WorksheetsEnt-Unit 2
Total questions: 19
Worksheet time: 10mins
Industry & Market evaluation does NOT include which of the following
perceived and potential customers
expected lifetime use
break even point
growth potential
Lucy wants to start a photography business, she needs money to buy a camera and lenses, start a website, and pay for advertising. This money is called
Capital
Breakeven Point
Profit Margins
ROI
Spencer used copyrights and trademarks to protect his ___________________, allowing his product to stand out and be more valuable.
streamlined process
Advantages
Intellectual property
Partnerships
Which of the following is NOT included in evaluating management & the team?
Collaboration
Mentoring
Recognizing strengths and weaknesses
streamlined processes
Which of the following will NOT enhance creative activities?
Not tolerating failure
Create a trusting environment
Welcome and accept change
encourage curiosity
Which step of the design thinking process involves learning about your customer?
empathy
ideation
prototyping
Which part of the design thinking process involves developing new ideas and solutions?
empathy
ideation
prototyping
Which of the steps of design thinking involves experimenting with solutions?
empathy
ideation
prototyping
Which of the following lists the steps of design thinking
learning, ideation, innovating
empathy, ideation, prototyping
interviews, creating, sharing
Innovating, sharing, creating
A statement that clearly identifies what your business is delivering and why a customer will be willing to buy from your business is called a
problem statement
values proposition
idea generation
differentiation
Evaluating an entrepreneurial opportunity requires an analysis of the business's goals and fit with the staff, opportunity costs of financial stakeholders, and risk reward tolerance of stakeholders. This analysis is described as:
Competitive Advantage Analysis
Economics & Profitability
Industry & Market Evaluation
Self & Investor Analysis
Evaluating an entrepreneurial opportunity requires an analysis of the business's goals and fit with the staff, opportunity costs of financial stakeholders, and risk reward tolerance of stakeholders. This analysis is described as:
Competitive Advantage Analysis
Self & Investor Analysis
Economics & Profitability
Industry & Market Evaluation
What is the primary purpose of a value proposition in a business?
To clearly state the unique benefits offered to customers
To identify the target market
To describe the company's financial goals
To outline the company's mission
What is the primary focus of the prototyping phase in design thinking?
Understanding customer needs
Generating ideas
Testing solutions
Analyzing market trends
What is the main goal of conducting a market evaluation for a new business?
To determine the company's mission
To assess the potential customer base and competition
To outline the financial goals
To identify the management team
Which of the following is a key component of a successful value proposition?
Comprehensive market analysis
Extensive product catalog
Unique benefits that address customer needs
Detailed financial projections
In the context of entrepreneurship, what does the term 'opportunity cost' refer to?
The potential benefits lost when choosing one alternative over another
The cost of producing a product
The expenses related to marketing and advertising
The initial investment required to start a business
