Entrepreneurship Unit 6 Quiz

The ability to handle uncertainty, take risks, be innovative, and solve problems; applicable in startups or corporations.

Waterloo University provides resources like the Conrad School, Velocity (startup incubator), and the Problem Lab to support entrepreneurial endeavors.

A startup incubator that helps students from idea creation to product development and commercialization.

A program focused on identifying problems and fostering innovation within startups and existing businesses.

A co-op program that lets students launch their own business while gaining co-op credits.

An example of a startup focused on high-quality, quick-cook frozen foods.

Starting a career by working for others through part-time, summer, or co-op jobs.

Passion, adaptability to uncertainty, a growth mindset, and confidence are key entrepreneurial characteristics.

Being entrepreneurial within a corporate setting, using creativity and company resources to launch new products or improve processes.

Focus on creating value from innovation, building relationships with key functions (sales, marketing, operations), and turning innovation into repeatable processes. It's about bringing entrepreneurial ideas into the company, but with the safety net of corporate resources.

Stages of a new business: birth/introduction (survival), breakthrough/growth (managing growth), and maturity/exit (maintaining/growing).

A plan to streamline processes, map out growth steps, invest in resources, increase productivity by hiring right people, improve continuously, and lead effectively by delegating/training employees to focus on the big picture.

Starting a business by acquiring an existing one - potentially leveraging established customer bases, supplier relationships, and reputation.

Thorough investigation of a business before buying it: verifying information about the business (finances & agreements), identifying potential issues, and getting expert advice from accountants & lawyers.

Starting a business using another business's proven product/service and reputation.

A supportive environment providing workspace, coaching, management support, networking, and financing to entrepreneurs.

Wealthy individuals who invest in early-stage businesses, often providing mentorship and wanting control.

Wealthy individuals or companies that invest in established businesses seeking a return on investment.

Raising capital for a business by soliciting small contributions from many people online.

The benefits a company offers its customers.

A visual tool to describe the structure of a business idea.

A detailed document outlining the business's goals, strategies, and financial projections.

How a company connects with and reaches its customers, encompassing various stages of the customer journey.

A company sells its products directly to customers through its own stores or website.

A company relies on intermediaries like retailers or distributors to sell its products to customers.

The long-term connections a company builds with its customers, encouraging repeat purchases and loyalty.

Tangible and intangible assets a company possesses to perform its activities.

The core actions a company undertakes to achieve its goals and deliver value.

Sources of cash inflow a company generates through its products or services.

The expenses a company incurs to operate its business model, including fixed and variable costs.

Expenses that remain constant regardless of production levels, such as rent or salaries.

A plan outlining how a company creates and delivers value to customers (through products and services) and captures value (generates revenue) for itself.

Groups of people or organizations with similar needs, interests, or characteristics that a business aims to reach and serve profitably.

The key external relationships that a company relies on to operate its business model efficiently and successfully.

The specific group of people or organizations that a business aims to reach and serve with its products or services.

Other businesses that offer similar products or services to the same target market, creating a competitive landscape.

What makes a company's products or services stand out from the competition, offering something that customers value and can't find anywhere else.

A company's ability to manage its finances effectively, including generating revenue, managing expenses, and generating profits.

The process of creating and refining a good or service for customers, involving market research, testing, and iteration.

Gathering customer feedback on a product idea before investing heavily, using surveys or focus groups to assess potential interest and features.

Launching a new product on a smaller scale in a limited area to get feedback and assess its viability before a full launch.

Making a product stand out from competitors by emphasizing unique benefits, packaging, pricing, and advertising to attract customers.

Involving customers in the design process by gathering their ideas and perspectives to shape a product or service.

Building long-term relationships with customers to increase loyalty and retention. It's more cost-effective than constantly searching for new customers.

When companies align with social or environmental causes that resonate with their customers, demonstrating values beyond just profit.

Using social media platforms to engage customers, build brand awareness, and foster relationships.

Collecting and analyzing data to understand customers, their needs, and the business environment. This helps businesses make informed decisions.

Analyzing existing information like published reports, surveys, and company records to understand trends and the business environment.

Collecting original data directly from customers through surveys, interviews, or observations to gain specific insights.

Businesses selling products directly to individual consumers who are the end-users.

Businesses selling products to other businesses who might be the end-users or resell them.

Dividing the total market into groups of customers with similar characteristics and needs. This helps companies target specific groups effectively.

The field of managing resources and processes within a company to create goods and services for customers efficiently and effectively.

A manufacturing system that produces large quantities of standardized products using specialized machinery and assembly lines.

The use of technology to perform tasks previously done by humans, usually through machines or robots.

The process of choosing the best location for a company's headquarters or other facilities.

The physical arrangement of resources within a facility to optimize production or service delivery.

A business strategy where a company hires another company to perform certain tasks or functions.

A measure of how efficiently resources are transformed into outputs, typically measured by the ratio of outputs to inputs.

Identifying and eliminating unnecessary activities or resources that do not add value to products or services.

A facility layout used in manufacturing where resources are arranged in a sequential order to produce a single type of product.

A facility layout that groups similar functions together, allowing for flexibility in handling different products.

The assortment of all product lines sold by a company.

Setting a high initial price for a new product to maximize profit when there's little competition.

Setting a low initial price to enter a competitive market and build a customer base.

The path a product takes from producer to consumer.

The level at which products are made available to consumers: intensive (everywhere), selective (specific stores), exclusive (very limited stores).

The combination of marketing activities a company uses to motivate customers to buy, like advertising, sales promotions, and public relations.

Building long-term relationships with customers to foster loyalty and repeat business.

The overall value of a brand, encompassing financial performance and customer perceptions.

The stages a product goes through: introduction, growth, maturity, decline.

A product bought for personal use.

A product bought by businesses for use in their operations.

Marketing a product as environmentally friendly when it's not truly sustainable.