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WorksheetsEntrepreneurship Midterm Exam
Total questions: 100
Worksheet time: 3hrs 20mins
corporation
entrepreneurship
sole proprietorship
partnership
Which is a characteristic of a successful entrepreneur?
Motivated
Takes very little risk
Passionate
Hard-working
A target market is
a group of investors willing to put capital into a business
a generational group of individuals
a group of consumers at which a product/service is aimed
an industry willing to sell and market your product
Entrepreneurs create ____________________ for themselves and others.
wealth
risk
plans
none of these
What is the purpose of a business plan? (hint: choose 2 correct answers)
To document your financial activity during one year
Legal document to be filed with the SEC
States the purpose and vision of your company
States the amount of capital you need to run the company
Why do you need a business plan? (hint: choose 3 correct answers)
To raise capital
Gets everyone involved to focus on the same goals
Gives an objective look at what you are doing and why
It is required by law
What are some ideas you think may be good enough to start a business with?
If you were to start up your business where would you get funding from?
What kind of information from your business activities will indicate whether or not your business is doing well?
Your list of issues that you want to solve for your target customers.
Problems
Key Metrics
Solutions
Channels
Possible ways to address to your problems.
Solutions
Key Metrics
Competitive/Unfair Advantage
Channels
The information that will tell you how your business is doing.
Solutions
Channels
Key Metrics
Revenue Streams
Where in the BMC do you list your sources of revenue?
Cost Structure
Key Metrics
Customer Segments
Revenue Streams
What is BMC?
Business Modal Canva
Business Management Collection
Business Model Canvas
Business Management Canvas
What is the meaning of VALUE PROPOSITION in BMC?
value that meet the customer satisfaction
servis after sales
the way we interact with the customer
generate revenue from each customer
What does BMC do?
BMC is a tool for beginners
BMC is used to build a business map
BMC helps us to build a strategic management and lean startup template for developing new or documenting existing business models
BMC is needed before start a business
Facebook marketplace is one of the example of chanelling a product online. Effective channels will distribute a company’s value proposition in ways that are fast, efficient and cost-effective. TRUE or FALSE
true
false
KEY ACTIVITIES are activities that a company must do in order to make its business model work
true
false
What are the "channels" in a business model canvas?
Who your customers are
Where you sell your products/services
How you want to sell your product
What is the best offer given
What does "Unique Value Proposition" mean?
Product description
The benefit or the added value for a product
Proposal given to the customer
Product market place
The online marketplace website goes in what section of the Business Model Canvas?
customer relationship
channels
customer segment
revenue
"The product will be sold for $10" goes in what section of the BMC?
channel
customer segment
revenue streams
unique value proposition
Teenagers ages 16-18 and teachers is an example of what section of the BMC?
channels
customer solution
customer segment
customer problems
All expenses required to start your business
Lean Canvas Model
Start-up Costs
Cost Structure
Business Concept
The favorable position an organization seeks in order to be more profitable than its competitors
Lean Canvas Model
Unique Value Proposition
Key Metrics
Competitive Advantage
An idea for a new business that can be tested
Cost Structure
Lean Canvas Model
Business Concept
Start-up Costs
Unique Value Proposition is a single, clear compelling message describing a business mission statement
True
False
A BMC is a fluid, simple diagram that captures a business model.
True
False
How many steps/questions are there in the BMC?
6
7
9
10
What is step 1 of the BMC?
Cost Structure
Solution
Problem
Customer Segments
What step of the BMC do you identify who will need to buy your products
Customer Segments
Channels
Cost Structure
Problem
What step in the BMC allows you to list all of the fixed and variable costs needed?
Problem
Cost Structure
Revenue Streams
Key Metrics
What section of the BMC allows you to identify what current issue may need a solution?
Customer Segments
Channels
Cost Structure
Problem
What step of the BMC allows you to discuss how you will get the word out about your idea?
Channels
Competitive Advantage
Solution
Revenue Stream
What step of the BMC includes the single, clear message that pulls unaware customers in? Your Mission Statement
Problem
Solution
Unique Value Proposition
Cost
A fluid, simple diagram that captures a business model is a
Product Model
Competitive Advantage Model
Business Model Canvas
Target Market Model
The avenues a business uses to reach customers, like a website, store, or advertising, defines which section of the Lean Canvas Business Model?
Channels
Products
Key Metrics
Revenue
Which step in the Business Model Canvas includes indicators for evaluating factors that are crucial to the success of a business?
Target Customers
Channels
Start-up Costs
Key Metrics
Customer segments refer to the target people and/or organizations you are offering value proposition
true
false
Value proposition is provided through various elements such as newness, performance, customization, reliability in ‘getting the job done’, design, brand, price, cost reduction, risk reduction, accessibility, and convenience.
true
false
What are the "channels" in a business model canvas?
Who your customers are
Where you sell your products/services
How you want to sell your product
What is the best offer given
What does "Unique Value Proposition" mean?
Product description
The benefit or the added value for a product
Proposal given to the customer
Product market place
Define the word "revenue"
profit
money coming in
cost
budget
What is BMC?
Business Modal Canva
Business Management Collection
Business Model Canvas
Business Management Canvas
KEY ACTIVITIES are activities that a company must do in order to make its business model work
true
false
What are the "channels" in a business model canvas?
Who your customers are
Where you sell your products/services
How you want to sell your product
What is the best offer given
What is another word for costs?
