CH5, CH3, Ch1, Chapter 2, Supplement A, CH 15, CH 7, Hm
Markets are, by definition, virtual spaces. T/F
False
People in the early majority category are both practical and extremely risk-tolerant T/F
False
The SAM is the section of the TAM that your product is realistically likely to reach. T/F
False
The age of social media tools has greatly diminished the importance of sitting down and talking with your customers. T/F
False
The first touchpoint in the visual customer journey map is typically the first time the customer uses or directly encounters the product T/F
False
Today, buying decisions are more commonly made through the input of the seller than through social media networks, though social media influence is growing rapidly. T/F
False
______ is among the six main roadblocks that can prevent an entrepreneur from practicing creativity.
Fear
______ tends to discourage entrepreneurial experimentation because it is perceived as risky.
Fear of failure
For Justin Gold of Justin's nut butters, old food processors were part of the infrastructure that made his venture a success, T/F
T
For a business model's CVP to be effective, it must offer better value than the competition. T/F
T
For a prototype to be effective, it must communicate what our ideas would look like, behave like, and work like T/F
T
Guillermo loves Apple products. He has an iPhone, iPad, Apple Watch, and two Apple computers. He waits in line with eager anticipation when a new product is released. He follows fan sites so he can watch when Apple has press releases or promoted events. Guillermo is what is known as a true fan. T/F
T
Sasha makes her decisions based on preexisting information gained from a combination of life and work experience. In building opportunities, Sasha uses ______.
prior knowledge
In an exploration of the idea for Rent the Runway, which offers rentals of designer dresses, what part of the basic storyboarding framework highlights the fact that most women cannot afford designer clothes?
problem
What are the elements in the basic framework for storyboarding?
problem, solution, benefit
Approaching entrepreneurship as a ______ caters to its unpredictable and uncertain nature.
process
Describing how a service stands out from its competitors would be what aspect of the marketing mix?
product
A temporary organization in search of a scalable business model is known as a(n) ______.
startup
Marian is developing a customer journey map for the new food truck she is introducing in the neighborhood. Of the following, which would be the first touchpoint in her customer journey map?
when the customer receives a flyer in the mail announcing the food truck
Buyer personas provide the entrepreneur with more behavioral information about potential customers than psychographics. T/F
True
The existence of some saboteurs as a type of customer for a particular product could be the result of a mistake or practice on the part of the entrepreneur. T/F
True
With which of the 4 Ps is the question "What is the value of my offering?" associated?
price
Coke and Pepsi are examples of companies that address the mass market. T/F
T
College courses on entrepreneurship are standard parts of the curriculum. T/F
T
The act of calculating market size is a vital step for any startup. T/F
True
Which of the following would be included when describing the infrastructure?
facilities
When a customer is looking for more information about a product online and an "under construction" message pops up, the company might be using what type of experiment?
. button to nowhere
For a running shoe maker developing an end user profile for a new product, a running club meeting would be a great option for which component of that process?
. watering hole
Research has shown that ______ of our messages are conveyed through facial expression.
55%
What percentage of communication is achieved through actual words?
7%
Family-owned businesses account for ______ of new jobs in the U.S. economy.
78%
Research shows that people decide in less than ______ if they want to hear more about an idea or not.
90 seconds
What percentage of communication is nonverbal?
93%
If the experiment fails to deliver the results the entrepreneur anticipated, the experiment is a failure. T/F
F
In the business model canvas, the offering is comprised of customer relationships and channels. T/F
F
Infrastructure is made up of only the products and suppliers entrepreneurs must have to deliver CVP. T/F
F
What is the relationship between the business plan and the business model?
A business model is a journey to gather evidence while a business plan is a formal document.
If an experiment outcome indicates that the original hypothesis was incorrect, what should the entrepreneur do?
Adapt the original assumption
______ strategies involve taking time to think carefully about problems by breaking them into parts.
Analytical
The first step of the scientific process of experimentation, for an entrepreneur, is which of the following?
Ask a lot of questions
Which of the following is an important benefit of experimentation?
Assumptions are validated or proven false.
Franchising can be a beneficial way for entrepreneurs to get a head start in launching their own businesses since they do not have to pay the franchisor royalties after buying the franchise. T/F
F
Which of the following is a recommended strategy when conducting a bottom-up analysis?
Be quite conservative in initial sales and profit estimates.
