Entrepreneurship final review

Pick the best definition for: Entrepreneur

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

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

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

• a formally educated individual who invests in small businesses

True or False: The Business Plan and Business Model Canvas are static documents that are written early in the planning phase.

• True

• False

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
• Executive Summary
• Business Plan & Business Model Canvas
• Business Model Canvas

Pick two essential characteristics of successful entrepreneurs.

• Extroverted and Aggressive

• Passionate and Purpose-Driven

• Formally Educated and Driven

• Profit-Oriented and Independent

Dante's business is called Sock Nation. He and his team sell customized socks and slippers and donate a pair of shoes for every ten pairs of socks sold. Their priorities are satisfying an unmet need in the marketplace for custom socks and improving society. Their goals or vision includes expanding their product lines and customer segments as well as the magnitude of their social improvements. What type of entrepreneur would best describe Dante?

• Social Entrepreneur

• Climate/Green Entrepreneur

• Generic Entrepreneur

• Hobby Entrepreneur

Select the best definition for: Design Thinking

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

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

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

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

Select all of the following that are NOT part of a formal business plan:

• SWOT Analysis

• Owner Resume

• Marketing Plan

• Individual Credit Report

• Executive Summary

Entrepreneurship is NOT (select all that apply):

• Road to becoming famous

• A mindset for those always looking for opportunity

• Get rich-quick scheme

• A good fit for those comfortable with taking risks

• Easy

Select the best definition for Design Thinking.

• The entrepreneur's ability to continuously design new products and processes to create value for customers and profitability for the entrepreneur.

• The process of combining empathy for potential customers' needs and problems with innovation of an entrepreneur and the entrepreneur's ability to iterate numerous prototypes to discover what best meets the customers' needs and creates value.

• Creating an art portfolio showing your design abilities.

• The entrepreneur's ability to continuously design new products and processes to create value for customers and profitability for the entrepreneur.

True or False: 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