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WorksheetsEntrepreneurship Mindset Initial Assessment
Total questions: 21
Worksheet time: 21mins
Which of the following is not a benefit of being an entrepreneur?
Losing money if the business fails
Solving problems for others
Making your own rules
Doing work that you enjoy
Keiko does a self-assessment of her entrepreneurial mindset. She finds that communication and collaboration is a domain that she wants to improve. What action should she take to improve this?
Use a planner to set goals
Spend time alone thinking of new ideas
Practice talking about her business to others
Human-Centered Design Thinking is used to solve problems for customers. Which step of this process best allows you to get to know your customer without bias?
Interpret
Ideate
Empathize
Keiynan wants to start a restaurant that is environmentally friendly. It is important to him to use locally grown food to keep the impact on the environment low. How should he set up his business based on his goals?
Don’t use locally grown food but donate leftovers to a food pantry
Only sell locally grown food and work to be certified as a benefit-corporation
Write a mission statement that says he will sometimes use locally grown food
Below is a list of business ideas that came from a brainstorming session. Which of the following would be the best opportunity for people who are late because of construction?
Fashionable clothes for construction workers
A photo blog that posts pictures of construction sites
A service that texts drivers about nearby construction
Entrepreneurs can use tools to see if it is worth it to pursue an opportunity. Which of the following tools can be used to tell you if the benefits will outweigh the potential costs?
Opportunity Cost
SWOT Analysis
Cost/Benefit Analysis
Market research is used to gather information needed to make business decisions. Which of the following is not a reason why you should take a lean startup approach to this?
It can help you avoid costly mistakes from wrong decisions
You need to pay for research data before you talk to any customer
Talking directly to customers can inform your product design
Talitha wants to build a game for mobile phones that she believes teens will pay to play. What would be the best thing she could do to test her assumptions about her potential customers?
Ask other teens if they would pay to download her game
Ask other teens if they like her game idea
Ask family members if they would pay to download her game
Gather research on how much teens spend on mobile games
Many entrepreneurs now use a Lean Canvas instead of a written business plan. What is the main reason for this?
It is easier to make changes after testing
There is not as much strategy involved
You don’t have to do research to complete it
Potential funders do not care about details
A society uses an economic system to allocate goods and services. Which one allows the customers to fully set the demand?
Mixed Economy
Command Economy
Market Economy
Industry
Which of the following is not true about the price of a good or service in a market economy?
The price is decided by supply and demand
Businesses usually want the sell at the highest price possible
Customers usually want to pay the highest price possible
Which of the following would most likely be the largest threat to your market share?
Indirect Competition
Weak Direct Competition
Global Competition
Strong Direct Competition
The four steps of creating a marketing plan are listed below.
Place these steps in the correct order.
i. Choose marketing channels
ii. Identify a target market
iii. Create a budget
iv. Set goals
iv. Goals; iii. Budget; ii. Target Market; i. Channels
ii. Target Market; iv. Goals; iii. Budget; i. Channels
ii. Target Market; i. Channels; iv. Goals; iii. Budget
iii. Budget; ii. Target Market; i. Channels; iv. Goals
Which of the following does not belong in a value proposition?
A sales promotion for first time customers
A description of the solution to your customer’s problem
he specific benefits that appeal to your customers
An explanation of why your business is better than the competition
Businesses decide how much to spend on promoting the business. Which of the following is the best advice for making that decision?
It is more important to spend money on keeping customers
You should not spend money on promotions
You should spend equal amounts towards getting new and keeping existing customers
Which of the following would be the best key metric to use to see if your customers are happy?
Clicks on the website from a web search
Number of employee complaints
Clicks on the website from a web search
Number of customer complaints
Suleka wants to sell her paintings through her own website. She has listed some possible expenses as fixed or variable. Select the one expense that Suleka did not identified correctly below.
Monthly Website Hosting Fee = Fixed
PayPal Service Charge per Sale = Fixed
Shipping = Variable
Paint and Canvas = Variable
Benito is listing his expenses for a mobile app he wants to build. His research shows that it can cost a one-time payment of $50,000 to get his app built. How should he categorize this expense?
Variable Expense
Startup Expense
Fixed Expense
Markup is the price increase on each step that a product or service can take to reach the customer. Which of the following channels would a bicycle maker choose to keep expenses low?
Use a Bicycle Retailer = Markup $100
Hire a Full Time Salesperson = Markup $150
Use Salespeople on Commission = Markup $50
Sell Online = Markup $25
Aja is starting a business that makes customized backpacks. She puts together an Economics of One Unit for her backpack. Which of the following is something she could do to increase her profit?
Price Per Backpack $25.00
Materials $14.00
Labor $6.00
Profit Per Sale $5.00
Increase cost of labor
Decrease price
Increase cost of materials
Decrease cost of materials
Which of the following should a business not think about to be sustainable?
Healthy profit that covers expenses
Socially responsible business practices
Using unsustainable resources
Pricing that fits the demand in the market