Habit-breaking strategies involve consciously making links between concepts or ideas not normally associated with each other. T/F
F
Grocery store entrepreneur Jeffrey Brown has built a thriving business and performs lots of low-cost experiments. All of those experiments began with what?
Brown's conversations with stakeholders
Ideas need to be unique or novel to appeal to customers. T/F
F
______ are assets that can be converted into cash within a year
Current assets
______ help entrepreneurs form positive and productive ways of thinking that can benefit performance.
Constructive thought patterns
As offered by the text's "six basic steps" in creating a customer journey map, what is the last step in the process?
Create a visual representation of the customer going through the process.
What question is asked when an entrepreneur draws conclusions from the results of data analysis?
Do the results support the hypothesis?
Entrepreneurs who have alertness rationally and systematically search their environment or their particular information sets for opportunities. T/F
F
Entrepreneurship is reserved for startups. T/F
F
Every idea is an opportunity. T/F
F
Earnings before interest, taxes, depreciation, and amortization is the same as ______
EBITDA
Experiments do not have to have a clear purpose; they only need to be observed and have an outcome. T/F
F
Experiments do not need to be completed in order to produce results. T/F
F
______ have touched every corner of our lives, affecting every aspect of the way we live.
Entrepreneurs
How does the targeting process in entrepreneurship differ from the targeting process in traditional marketing?
Entrepreneurs begin the process with the idea for a new product.
Which of the following is a truth about entrepreneurship?
Entrepreneurship is not reserved for startups.
Given that startups can be flexible in their business model, what general guide should they follow?
Existing models should be prepared to adjust as markets change.
A brand strategy is a short-term plan to develop a successful brand. T/F
F
A large market is required for a product or service to have value. T/F
F
A minimum viable product (MVP) has many advantages, but it is impossible to actually earn money from it. T/F
F
A pilot experiment is a large-scale study to assess the feasibility of a product or service. T/F
F
A viable experiment identifies a clear hypothesis. T/F
F
A written description of a product is a better way to generate discussion from potential customers than a storyboard. T/F
F
According to the authors, entrepreneurship is best taught as a linear process that will lead to a specific destination. T/F
F
All startups use guerrilla marketing because it hardly ever fails. T/F
F
B-Corp certification recognizes organizations that achieve five or more years of consistent profitable growth. T/F
F
Because of the nature of guerrilla marketing, its use is limited to entrepreneurs and small businesses. T/F
F
Bill Gates and Mark Zuckerberg are shining examples of overnight success. T/F
F
Blackberry and Kodak are discussed in the text as examples of companies that were able to successfully change their business models in order to adapt to changes in the market. T/F
F
Business models generally discourage experimentation. T/F
F
Corporate entrepreneurship and intrapreneurship are different processes. T/F
F
Doug Halls describes the one big benefit you offer your customer can be determined by asking the question "Why should I care?". T/F
F
During the idea generation process, it's best not to consider ideas that are impractical, overly obvious, wild, or even silly. T/F
F
Entrepreneurs are more likely to generate new business ideas if they stick to a routine of familiar experiences. T/F
F
Entrepreneurs are traditionally extreme risk-takers. T/F
F
Entrepreneurs should avoid experimenting with potential customers. T/F
F
Entrepreneurs should try to address every potential customer in a market. T/F
F
Jason Craparo, who founded an online platform that enables users to connect and share information with each other, thereby bypassing the use of paper-based business cards, is an example of an entrepreneur who took the search pathway. T/F
F
Latent needs are those which everyone can identify but no one seems able to fill. T/F
F
Most inventions are a result of an isolated inventor. T/F
F
Most investors will invest primarily in your product or idea, not in you. T/F
F
Multisided markets describe a variety of services that serve two or more segments with very different needs and problems, which bear no relationship to each other. T/F
F
Observations are not acceptable data in an experiment T/F
F
Once developed, the marketing mix remains stable over time. T/F
F
One of the disadvantages of storyboarding is that it requires artistic talent. T/F
F
Paulina bought a small print shop and is very successful, but because she purchased an existing business, she is not considered an entrepreneur. T/F
F
Research has proven that successful entrepreneurs are planners and most insist on having a formal business plan in place before launching a new venture. T/F
F
Scientific evidence has proven that a specific set of traits distinguishes entrepreneurs from non-entrepreneurs. T/F
F
Social entrepreneurship is a term used only to describe not-for-profit ventures. T/F
F
Social entrepreneurship is defined as the process of innovating new social media business opportunities. T/F
F
Some people expand the 4 Ps to include people and owner personality T/F
