Entrepreneurship and Innovation Quiz-2

Which approach emphasizes collaboration, iteration, and a non-linear process to develop innovative solutions?

• Economic stability

• Design thinking

• Complacency

• Short-term focus

What is a problem-solving methodology that encourages creative thinking by connecting seemingly unrelated concepts?

• Brainstorming

• Synectics

• Mind mapping

• SWOT analysis

What are the most important three critical factors to consider when developing a product?

• Market Need, technical feasibility, and business viability

• Advertisement, product packaging, and distribution networks

• User sensibility, market size, and product range

• Profit, market sensitivity, and employee strength

Which tool graphically represents a business model and helps stakeholders understand it easily?

• Business Model Canvas

• Balance sheet

• Profit and loss statement

• Organizational chart

What is the meaning of "Double Whammy"?

• A situation where two positive events occur simultaneously.

• A situation where two adverse events or effects occur simultaneously.

• A term used to describe a single unfortunate event.

• A financial model for maximizing profits.

What makes a collaborative model beneficial for entrepreneurship?

• Provides access to resources

• Offers networking opportunities

• Creates a sense of community

• All of the above

What distinguishes the fractional ownership business model from other models?

• Shared ownership of physical assets

• Focus on virtual assets and digital goods

• Primary emphasis on intellectual property rights

• Leasing equipment to businesses

What key criteria should a business model meet to achieve optimal success?

• High Initial Investment, Extensive Workforce, and Expensive Marketing

• Clear Value Proposition, Scalability, and Sustainable Revenue Streams

• Low Costs, Rapid Expansion, and Minimal Effort

• Single Revenue Source, Limited Target Market, and High Complexity

Which key performance metrics help to monitor a business's success?

• Revenue growth, customer acquisition, and value proposition

• Employee welfare, operational cost reduction, and inventory turnover

• Brand recognition, social media reach, and product diversification

• Customer retention, marketing spends, and aesthetic appeal

Why is the Lean Canvas a valuable tool for startups?

• Helps secure large investments from venture capitalists

• Develops a detailed five-year financial plan

• Allows startups to test and iterate on their business model assumptions quickly

• Designs a complex organizational structure for future growth