BizInnovator Startup - What's Your Problem

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

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.
• The customer's problem and a description of the product or service that will solve that customer problem.
• List of customer segments
• Costs identified to solve the problem

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

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

i. identify customer benefits

ii. Differentiation and positioning

iii. Link benefits to product/service value

iv. Problem description

v. Measure of profitability

• i, ii, iii

• i, iii, v

• i, iv, v

• i, ii, iv

Select the best definition for Design Thinking.

• 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.
• The entrepreneur's abilit to continuously design new products and processes to create value for customers and profitability for the entrepreneur.
• The ability to serial-design new products or services for new businesses and create prototypes that prove value to customers while simulataneously generating profit.
• Creating an art portfolio showing your design abilities.

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

i. Customer-driven solutions to a problem or need

ii. A product in search of a market

iii. Could turn into a profitable venture

iv. An idea with a plan

v. An existing product with low market reach

• i, iii, iv

• i, iii, v

• i, ii, iv

• All of the options

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
• 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

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.
• Creativity and innovation are the same.
• Creativity you are born with and innovation you are taught.

The Value Proposition is an integral part of the Business Model Canvas. From whose perspective is value derived from?

• The potential customer
• The entrepreneur
• The investor
• The employees

Evaluating an entrepreneurial opportunity requires an analysis of the business's potential management style, team structure and composition, and their backgrounds and integrity. This analysis is described as:

• Management & Team
• Self & Investor Analysis
• Economics & Profitability
• Competitive Advantage Analysis