Revenue
Budget
Expenses
Modal
The money spent on the materials to make your products are known as:
profit
expenses
cash
budget
The money gained from the sales after expenses are paid is:
profit
cost
expenses
revenue
What best describes a Business Model Canvas?
One page plan outlining your new business idea
A piece of art work
A model of your business office
What are key metrics?
A measuring tape
Numbers
Goals that determine the success of your business
What is another word for costs?
Revenue
Expenses
Budget
Posters, social media, commercials are all examples of:
Customer Relationships
Revenue Streams
Key Metrics
Unique Value Proposition
A model, simulation, or sample of an idea is a:
Creation
Example
Prototype
A short compelling presentation that provides an overview of the business with the goal of getting financial support from the audience is a:
Presentation
Pitch
Show
The person who provides money to start-up the business with the expectation of a future financial return is known as a(n):
Investor
Rich person
Bank
Loan
This product solves the problem of headphones tangling while they are being stored in your pocket or book bag; this is an example of what section of the BMC?
Customer Problem
Unique Value Proposition
Customer Solution
Costs
Entrepreneurs change the world by
Sharing their ideas
Thinking of new things.
Implementing new and big ideas.
Learning new technologies.
What should be the key objective of your Business Model?
To make more money for your venture
To help you run your business
To help you attract talent
To help you save cost
Entrepreneurship is …
Collecting funds from friends and family and then looking for an investment opportunity.
Chasing an opportunity and coming up with a new product or service regardless of resources.
Reading books about entrepreneurship and studying entrepreneurship in a college course.
Investing in stocks, shares, mutual funds, and property.
One who organizes, manages, and assumes the risks of a business or enterprise is a(n) _____.
Philanthropist
Entrepreneur
CFO
Marketing Specialist
The _______ is a fluid, a simple diagram that captures a business model.
Business Model Canvas
Venn diagram
Gibb's Reflective Model
Frayer Model
A clear statement of the benefits the solution will provide to customers that are different from and superior to the benefits provided by competing products is known as a product's _________.
target customers
problems
consumer catch
unique value proposition
If you made 24 brownies and the ingredients cost $5.50 and you sold them for $0.50 each. What would be your profit/loss margin?
$5.50 profit
$5.50 loss
$6.50 profit
$6.50 loss
If you make 12 cupcakes to sell at a bake sale and the ingredients cost $16 and you sold them for $1.25 each. What be your profit/loss margin?
$1 profit
$1 loss
$2 profit
$ loss
Indicators for evaluating factors that are crucial to the success of a business are ________
key metrics
potenital pitfalls
Aesop's Alarms
evaluation isn't necessary in business
What makes a business unique or special compared to other similar business is its _________.
niche appeal
approachability
competitive advantage
company charm
The avenues a business uses to reach customers, like a website, store, or advertising, defines which section of the Lean Canvas Business Model?
Channels
product
key metrics
Revenue
Planning to start a Vietnamese food truck, Jim is in the cost structure step of the Lean Canvas Business Model. He can make Vietnamese donuts for $1.50 per dozen. He plans to sell them for $9.00 per dozen. How much profit will he make in one day if he sells 60 dozen donuts?
$90
$450
$540
$810
Kim's passion for gardening has led her to sell her vegetables and flowers at the local farmers market. She already recognizes she has a competitive advantage over the other vendors, but she is stuck trying to figure out how to use that advantage in starting her own business. Applying the Lean Canvas Business Model, where is Kim in her plan presently?
solution
cost structure
Channels
key metrics
Reggie wants to start a sports nutrition clinic. He has been told about the Lean Canvas Business Model and is ready to try it. Which will his first step most likely be?
price supplements at the grocery stores
decide what services and products his sports nutrition clinic will provide
call the banks to see whether he can get a loan
figure out how to advertise
A health center and spa just opened. Business is great because the owners have planned well and thought thoroughly about their business concept. They have developed a catchy mission statement and have launched a successful advertising campaign. Which step of the Lean Canvas Business Model did the owners execute well?
cost structure and key metrics
problem and competitive advantage
unique value proposition and channels
channels and revenue streams
After completing the Lean Canvas Business Model for his new Peruvian chicken restaurant, Jeff is preparing for the next step. What does Jeff need to do next?
order all of his equipment
hire employees
pitch his idea to financiers
connect to the Internet
Tom has used the Lean Canvas Business Model to design his weight-loss clinic. So far he has established his purpose, his customer target groups, and his single, clear, compelling message. What is his next step in the Lean Canvas Business Model?
competitive advantage
cost structure
solution
revenue streams
Mandy is selling fresh fruit smoothies, and her business is struggling. It is located near several fast-food restaurants, and her services seem incompatible with the customer base. With poor sales and the wrong customer base, what should Mandy do?
close the business and find another job
change her menu to milk shakes
consider moving her location to where there is a better-suited customer base
continue trying to sell fresh fruit smoothies at her present location
In applying the channels step of the Lean Canvas Business Model, Lola is considering the best way to reach her target audience. She can use an online resource for free, advertise in the daily newspaper for $50 a month, pay to have fliers posted quarterly around the town for $150, or advertise on radio for $375 a month. If she chooses every option, how much will this cost for one year?
$575
$5,700
$10,470
$11,120
Shane sells organic herbs. Recently, his sales have declined, and he is struggling to pay his bills. Using the Lean Canvas Business Model, what step should Shane evaluate first?
channels
unique value proposition
key metrics
competitive advantage
