WorksheetsEntrepreneurship final review
Total questions: 42
Worksheet time: 21mins
Pick the best definition for: Entrepreneur
an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
a temporary organization that searches for a repeatable and scalable business model
Started to fill a gap or provide a service, be your own boss
a formally educated individual who invests in small businesses
True or False: The Business Plan and Business Model Canvas are static documents that are written early in the planning phase.
True
False
The ________________ is/are often required by potential investors, lenders, and other financial stakeholders prior to investing money or other assets into the new business venture.
Pick two essential characteristics of successful entrepreneurs.
Extroverted and Aggressive
Passionate and Purpose-Driven
Formally Educated and Driven
Profit-Oriented and Independent
Dante's business is called Sock Nation. He and his team sell customized socks and slippers and donate a pair of shoes for every ten pairs of socks sold. Their priorities are satisfying an unmet need in the marketplace for custom socks and improving society. Their goals or vision includes expanding their product lines and customer segments as well as the magnitude of their social improvements. What type of entrepreneur would best describe Dante?
Social Entrepreneur
Climate/Green Entrepreneur
Generic Entrepreneur
Hobby Entrepreneur
Select the best definition for: Design Thinking
A process for creative problem solving, focused on the people experiencing the problem.
A process for designing a modified product or service in order to steal customers from other businesses.
The process of creating a unique new invention to earn money for the business owner.
The process of translating an idea or invention into a good or service that creates value or for which customers will pay.
Select all of the following that are NOT part of a formal business plan:
SWOT Analysis
Owner Resume
Marketing Plan
Individual Credit Report
Executive Summary
Entrepreneurship is NOT (select all that apply):
Road to becoming famous
A mindset for those always looking for opportunity
Get rich-quick scheme
A good fit for those comfortable with taking risks
Easy
Select the best definition for Design Thinking.
The entrepreneur's ability to continuously design new products and processes to create value for customers and profitability for the entrepreneur.
The process of combining empathy for potential customers' needs and problems with innovation of an entrepreneur and the entrepreneur's ability to iterate numerous prototypes to discover what best meets the customers' needs and creates value.
Creating an art portfolio showing your design abilities.
The entrepreneur's ability to continuously design new products and processes to create value for customers and profitability for the entrepreneur.
True or False: The Problem Statement, on the Business Model Canvas, is a firm statement and will not change as you research and develop other areas of the business such as Customer Segments.
True
False
Entrepreneurial opportunities can be described as: (Select all that apply)
Customer-driven solutions to a problem or need
A product in search of a market
An idea with a plan
Could turn into a profitable venture
Select the best strategy for starting off the entrepreneurial pitch from the available options:
Grab the audience's attention and give them your contact information for later contact
Get your product or prototype into the audience's hands as step one
Be upfront about your intentions for earning the audience's investment or purchase of your new product/service
Acknowledge that the pitch is interactive and aim to engage, or hook, the audience right away
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:
Self & Investor Analysis
Industry & Market Evaluation
Competitive Advantage Analysis
Economics & Profitability
Select the best definition for the "Ideation" stage of design thinking.
Understanding who you're designing for and their motivations
Process of formally interviewing potential customers for their feedback on the design
Developing innovative solutions and moving beyond common ideas.
Experimenting with prototypes and redesigning each iteration
Select the key components of the Value Proposition, as included on the Business Model Canvas:
Identify customer benefits
Problem description
Differentiation and positioning
Link benefits to product/service value
Measure of profitability
The Value Proposition is an integral part of the Business Model Canvas. From whose perspective is value derived from?
The investor
The employees
The potential customer
The entrepreneur
Define Channel from a marketing perspective.
A station you watch on TV.
The way you receive funds from customers.
Sharing your value proposition with others.
The way you "turn" out your product to the public
What role do customers play in the success of a product/business?
Customers come and go. No need to keep the same people as a customer.
Customers are generally clueless about products.
Customers must like the business idea and be willing to use/purchase the product.
Customers do not play a vital role in the success of the product.
What is most important when it comes to customers?
Surveys
Relationships
Sales
Contact Information
Select the best definition for: Psychographics
Where your customers live, including city versus urban communities, international or domestic based.
Why your customers buy, including attitudes and beliefs, lifestyle, interests, hobbies, social status or identify
Who your customer is, including age, gender, ethnic background, income level, marital status
How your customers buy , including understanding their needs/wants, spending patters, and brand preferences
Customer Relationships are critical to an entrepreneur's success. Which statement below is false.
Customers will "return" if they trust the entrepreneur and like their product.
Customer relationships are easy to create and maintain.
Relationships take time to cultivate, and, if nurtured can be lasting.