F
Successful entrepreneurs are essentially gamblers at heart. T/F
F
Tata Motors succeeded in resolving the problem of access for its customers. T/F
F
Test and learn is a complex, sophisticated approach to experimentation that is usually reserved for established companies. T/F
F
The "value" portion of the customer value proposition is how much you could expect to sell one share of your company in an initial public offering (IPO). T/F
F
The S.A.V.E. framework replaces product with access. T/F
F
The all-benefits approach is the most impactful for creating a value proposition because of its real insight into what the customer wants or needs. T/F
F
The all-benefits approach produces a stronger CVP than points-of-difference because it focuses on the product or service relative to the competition and recognizes that the offering is unique and different. T/F
F
The best form of MVP is the one you don't actually have to build. T/F
F
The business model is just about revenues and costs. T/F
F
The business plan describes the rationale of how a new venture creates, delivers, and captures value. T/F
F
The design pathway is the least complex yet most value-creating of the four pathways. T/F
F
The infrastructure of the business model does not include people--only technology and facilities. T/F
F
The marketing mix consists of the variety of products that a business is offering. T/F
F
The most common form of value is social value. T/F
F
The most successful entrepreneurs are the ones who make sure they are the smartest person in any room, and education is key to doing so. T/F
F
The most successful social media strategies begin with a great interactive website. T/F
F
The search approach is the most common form of identifying new opportunities. T/F
F
There are no distinct approaches to thinking creatively, so creative inspiration must be left to chance. T/F
F
Websites with flashy, cluttered pages tend to be most successful. T/F
F
When creating content to drive sales and engage your customers, it is more important to be truthful than to monitor your language, opinions, and standpoints. T/F
F
When there is insufficient data available, intuition and experience are reliable foundations on which to make decisions. T/F
F
A buyer profile yields more information than a buyer persona. T/F
False
A poorly executed bowling strategy is likely to cause your product to end up in the tornado. T/F
False
A product application refers to the proposal through which a new product will be created. T/F
False
______ is the art of spontaneously creating something without preparation.
Improvisation
Customers can be divided into different segments if you anticipate the same level of profitability from them. T/F
False
In the six basic steps for creating a customer journey map, you should seek to identify up to 10 specific aspects of the customer experience to explore. T/F
False
What is the best strategy for crossing the "chasm"?
Focus limited resources on winning over a single, primary market, and then move on to capture larger markets.
Which of the following is necessary for an effective customer value proposition (CVP)?
It must offer better value than the competition.
When determining your revenue streams, which of the following questions is among those you should ask yourself?
How much are my customers willing to pay?
Which of the following statements best reflect a growth mindset?
I can learn anything I want to.
Gina wants to develop an app to match animal shelters to adopters. She has crafted the following statement: "I am developing this app so that more pets will be adopted." What component of the practice of entrepreneurship is she implementing?
Identify your desired impact on the world.
Finding solutions to problems and meeting customer needs are at the heart of opportunity recognition. T/F
T
In which of the following ways does a bottom-up analysis differ from a top-down analysis?
It produces more accurate results.
Why is the 10-step process not enough for entrepreneurial ventures?
It relies too much on past history to predict the future.
According to the text, what conclusion can be drawn from Eli Whitney's cotton gin and Thomas Edison's light bulb?
Inventions are often a result of the work of a group of different people who made improvements over a long period of time.
Which of the following statements about metacognitive awareness are true?
It can be developed over time through continuous practice
Which of the following is the main problem regarding intuition in the role of decision making?
It does not provide the knowledge or evidence to support the feasibility of the idea
How does a customer journey map differ from a buyer persona?
It focuses on buyer experience rather than characteristics.
What is the key feature of the resonating-focus approach to CVP?
It focuses on why people will like your product.
Why has traditional education inhibited our entrepreneurial nature?
It fosters a constant need for measurement and assessment.
Which of the following is true of your product if it has arrived on "main street?"
It has a strong market position
Which of the following is true of what makes up a market?
It includes both supply and demand, and it can be a physical or virtual location.
Which of the following is true of the customer journey map?
It is a visual representation
Which of the following statements about personal branding is true?
It is always part of a company's success.
