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WorksheetsESB Crash Course 1 - 6 questions
Total questions: 50
Worksheet time: 48mins
What are the three main sources of innovative ideas?
Passions, complaints, and egos
Lightbulbs, ideas and innovation
Grandma's hot sauce recipe, video game walkthroughs, and upcycled yard sale furniture
motivation, hard work and leadership
Where do innovative ideas from passions come from?
Working at a current job
Going to school
Being excited about something and wanting to share it with the world
Having great ideas
What can complaints lead to?
Solving problems and making life easier or better
Creating lightbulb ideas
Inventing the business plan
Feeding, watering, and nurturing tiny seeds
Our egos can be a great place to find what?
Innovation and motivation
Lightbulbs and cartoons
entrepreneurship skills
Arrogance and passion
What is the first step in acknowledging you have an idea?
Understanding the problem at the root of your idea
Feeding, watering, and nurturing tiny seeds
Having great ideas
Believing in yourself and the value of your idea
Who should you share your idea with at the early stage?
Your mom
Your trusted friends
your business professors
Customers who might have the problem you're trying to solve and people who can help you think through your idea
What is the second step in workshopping an idea?
Asking people for seed money
Filling out a 30-page business plan
Understanding the problem at the root of your idea
Talking with potential customers
What is the purpose of filling out a business plan or Business Model Canvas?
To keep your ideas on paper so customers can see
To make sure your idea works and is marketable
To discuss which business ideas will provide the best choices
Lets you collect your thoughts about your idea and visualize how your business might exist
What is the value proposition of Netflix?
Leveraging technology for global audiences who want on-demand, customized entertainment
Making cream puffs without gluten
Creating a entertainment platform
Delivering Netflix movies
How does Netflix reach its customers?
Through email, streaming apps, and social media campaigns
Direct mail advertisement
Telemarketing phone calls
At Small Business Development Centers
What are the revenue streams of Netflix?
Basic, Standard, and Premium membership subscriptions
Selling blu-ray DVD players
Selling credit card subscriptions
Netflix theater
What are the costs involved in running Netflix?
Employees, licensing and production fees for content, servers for data storage, and R&D
warehouse storage
Having great ideas
Paying actors
What is the purpose of the Business Model Canvas?
To provide a framework for breaking down the pieces of a business
To discuss exactly which business ideas are best
To make sure your idea works and will sell on the stock market
To visualize how your business will create jobs
What is the goal of sharing ideas and getting feedback?
To think big about the fundamental pieces of the economy
To ensure that you can manage a business properly in the US
To ensure your idea will work and is wanted by potential customers
To create demand
What is a value proposition?
Making something that potential customers will think has inherent value and is worth monetary investment
Feeding, watering, and nurturing tiny seeds
creating investments
Making decisions and soft skills
What is the core definition of an entrepreneur?
Someone who sees a need and takes on the financial risk to start a business to fill that need
Someone who works tirelessly on a physical product they believe in
Someone who builds personal brands
Someone who develops an international online media empire
What is the gig economy?
A shift in the global job market where businesses temporarily hire people for specific projects
A long-term relationship where employees are paid salaries by the hour or year
A type of entrepreneurship that involves physical products and stores
A network of women small business owners
What is one advantage of the gig economy for entrepreneurs?
Ability to find flexible work to support themselves as they develop their product or service
Guaranteed income security and benefits
Stability and structured work time
Access to legal protections and retirement accounts
What motivates entrepreneurs to start their own businesses?
Freedom and the ability to be their own bosses
Potential wealth and financial success
Belief in themselves and their own value
All of the above
What is one potential challenge of the gig economy?
Lack of legal protections and standardized pay
Limited opportunities for non-traditional workers
Difficulty in finding fulfilling gigs
Inability to work from anywhere
What is the Lean Startup methodology?
A guidebook for entrepreneurs that encourages learning from failures
A method for quickly launching businesses without proper planning
A strategy for maximizing profits in the early stages of a business
A technique for avoiding financial risks in entrepreneurship
What does success look like to entrepreneurs?
Earning a specific amount of money
Achieving personal fulfillment and happiness
Becoming famous and well-known
All of the above
What is one characteristic of successful entrepreneurs?
