Identifying Target Market and Customers Quiz

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What was Canva's strategy?

Focusing on virtual communication

Relying on fear for creativity

Solving relatable problems (correct)

Inventing unique products

Which habit focuses on enhancing self-awareness to manage behaviors when dealing with essential but challenging tasks?

Self-goal setting

Self-reward

Self-observation (correct)

Self-punishment

What is the main problem highlighted in the Creativity Habit section?

Enjoying nurturing ideas

Fear of success

Love for disorder

Judging over creating ideas (correct)

Which entrepreneur is known for his work on Zoom?

Eric Yuan Signup and view all the answers

What does the Natural Reward habit focus on?

Making tasks enjoyable and emphasizing their positive aspects Signup and view all the answers

Which habit involves creating something in the absence of planning?

The Improvisation Habit Signup and view all the answers

What do New Customers refer to?

Customers who have just joined the customer base for the first time Signup and view all the answers

Which type of customers are known as 'lookers' or 'prospects'?

Potential Customers Signup and view all the answers

What characterizes Impulse Customers?

They make buying decisions quickly Signup and view all the answers

Who are Discount Customers?

Customers who always seek discounts Signup and view all the answers

What distinguishes Angry Customers among the other types?

They may be difficult to handle Signup and view all the answers

How can entrepreneurs be described based on the text?

Wanting to create jobs rather than seeking employment Signup and view all the answers

What is the purpose of a Proof of Concept (POC)?

To demonstrate the feasibility and potential success of a product idea Signup and view all the answers

What percentage of small businesses fail within the first two years, according to the Small Business Administration (SBA)?

33% Signup and view all the answers

Which of the following is NOT a common reason for small business failure?

Successful marketing initiatives Signup and view all the answers

Why is it essential for business owners to understand barriers to entry?

To assess economic hurdles that new entrants face Signup and view all the answers

What does it mean for an entrepreneur to mitigate company-specific risks?

To reduce or manage risks unique to their own business Signup and view all the answers

Which statement best summarizes the success rate of small businesses over 10 years?

~33% of small businesses make it to 10 years or longer Signup and view all the answers

What does 'mitigate' mean in the context of running a business?

To reduce or minimize the impact of risks Signup and view all the answers

What is infrastructure in the context of business operations?

Basic physical and organizational structures needed for business operation Signup and view all the answers

Which term refers to building a business using personal savings and borrowed money, without external funding?

Bootstrapping Signup and view all the answers

Why can a faulty infrastructure lead to the failure of small businesses?

It may prevent smooth operational functioning Signup and view all the answers

What is the main characteristic of bootstrapping in business?

Uses personal savings and minimal external funding Signup and view all the answers

Why must successful owners possess the ability to mitigate company-specific risks?

To reduce or minimize the impact of risks on business operations Signup and view all the answers

What skills should entrepreneurs focus on improving to reduce stress for themselves and the people they work with?

People skills for effective communication Signup and view all the answers

What strategy is recommended for managing tasks in a business effectively?

Start by focusing on important tasks then address less critical ones Signup and view all the answers

Why is it important for entrepreneurs to work on time management?

To ensure the right tasks are being worked on effectively Signup and view all the answers

What aspect of sales should entrepreneurs work on to enhance their sales pitch?

Negotiation and presentation skills Signup and view all the answers

What should entrepreneurs do to remain calm and better handle stressful situations?

Give themselves time to relax and recharge Signup and view all the answers

Why is it beneficial for entrepreneurs to focus on improving their business skills through courses?

To enhance general business knowledge and strategies Signup and view all the answers