Questions and Answers
Match the stages of the business life cycle to their correct order.
1 = Existence 2 = Survival of the fittest 3 = Success 4 = Take-off 5 = Maturity
What three characteristics help identify a business opportunity?
Price, quality, and service.
Which two documents summarize the business plan of a company?
Pitch Deck and Lean Canvas.
Match each stage of the business life cycle to its corresponding definition.
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In which business life cycle stage is Mike, the owner of a doggy daycare and grooming business, currently in?
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An executive summary should briefly explain everything in a business plan in _____ pages.
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What are two advantages to selling digital products?
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In which business life cycle stage is Dylan, who owns a small grocery store facing low business and profits?
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Which is a characteristic of a business opportunity?
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Factors that aid in determining whether or not a business opportunity is viable include market size, _________, manage of cash flow, management skillsets, and passion.
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Arrange the stages of a business life cycle in order.
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In what order should the steps of the design thinking process be taken?
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Match the characteristic with its definition.
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Match the characteristic with its definition.
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Study Notes
Business Life Cycle Stages
- Stages in order: Existence, Survival of the Fittest, Success, Take-off, Maturity
- Existence: Introduction phase; focus on gaining market attention.
- Survival of the Fittest: Emphasis on revenue management, expenses, and market growth.
- Success: Business is stable and profitable.
- Take-off: Implementation of expansion strategies.
- Maturity: Established business with delegated responsibilities, significant market share.
Identifying Business Opportunities
- Key characteristics: Price, quality, and service identify viable business prospects.
- A business opportunity should provide necessary support for buyers, including location assistance.
Business Plan Summaries
- Essential documents: Pitch Deck and Lean Canvas encapsulate the business plan.
- Executive summary should summarize the business plan in two pages.
Digital Products Advantages
- Not requiring physical storage or inventory.
- Instantaneous and cost-effective delivery methods.
Business Life Cycle Challenges
- Mike, an owner of a doggy daycare in the Take-off stage, seeks financing for growth.
- Dylan, running a struggling grocery store, is in the Pivot or Persist stage, addressing low profits.
Assessing Viability of Business Opportunities
- Determining factors include: Market size, relationships, management competency, cash flow management, and passion.
Design Thinking Process
- Steps in order: Empathize, Define, Ideate, Prototype, Test to foster innovation.
Characteristics for Entrepreneurship
- Self-Reliance: Confidence in one's abilities and goals.
- Forward-Thinking: Planning for future opportunities.
- Initiative: Transforming ideas into actionable steps.
- Resiliency: Ability to adapt to challenges.
- Grit: Persistence in face of obstacles.
- Risk Tolerance: Comfort level with potential investment losses.
Collaborative Skills
- Critical Thinking: Evaluating various solutions to problems.
- Creativity and Innovation: Generating unique and effective ideas.
- Collaboration: Teamwork towards shared objectives.
- Problem-Solving: Crafting effective solutions for challenges.
- Personal Agency: Independent goal achievement without external direction.
- Ethical Practices: Moral decision-making in business operations.
- Social Responsibilities: Ethical behavior to protect businesses and communities from harm.
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Description
Explore the stages of the business life cycle from existence to maturity. This quiz also covers identifying viable business opportunities and the essentials of crafting a business plan. Learn how digital products can provide advantages in today's market.
