ESB V2 Prep 30 Quizs

Partnership

• 1 or more people own and operate a business together.

• 2 or more people own and operate a business together.

• Only one person owns and operates a business.

• A group of people who do not share ownership of a business.

A Minimum Viable Product is 

• A fully developed product ready for market launch.

• A prototype or first attempt at an idea built quickly and cheaply that the entrepreneur tries to sell to get  feedback from potential customers.

• A detailed business plan outlining all features of a product.

• A marketing strategy focused on customer acquisition.

Intellectual Property such as patents protect

• Literary works

• Inventions

• Trademarks

• Trade secrets

SWOT Analysis refers to

• A financial forecasting tool that predicts future sales.

• A business evaluation method that focuses on four categories: Strengths, Weaknesses, Opportunities, and Threats.

• A marketing strategy that emphasizes customer engagement.

• A project management technique for resource allocation.

Profit refers to

• The business’s reward for successfully providing goods and services to satisfy consumers’ demands. A business only makes a profit when the money coming in from sales is greater than the business’s expenses.

• The total revenue generated by a business before any expenses are deducted.

• The amount of money a business loses when its expenses exceed its revenue.

• The profit margin that a business aims to achieve in its financial planning.

Intellectual Property such as trademarks protect 

• Brand names such as how Patterson Farm trademarked the name Agmagination for their kid size town

• Inventions and scientific discoveries

• Literary works and artistic creations

• Personal data and privacy rights

Interpret

• Entrepreneurs can use their previous empathy to interpret what their problems’ and unmet needs are

• Entrepreneurs often ignore their past experiences when identifying problems.

• Empathy is not a useful tool for entrepreneurs in understanding needs.

• Entrepreneurs should rely solely on market research to interpret needs.

Growth Hypothesis refers to

• An assumption that a business can continue to attract more customers and grow. Entrepreneurs test this hypothesis to achieve Product-Market Fit.

• A theory that suggests businesses should focus solely on profit maximization.

• A model that predicts the decline of customer interest over time.

• A strategy for reducing operational costs in a business.

Sole Proprietorship 

• Business owned by one person meaning that they take on all the risk and debt

• A business owned by multiple partners sharing profits and losses

• A corporation owned by shareholders with limited liability

• A non-profit organization that operates for charitable purposes

A retailer business is

• A business that buys goods in small amounts, often from wholesalers, then resells those goods directly to consumers who are the final buyers.

• A company that manufactures products for other businesses.

• A service provider that offers goods on a subscription basis.

• An online platform that connects buyers and sellers without holding inventory.