of branding?

Branding provides the product with a recognizable identity.

Branding is only done at the onset of your business.

Branding will help your competitors realize you mean business.

Branding is costly and should be scrutinized before embarking on branding endeavors.

Customer Relationships are critical to an entrepreneur's success. Which statement below is false.

Customer relationships are easy to create and maintain.

Relationships take time to cultivate, and, if nurtured can be lasting.

Customers will "return" if they trust the entrepreneur and like their product.

There are many ways to create a positive customer relationship.

Select all the processes that fall under Market Research for entrepreneurs:

Determine market and growth potential

Communicate financials to stakeholders

Determine company mission and vision

Which is the most important difference between primary and secondary market research or data?

Primary market research is readily available data from external resources such as the U.S. Census or prior surveys and research. The data is based on source data but may be derived.

Primary market research is designed with a specific outcome in mind and is often expensive to collect and analyze. It is collected directly from the source.

Secondary market research is designed with a specific outcome in mind and is often expensive to collect and analyze. It is collected directly from the source.

Secondary market research is readily available data from external resources such as the U.S. Census or prior surveys and research. The data is based on source data but may be derived.

Select the best definition for: Demographics

Who your customer is, including age, gender, ethnic background, income level, marital status.

Where your customers live, including city versus urban communities, international or domestic based.

Why your customers buy, including attitudes and beliefs, lifestyle, interests, hobbies, social status or identify

How your customers buy and how they intend to use your product, including understanding of their needs versus wants, spending patterns, brand preferences, and how they are influenced by advertising

Select the best definition for: Psychographics

Why your customers buy, including attitudes and beliefs, lifestyle, interests, hobbies, social status or identify

Where your customers live, including city versus urban communities, international or domestic based.

Who your customer is, including age, gender, ethnic background, income level, marital status.

How your customers buy and how they intend to use your product, including understanding of their needs versus wants, spending patterns, brand preferences, and how they are influenced by advertising

Select the best definition for: Buying Behavior

How your customers buy and how they intend to use your product, including understanding of their needs versus wants, spending patterns, brand preferences, and how they are influenced by advertising

Who your customer is, including age, gender, ethnic background, income level, marital status.

Why your customers buy, including attitudes and beliefs, lifestyle, interests, hobbies, social status or identify

Where your customers live, including city versus urban communities, international or domestic based.

Customer Segments refers to __________________.

Who you believe will benefit from your value proposition, also know n as your target market.

The places, or segments, where you will place your products in order to best reach customers.

The database of important contact information that will enable you to keep in constant contact with customers about promotions and new product availability.

The critical relationships built with potential customers that will translate to sales and increase your customer base.

Entrepreneurship Exam

Quiz

•

Business

•

9th - 12th Grade

•

Practice Problem

•

Medium

•

CCSS

RI.11-12.5, 6.RP.A.3C, RI.8.2

+20

Standards-aligned

Kyle Ruettiger

Used 12+ times

FREE Resource

95 questions

Show all answers

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Select the best definition for: Entrepreneurial innovation

The process of translating an idea or invention into a good or service that creates value or for which customers will pay.

The process of translating a business idea into a profitable small business, creating value for the owner.

The process of creating a unique new invention to earn money for the business owner.

The process of creating a target market or customer base for an existing business idea.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Select the best definition for: Design Thinking

A process for creative problem solving, focused on the people experiencing the problem.

The process of translating an idea or invention into a good or service that creates value or for which customers will pay.

The process of creating a unique new invention to earn money for the business owner.

A process for designing a modified product or service in order to steal customers from other businesses.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Entrepreneurship is NOT (select all that apply):

Get rich-quick scheme

Road to becoming famous

A mindset for those always looking for opportunity

Easy

A good fit for those comfortable with taking risks

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is one of the purposes of establishing strong ethics as a business owner?

To enable the formation of a strong professional network.

To enable a focus on profits, rather than customers or sales procedures.

To ensure a level of trust between the business and potential customers and partners.

To ensure clear contracts and agreements between the business and vendors or partners.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Pick the best definition for: Entrepreneur

Started to fill a gap or provide a service, be your own boss

a temporary organization that searches for a repeatable and scalable business model

a formally educated individual who invests in small businesses

an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

Pick the best definition for: Startup

Started to fill a gap or provide a service, be your own boss

a temporary organization that searches for a repeatable and scalable business model

an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

Pick the best definition for: Small Business

Started to fill a gap or provide a service, be your own boss

a temporary organization that searches for a repeatable and scalable business model

an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

a formally educated individual who invests in small businesses

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