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WorksheetsChapter 10 Review
Total questions: 10
Worksheet time: 6mins
Process of ongoing market research and data analysis to prove a business idea is truly a business opportunity.
ideation
viability
business model validation
lean start-up
A question about a prospective business opportunity that
provides guidance to market research done for the business.
research objective
research cycle
lean start-up
business model validation
A six step process that entrepreneurs used to answer a question about their business through gathering and analyzing data.
business model validation
lean startup
minimum viable product
research cycle
A prototype or first attempt at bringing a product or service to market quickly and cheaply that the entrepreneur tries to sell to get feedback from potential
customers.
lean startup
minimum viable product
business model validation
ideation
A shorter version of a business plan that allows the business to enter the market as soon as possible with very limited resources and using ongoing research to fine tune the business as it grows.
business plan
lean startup canvas
prototype
minimum viable product
Reorder the following parts of the Research Cycle
Identify research objectives
Determine methods and sources
Collect Data
Analyze data
Draw Conclusions
Market research is an ongoing process.
True
False
Validating a business through research can help a business avoid costly mistakes.
True
False
Drawing conclusions is the first step in the research cycle.
True
False
The ongoing market research cycle should be the driving force of any business planning process.
True
False
