GEIE Fall Quiz: Entrepreneurship and Business Concepts

What is the definition of a company's vision?

A document outlining the company's financial performance for the years to come
The percentage of the total available market targeted by a company's products and services
The process of designing a product offering to occupy a distinctive place in the target customer's mind
A statement defining the company's long-term destiny and purpose (correct)

What is the term for the most difficult stage of the technology life cycle for a product to move through?

Innovators
Chasm (correct)
PDM
Burning need

Which type of customers are bound by tradition and price and are consequently the hardest to convert?

Early Adopters
Innovators
Laggards (correct)
Late Majority

What is the term for the act of designing a product offering to occupy a distinctive place in the target customer's mind?

Positioning (B) Signup and view all the answers

What is the term for a segment of the market that absolutely needs a product and acts as partners?

Burning need (C) Signup and view all the answers

What is the sequence of business development stages in the PDM model?

Concept/Seed round, Alpha/Beta test, Launch, First Customers Shipment Date (B) Signup and view all the answers

What is the primary focus of the Product Development Model?

First shipment date (D) Signup and view all the answers

Which of the following is NOT a key step in the Customer Development Model?

Company building (A) Signup and view all the answers

What is the main idea behind the Golden Circle concept (Sinek theory)?

Clarity of why (C) Signup and view all the answers

What determines the size of a startup's market?

Number and growth rate of customers for that product (C) Signup and view all the answers

What is the main characteristic of companies that change the future?

They constantly amaze customers (B) Signup and view all the answers

What is the primary concern of a startup in its early stages?

Finding product-market fit (D) Signup and view all the answers

What is the definition of entrepreneurship?

The pursuit of opportunity beyond resources controlled (B) Signup and view all the answers

What is an important aspect of the Business Model Canvas?

Key partners (D) Signup and view all the answers

What is one of the three frameworks that make a product compelling?

Is your product 10 times better than the competitor? (B) Signup and view all the answers

What is NOT a risk to be considered when trying to find if an idea is good or not?

Product risk (B) Signup and view all the answers

What is the definition of strategy?

A plan or road map of the actions that a firm will take (C) Signup and view all the answers

What is the correct statement about the business model?

The business model does not include cost (C) Signup and view all the answers

What is an essential characteristic of a vision statement?

It is easily understood and focused (C) Signup and view all the answers

What is the primary difference between a vision and a mission statement?

A vision is imaginative, while a mission is a plan of action (D) Signup and view all the answers

Which of the following is NOT a characteristic of a mission statement?

Flexible and frequently changing (C) Signup and view all the answers

What is the primary purpose of the 'Why' in the Golden Circle?

To explain the organization's values and purpose (A) Signup and view all the answers

What is the correct order of the Golden Circle?

Why, How, What (B) Signup and view all the answers

What is the benefit of having a clear and concise mission statement?

It provides a sense of direction and purpose (C) Signup and view all the answers

What is the key element that successful brands start with according to the Golden Circle?

A purpose-driven vision (C) Signup and view all the answers

What is the primary purpose of a business model?

To show how the company creates and captures value (D) Signup and view all the answers

What is the outcome of applying creativity to develop unique ideas?

Innovation (C) Signup and view all the answers

What is the primary focus of a business plan?

Describing the company's market and customers (A) Signup and view all the answers

What is the key characteristic of the Golden Circle?

A balance across all three sections (B) Signup and view all the answers

What is the definition of creativity?

Bringinging old ideas to new products, people, and places (C) Signup and view all the answers