Entrepreneurship Quiz

<p>Outlining objectives, strategies, and attracting investors (C)</p> Signup and view all the answers

<p>Observing trends, solving problems, finding gaps in the marketplace (A)</p> Signup and view all the answers

<p>9 sections emphasizing understanding and communicating key elements of a business model (C)</p> Signup and view all the answers

<p>Richard Cantillon (B)</p> Signup and view all the answers

<p>Passion for the business (C)</p> Signup and view all the answers

<p>Diverse interpretations of entrepreneurship (B)</p> Signup and view all the answers

<p>Sanjit 'Bunker' Roy (A)</p> Signup and view all the answers

<p>Passion for the business, focus on customer/product, tenacity despite failure, execution intelligence (B)</p> Signup and view all the answers

<p>Perseverance through setbacks and failures (A)</p> Signup and view all the answers

<p>Generating income from the value provided (C)</p> Signup and view all the answers

<p>Michael Porter (D)</p> Signup and view all the answers

<p>Optimize internal processes and reduce costs (C)</p> Signup and view all the answers

<p>Primary and support activities (A)</p> Signup and view all the answers

<p>Convey the business's excitement and promise to potential backers (B)</p> Signup and view all the answers

<p>Shorten product development cycles and rapidly discover if a proposed business model is viable (D)</p> Signup and view all the answers

<p>Favorable circumstances for identifying and exploiting new business prospects (C)</p> Signup and view all the answers

<p>Prior experience, cognitive factors, social networks, and creativity (B)</p> Signup and view all the answers

<p>To create uncontested market space by offering innovative products or services (A)</p> Signup and view all the answers

<p>Technological advances, social forces, and political action (D)</p> Signup and view all the answers

<p>Observing trends, solving a problem, and finding gaps in the marketplace (A)</p> Signup and view all the answers

<p>It directly influences customer decision-making and the overall success of the business (B)</p> Signup and view all the answers

<p>A measure of new entrepreneurship by country, calculated as the percentage of people who undertake entrepreneurial activities in comparison to the labor force (D)</p> Signup and view all the answers

<p>Entrepreneurial attitudes, activity, and aspiration (A)</p> Signup and view all the answers

<p>A favorable set of circumstances that allows for the creation or development of new goods, services, markets, processes, or materials (C)</p> Signup and view all the answers

<p>They come from diverse backgrounds and cannot be predicted based on specific personal characteristics (B)</p> Signup and view all the answers

<p>Child care services, medical transcription, legal transcription, photography (D)</p> Signup and view all the answers

<p>Becomes an entrepreneur as a result of severe hardship or to escape an undesirable situation (A)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>To shorten product development cycles and rapidly discover if a proposed business model is viable (D)</p> Signup and view all the answers

<p>Optimize internal processes, reduce costs, and differentiate products for a competitive edge (D)</p> Signup and view all the answers

<p>Minimum Viable Product (MVP) (A)</p> Signup and view all the answers

<p>Key partners, key activities, value proposition, customer relationships, customer segments, key resources, channels, cost structure, revenue streams (B)</p> Signup and view all the answers

<p>The strategy for generating income from operations (A)</p> Signup and view all the answers

<p>It communicates the unique value a product or service provides to its customers (C)</p> Signup and view all the answers

<p>Sales, subscriptions, licensing fees, advertising (B)</p> Signup and view all the answers

<p>To serve as a critical selling document conveying the business's excitement and promise to potential backers or stakeholders (B)</p> Signup and view all the answers

<p>Entrepreneurial attitudes, activity, and aspiration as its building blocks (D)</p> Signup and view all the answers

<p>To create uncontested market space by offering innovative products or services that cater to previously unaddressed customer needs (A)</p> Signup and view all the answers

<p>To minimize product development cycles and rapidly validate business models (B)</p> Signup and view all the answers

<p>Developing the most basic version of a product to collect maximum validated learning with minimal effort (D)</p> Signup and view all the answers

<p>Primary activities and support activities (B)</p> Signup and view all the answers

<p>To serve as a critical selling document conveying the business's excitement and promise to potential backers or stakeholders (C)</p> Signup and view all the answers

<p>How a business generates income from the value it provides (C)</p> Signup and view all the answers

Entrepreneurs come from varied backgrounds and success can't be predicted based on specific personal traits.

Experience, maturity, reputation, and success track record matter more than youth and energy for investors.

Types of ventures include home-based businesses, startups, unicorns, small businesses, and more.

Examples of home-based businesses include childcare, transcription, photography, debt collection, and many others.

Unicorns are privately held startup companies valued at over $1 billion.

Small businesses are vital to the economy, contributing to job creation and innovation.

Entrepreneurship embraces diverse groups including seniors, minorities, women, youth, immigrants, and emigrants.

Successful entrepreneurs are tenacious despite setbacks, combining artisan skills and opportunism.

The desire to pursue own ideas, be one's own boss, and seek financial rewards drives entrepreneurship.

The "reluctant entrepreneur" starts a business out of necessity, driven by hardship or escaping an undesirable situation.

TEA Index measures entrepreneurship by country, using percentage of entrepreneurial activities in the labor force.

GEI measures entrepreneurship holistically, covering attitudes, activity, and aspirations.

Opportunities in entrepreneurship involve favorable circumstances for new goods, services, markets, or processes.

Windows of opportunity are favorable circumstances for identifying and exploiting new business prospects.

Entrepreneurs need to be vigilant in recognizing and acting on opportunities, as timing is crucial for success.

Prior experience, cognitive factors, social networks, and creativity are key for recognizing opportunities.

Identifying opportunities involves recognizing favorable circumstances or market gaps for innovation and value creation.

Technological advancements, social forces, and political action drive innovation opportunities.

Entrepreneurs should focus on recognizing trends, not fads, for long-term success.

Observing trends, solving problems, and finding market gaps are three approaches to identifying opportunities.

Causal logic starts with a goal and finds means to achieve it, while effectual logic explores existing resources and finds opportunities.

A value proposition is a statement of value delivered to customers, influencing their purchase decisions.

The Blue Ocean Strategy aims to create uncontested market space by offering innovative products or services.

The Blue Ocean Strategy involves redefining industry boundaries, exploring new segments, and developing unique models.

The Blue Ocean Strategy was introduced by Kim and Mauborgne, emphasizing creating new market spaces instead of competing.

Revenue models focus on how businesses generate income, while business models encompass value creation and delivery.

The value chain outlines all company activities for delivering products or services, analyzing competitive advantage.

Understanding the value chain helps optimize processes, reduce costs, enhance features, and improve customer satisfaction.

Porter's Value Chain includes primary activities like operations, marketing, and service, and support activities like HR and technology.

An executive summary is a concise overview of a business plan, serving as a critical selling document.

Lean startup methodology emphasizes customer feedback and iterative design to discover viable business models.

A minimum viable product (MVP) is the most basic version of a product to collect customer feedback with minimal effort.