Quiz - Module 2 - What's Your Problem

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:

• Industry & Market Evaluation

• Self & Investor Analysis

• Economics & Profitability

• Competitive Advantage Analysis

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:

• Self & Investor Analysis

• Industry & Market Evaluation

• Economics & Profitability

• Competitive Advantage Analysis

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:

• Self & Investor Analysis

• Industry & Market Evaluation

• Economics & Profitability

• Competitive Advantage Analysis

Which is more measurable? Creativity or Innovation?

• Innovation

• Both are equally measurable

• Creativity

• Neither are measurable

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

• Encourage risks, tolerate failure

• Train for and model creativity

• View problems as challenges

• 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

• Experimenting with prototypes and redesigning each iteration

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

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

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

• Customer-driven solutions to a problem or need

• An idea with a plan

• Could turn into a profitable venture

• A product in search of a market

• An existing product with low market research

Evaluating an entrepreneurial opportunity requires an analysis of the capital needed to start, projected profit and breakeven points, and the return on investment potential. This analysis is described as:

• Economics & Profitability

• Industry & Market Evaluation

• Competitive Advantage Analysis

• Managerial Strategy

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:

• Competitive Advantage Analysis

• Managerial Strategy

• Self & Investor Analysis

• Economics & Profitability