They believe in themselves and their abilities
They never face failures in their entrepreneurial journey
They always take calculated risks
They have a clear roadmap to success
What is one advantage of being an entrepreneur in the gig economy?
Ability to develop diverse income streams
Guaranteed financial stability
Access to traditional employment benefits
Limited competition from other entrepreneurs
What is one disadvantage of the gig economy for entrepreneurs?
Lack of income security and benefits
Limited opportunities for growth and expansion
Inability to work on multiple projects simultaneously
Difficulty in finding clients and customers
What is the purpose of a minimum viable product (MVP)?
To create a perfect product that meets all customer needs
To attract customers and gather feedback
To maximize profits and minimize costs
To test the market before launching a full product
What are the three key parts of a good MVP?
Value, marketing, and feedback
Quality, innovation, and competition
Attractiveness, customization, and pricing
Value, future hints, and feedback
What does it mean to have a human-centered approach to design-thinking?
Considering the needs and experiences of customers
Focusing on aesthetics and visual appeal
Ignoring customer feedback and preferences
Prioritizing cost-efficiency and profitability
What is a pivot in the context of entrepreneurship?
A sudden change in business strategy
A financial investment in a new product
A marketing campaign to attract more customers
A partnership with another company
Why is it important to listen to customer feedback?
To prove that customers are wrong and the product is perfect
To make customers feel valued and appreciated
To identify areas for improvement and make necessary changes
To gather data for marketing purposes
What is one potential challenge in implementing design-thinking?
Lack of creativity and innovation
Difficulty in understanding customer needs
Resistance to change and adaptation
Inability to gather feedback from customers
What is the main goal of an MVP?
To achieve perfection in product development
To gather as much customer feedback as possible
To maximize profits and minimize costs
To deliver value to customers and learn from their feedback
What is the key to a successful pivot?
Ignoring customer feedback and sticking to the original plan
Making drastic changes without considering market trends
Listening to customer feedback and being willing to change
Copying the strategies of successful competitors
What term refers to markets with a single seller?
competition
monopoly
oligopoly
partnership
What can entrepreneurs learn from their competitors?
a. Only their pricing strategies
c. Their secret recipes
b. Market standards and customer preferences
d. How to eliminate the competition
Which of the following is a key factor in determining competitive rivalry?
The number of suppliers available
The quality of customer service
The overall growth rate of the industry
The location of the business
What is meant by "gaps in the market"?
Areas where no businesses exist
Problems customers face that are not currently addressed
Locations where businesses are not allowed
The difference between supply and demand
What is an example of direct competition
A bookstore and a movie theater
A local bookstore and an online bookstore
A coffee shop and a bakery
A car dealership and a bike shop
What is an indirect competitor to a bookstore?
another bookstore
a grocery store
a movie theatre
a library
What is the threat of substitution?
The chance that customers will switch to a similar product
The likelihood of a business forming alliances
The risk of a business going bankrupt
The possibility of new competitors entering the market
What does supplier power refer to?
The influence of customers on pricing
The ability of suppliers to demand higher prices
The power businesses have over their suppliers
The strength of market demand
What is a sole proprietorship?
A business owned by multiple people
A business that is owned and run by one person
A corporation that sells stock
A nonprofit organization
A nonprofit organization
Unlimited liability
Limited liability and flexibility
No paperwork requirements
High Taxes
What do nonprofits focus on?
Making a profit for owners
Charity, education, or community service
Selling products at a high price
Operating like a franchise
What does MVP stand for in the context of entrepreneurship?
Most Valuable Product
Minimum Viable Product
Maximum Viable Product
Main Value Proposition
Which of the following is NOT a key part of a good MVP?
Attracts customers
Offers unlimited features
Provides feedback
Hints at future products
What is a human-centered approach in design-thinking?
Focusing only on profits
Considering customer experiences and needs
Prioritizing brand image
Reducing costs
Why is it important for entrepreneurs to pivot?
To stick to their original ideas
To make big changes based on feedback
To avoid any changes to their products
To increase their marketing budget
The key to a good pivot strategy in business is to:
listen
let go
ignore customers opinions
do it yourself
In the US, you need an ___________ from the federal government that will help you with taxes and getting a bank account
employee identification number
QR code
phone number
brick and mortar building
