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WorksheetsME Unit 1 Quiz - Spring 21
Total questions: 20
Worksheet time: 20mins
Leo is thinking about opening a greeting card store on the main street in his small town. In addition to thinking about the business’s feasibility in terms of the customers he hopes to attract, which aspects of feasibility should Leo prioritize during his initial research?
skills, abilities
laws, codes
trends, competitors
resources, labor
The idea of selling flavored water to dogs in an example of:
a business idea not rising to the level of a business opportunity that meets customer demand.
an idea that was difficult to implement for the actual users.
how a business plan should highlight the experience of the CEO.
an unconventional product being offered to interested customers.
A recent business plan for a new industrial cleaning product included a slide titled “Penetrate Alkaline-Based B2C Chemical Converter @ 30% YOY.” Which is a potential problem with including text like this in a business plan?
It might not be understood by most people.
It sounds cautious about the product’s potential.
It doesn’t speak directly to the investors.
It doesn’t tell a convincing story.
Originally named Mrs. Fields’ Chocolate Chippery, Debbi Fields and her husband grew Mrs. Field’s to a company of over 400 locations and 4,000 employees. In describing the many obstacles that she overcame along the way, to what does Debbi Fields credit for her persistence?
Focusing on doing what you love
Knowing how to deal with success
Giving back to your community
Hiring talented family members
Which is a method for tamping down the initial excitement of a potentially “winning” idea during the ideation stage?
Ask yourself if the idea reflects your company’s mission and vision.
See if the idea still seems like a good one after a few days have passed.
Build a simple prototype and show it to members of the target market.
Consider how you would feel if you didn’t move forward with the idea.
In the case of Segway, makers of the Segway personal mobility vehicle, the company discovered that individuals would be reluctant to purchase their products for personal use only after it had spent over $100 million in research and development. Instead of scrapping the product, Segway shifted their sales and marketing toward organizations like police departments and warehouse operators, where they could be successful. Which phrase BEST describes the approach they took?
Pivoting to new market
Refining an existing offering
Creating a minimally viable product
Using feedback to iterate on a product
Sheng is a young entrepreneur who hopes to attract funding for his new home security camera business. Before creating his business plan, Sheng considers the product’s feasibility from a number of perspectives, including the potential competition in the marketplace and his product’s potential for making a profit. What else should Sheng consider in his feasibility analysis?
what’s going on in the security camera market
which type of legal business entity he should create
how he plans to effectively communicate with partners
why having enthusiasm for his idea is the most important thing
A business plan is to a new business as a _____ is to a new house.
front yard
foundation
mortgage
mailbox
Which is an example of an entrepreneur connecting with a market to validate an idea for a new business?
Before Maia gives her business plan presentation, she has a friend check it for potential errors.
Tamiko spends time with his skateboarding friends to find out how they feel about the latest skating products.
Jason generates ideas for six different businesses, then he narrows it down to the one idea that could actually make money.
When Dwight made a prototype of his new unicycle, he realized he could never sell it at a price that would be profitable.
The Dollar Shave Club, which went from a one-person operation to a company with over 600 employees and 4 million subscribers in five years, offers a way for men to avoid the inconvenience of shopping for razors at the store. In which section of their business plan would you expect to find detailed information about the specific value that the company is delivering to its customers?
Financials
Operations
Executive summary
Sales and Marketing
A group of friends wants to start a business, and they think they have a winning idea for a new type of unicycle. Before they go to the effort of building a prototype to try it out with real customers, what else would they be wise to consider?
the importance of giving accurate numbers and figures
the ways in which their business tells a story
the opportunity to develop lasting partnerships
the potential for making any profit
Tabitha wants to use her expert knowledge of scuba diving to start a scuba school, so she made a plan to present her idea to partners and investors. In addition to making sure that her plan is both accurate and realistic, what else should Tabitha’s plan try to communicate overall?
her focus on the hazards
her excitement for the business
the history of scuba as a business
her willingness to incur debt
Which is an important component of any factual claims that are made in a business plan?
detail
visuals
evidence
excitement
In addition to being accurate and free of errors, what else should an effective business plan attempt to be?
humble
realistic
revolutionary
exhaustive
Business planning _____ often uses _____ to build the plan.
software; templates
tools; spreadsheets
methods; prototypes
services; sales
Garrett hopes to open an amusement park featuring cutting-edge rides and “extreme” attractions right in the middle of his hometown. When considering the legal aspects of such a business, in addition to thinking about how he will manage the business risk, what else would Garrett be wise to focus on at this stage?
zoning issues
online presence
positioning
import laws
Jan started a T-shirt business because her friends were always commenting on the clever sayings that she scribbled on her old T-shirts. At first, Jan thought that her new business would revolve around writing funny slogans and keeping her ideas protected from copyright infringement. But once she bought her first thousand blank T-shirts from an online vendor and paid too much, she started to wonder if she’d ever be able to make a profit. Which aspect of her business did she misjudge?
human resources
location
sourcing
marketing
Which is a primary goal of “pitching” a business plan?
doing a deep dive into each section
conveying a sense of authenticity
presenting a summary version of the plan
including testimonials to sell the idea
What is the goal of performing a breakeven analysis?
determining how much sales are required to cover costs
understanding how market trends might affect product demand
planning how customers find and purchase the product
preventing ideas that aren’t feasible from getting off the ground
Food Dude is a home-based, homemade meal delivery business that creates meals in licensed home kitchens for delivery to customers in the local area. From there, customers simply freeze and then reheat the meals when they’re ready to eat them. Given this arrangement, which word BEST describes the company’s primary value to customers?
prestige
quality
price
convenience
