18 Questions
What is a major drawback of being an entrepreneur?
Slow return on investment
Which characteristic is essential for an entrepreneur according to the text?
Risk Tolerance
What type of worker receives a fixed amount of pay regardless of hours worked?
Salary worker
Which business form has unlimited personal liability for the owner?
Sole Proprietorship
What do founders and partners in a company typically have in terms of equity?
They may have equity
Which characteristic is important for opportunity recognition in entrepreneurship?
Forward-Thinking Mentality
What is the advantage of equity financing over debt financing?
Equity financing does not burden the company financially
What is a disadvantage of debt financing according to the text?
Debt financing can lead to business closure if not repaid
In the provided ROI example, what is the Return on Investment (ROI)?
40%
During a business's annual review, if employees receive a 17% increase in wages, what should the employer do to balance operational expenses?
Increase customer charges by 17%
How is equity in a business calculated according to the text?
$770,000 - $481,000
What action should a company take if it wants to avoid the disadvantage of debt financing mentioned in the text?
Obtain equity financing instead
What percentage of users should be 'very disappointed' if they could no longer use your product, according to Sean Ellis?
40%
Which of the following is NOT a type of startup cost?
Operating costs
What should be considered during the MVP stage regarding quality control testing?
Standardizing quality control testing
Which cost category includes expenses that would still be incurred even if no sales were generated?
Costs of Goods Sold (COGS)
In the context of startup costs, what do 'material' and 'labor' refer to?
Production inputs
Why is it important to research product and industry standards before officially going to market?
To meet quality control requirements
Test your knowledge on key concepts from Sean Ellis' startup marketing methodology. Topics covered include achieving product-market fit and quality control testing during MVP stages.
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