There are many ways to create a positive customer relationship.
Which statement accurately describes why an entrepreneur should understand the concepts of branding?
Branding provides the product with a recognizable identity.
Branding is only done at the onset of your business.
Branding is costly and should be scrutinized before embarking on branding endeavors.
Branding will help your competitors realize you mean business.
Which is the most important difference between primary and secondary market research or data?
Secondary market research is designed with a specific outcome in mind and is often expensive to collect and analyze. It is collected directly from the source.
Primary market research is readily available data from external resources such as the U.S. Census or prior surveys and research. The data is based on source data but may be derived.
Primary market research is designed with a specific outcome in mind and is often expensive to collect and analyze. It is collected directly from the source.
Secondary market research is readily available data from external resources such as the U.S. Census or prior surveys and research. The data is based on source data but may be derived.
What do the letters MVP stand for in Entrepreneurship?
Minimum Viable Product
Maximum View Potential
More Ventures Pro
My Viable Price
Which of the 4 "P's" of marketing deals with financial aspects of your product?
Price
Promotion
Product
Place
Customer Segments refers to ________________.
The critical relationships built with potential customers that will translate to sales and increase your customer base.
Who you believe will benefit from your value proposition, also known as your target market.
The database of important contact information that will enable you to keep in constant contact with customers about promotions and new product availability.
Why is the word "Lean" critical in the Lean Startup Methodology of starting your startup?
Lean means to create the smallest paid staff in order to keep the team and expenses minimized and keep your business secrets safe.
Lean means to minimize the amount of time spent on planning and organizing the startup in order to reach profitability as quickly as possible.
Lean means to minimize the effort, resources, and time it takes to test the product and decide whether or not to move forward.
Lean means to scale back operations and minimize expenses in order to reach profitability as quickly as possible.
When determining whether to persevere, pivot, or iterate, which sections of the Business Model Canvas might be revised?
Product-oriented sections only
All of them
Financial sections only
Customer-oriented sections only
The purpose of the Minimum Viable Product is to:
Create a miniature version of your new product in order to use it as a sales aid or in entrepreneurial pitches to potential investors.
Devote the least amount of resources to develop the product and gauge potential customer interest and validate the product idea, thereby minimizing risk in moving forward.
Prove the product can be sold and find the right target market for the product and is viable.
Design numerous product prototypes to take to a test market in order to ensure the product will be profitable.
Select the definition that best describes: Persevere
None of the options apply.
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved correct and you should move forward with your product and startup model
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved only partially correct and you should refine the product and startup model before moving forward
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved materially flawed and you should redesign the product and startup model and repeat the process
Select the definition that best describes: Pivot
None of the options apply.
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved correct and you should move forward with your product and startup model
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved only partially correct and you should refine the product and startup model before moving forward
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved materially flawed and you should redesign the product and startup model and repeat the process
True or False: Changes to product or service design should be made based on observable, timely data.
True
False
After deciding to pivot with your product or business idea you will be revising your business pitch. What will your audience be especially interested in seeing as part of your new pitch?
The process for securing the new funding necessary for redesigning your product or business idea.
The process for making a gut decision to pivot your product or business idea.
Understanding the new manufacturing and supply process to support the new product design.
The process for gathering data driving the pivot decision.
Select the definition that best describes: Iterate
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved materially flawed ct and you should redesign the product and startup model and repeat the process
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved correct and you should move forward with your product and startup model
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved only partially correct and you should refine the product and startup model
None of the options apply.
The property that you can let the lender keep until the loan is paid off is described as this (5 Cs of Credit).
Credit
Capacity
Collateral
Capital
These expenses are paid regularly, and often include things like payroll, rent, inventory, and marketing.
Variable Costs
Startup Costs
Fixed Costs
Ongoing Costs
One's financial ability to repay a loan with present income is described as this "C" (5 Cs of Credit).
Character
Capacity
Collateral
Credit
This process is used to plan for upcoming revenues and expenses.
Funding Round A
IPO
Budgeting
Fundraising
Most entrepreneurs secure funding for their new business by looking into their personal savings and credit and/or their friends and family rather than banks or venture capital.
True
False
If your company made $6,500 in revenue and had expenses of $6,300 what profit or loss would be stated on the Income Statement?
Net Income of $6,500
Net Loss of $6,500
Net Loss of $200
Net Income of $200
Which item is NOT a possible revenue stream for a business?
Refunding Customers
Licensing
Online Sales
Subscriptions
Intellectual property is important to understand because:
Intellectual property protects you from going bankrupt.
It will protect your idea, product or service from someone stealing your idea.
It's a way of understanding the competition.
It's not important.
