30 Questions
What was Canva's strategy?
Solving relatable problems
Which habit focuses on enhancing self-awareness to manage behaviors when dealing with essential but challenging tasks?
Self-observation
What is the main problem highlighted in the Creativity Habit section?
Judging over creating ideas
Which entrepreneur is known for his work on Zoom?
Eric Yuan
What does the Natural Reward habit focus on?
Making tasks enjoyable and emphasizing their positive aspects
Which habit involves creating something in the absence of planning?
The Improvisation Habit
What do New Customers refer to?
Customers who have just joined the customer base for the first time
Which type of customers are known as 'lookers' or 'prospects'?
Potential Customers
What characterizes Impulse Customers?
They make buying decisions quickly
Who are Discount Customers?
Customers who always seek discounts
What distinguishes Angry Customers among the other types?
They may be difficult to handle
How can entrepreneurs be described based on the text?
Wanting to create jobs rather than seeking employment
What is the purpose of a Proof of Concept (POC)?
To demonstrate the feasibility and potential success of a product idea
What percentage of small businesses fail within the first two years, according to the Small Business Administration (SBA)?
33%
Which of the following is NOT a common reason for small business failure?
Successful marketing initiatives
Why is it essential for business owners to understand barriers to entry?
To assess economic hurdles that new entrants face
What does it mean for an entrepreneur to mitigate company-specific risks?
To reduce or manage risks unique to their own business
Which statement best summarizes the success rate of small businesses over 10 years?
~33% of small businesses make it to 10 years or longer
What does 'mitigate' mean in the context of running a business?
To reduce or minimize the impact of risks
What is infrastructure in the context of business operations?
Basic physical and organizational structures needed for business operation
Which term refers to building a business using personal savings and borrowed money, without external funding?
Bootstrapping
Why can a faulty infrastructure lead to the failure of small businesses?
It may prevent smooth operational functioning
What is the main characteristic of bootstrapping in business?
Uses personal savings and minimal external funding
Why must successful owners possess the ability to mitigate company-specific risks?
To reduce or minimize the impact of risks on business operations
What skills should entrepreneurs focus on improving to reduce stress for themselves and the people they work with?
People skills for effective communication
What strategy is recommended for managing tasks in a business effectively?
Start by focusing on important tasks then address less critical ones
Why is it important for entrepreneurs to work on time management?
To ensure the right tasks are being worked on effectively
What aspect of sales should entrepreneurs work on to enhance their sales pitch?
Negotiation and presentation skills
What should entrepreneurs do to remain calm and better handle stressful situations?
Give themselves time to relax and recharge
Why is it beneficial for entrepreneurs to focus on improving their business skills through courses?
To enhance general business knowledge and strategies
This quiz covers topics related to helping companies identify their target market, understand customers' wants and needs, beat competitors, and sustain a competitive advantage. It also discusses common types of customers, such as New Customers and Potential Customers.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