How does the combination of demographics and psychographics help the entrepreneur to create a buyer persona?
It largely doesn't; at best, it helps the entrepreneur create a buyer profile.
What is necessary for a prototype to be effective?
It must communicate what our ideas look like, how they behave, and how they work.
Al Ries suggested that using one word as the product or company would create a stronger brand. What was the reasoning behind this suggestion?
It would be easier for consumers to remember.
Tim Brown of IDEO built what type of prototype of a complex insulin injection device?
Lego
Your professor has asked you to implement the entrepreneurial approach on your final project without much further instruction. What do you do first?
Look at what means you have to start the process.
If you do not have a large market for your product or service, what should you do to be sure it retains its value?
Make sure to scale your business and its cost to the size of your market.
Corporate entrepreneurs work within only large organizations whereas entrepreneurs inside can exist in any type of organization, big or small. T/F
T
Why, compared with a couple of decades ago, has it become even more important to understand your customer before you try to sell to that customer?
More customers make buying decisions without the input of the seller.
Which social entrepreneur and Nobel Prize Winner said, "All human beings are entrepreneurs. When we were in the caves, we were all self-employed...finding our food, feeding ourselves"?
Muhammad Yunus
Delivering existing products and services to existing customers but with unique differentiation is one approach to a business model. T/F
T
The traditional marketing mix is made up of these four main elements, known as the 4Ps.
Product, Price, Promotion, Place
Effectuating opportunities is focused on creating opportunities. T/F
T
Jakara has determined market size for her new line of high-end juicers. In her bottom-up analysis, she has calculated that she could reasonably sell 1500 juicers in the first six months of launch. If she wanted to estimate what kind of market and sales numbers she might expand to a year or more down the road, she would do best to calculate ______.
SAM
Match the order of the following calculations with the correct order of their likely matching names in the answer choices below: the population of the U.S. city in which the product is released; the population of the United States; the immediate neighborhood surrounding the available location of the newly released product.
SAM, TAM, SOM
Entrepreneurs address unmet needs in the marketplace. T/F
T
Entrepreneurs have more freedom to experiment than larger organizations, as they have less to lose. T/F
T
Of the following, which is likely to be smallest in size or number?
SOM
______ are people who start several businesses, whether at the same time or one after the other
Serial entrepreneurs
What should you avoid doing with people who fit your product's exclusionary persona?
Spend resources trying to convert them into customers.
Stephen has opened a BBQ restaurant that he hopes will be seen as a sports bar. Which of the following best describes an example of a need for positioning?
Stephen notices several Facebook postings that describe his restaurant as "a good family restaurant" and "a perfect end to a day of shopping."
Entrepreneurship can provide us with skills we can apply to other aspects of our lives. T/F
T
Experimentation is a requirement for today's successful entrepreneurs. T/F
T
Family-owned businesses account for 65% of total wages in the U.S. economy. T/F
T
Financial viability defines the revenue and cost structures a business needs to meet its expenses and financial obligations. T/F
T
An entrepreneur following the scientific process of experimentation should conduct background research before forming a hypothesis. T/F
T
An entrepreneurial mindset positions entrepreneurs to identify opportunities and take action. T/F
T
Approximately 70% of family businesses fail or are sold before the second generation reaches a position to take over. T/F
T
As an entrepreneur, if you have to choose between planning an action and taking an action, you should opt for taking the action. T/F
T
Branding is the process of creating a name, term, design, symbol, or any other feature that identifies a product or service and differentiates it from others. T/F
T
A diversified market offers a variety of services to two or more customer segments with different needs and problems, which bear no relationship to each other. T/F
T
A franchise is a type of license purchased by a franchisee from a franchisor to allow them to trade under the name of that business. T/F
T
A prototype is often created before a pilot test is conducted. T/F
T
A strong personal brand helps to attract more customers to buy an entrepreneur's products and services. T/F
T
Amazon serves a diversified market because it has multiple products and services that serve several unrelated groups of customers. T/F
T
An entrepreneur can own his or her own business or work in a corporation with an entrepreneurial spirit. T/F
T
History shows that inventions are often created by more than one individual over a long period of time and are often improvements on existing products. T/F
T
If an invention does not reach the market or appeal to consumers, then it will be rendered useless. T/F
T
If you ask a potential customer to create their ideal version of your product, you are involved in creating a user-drive prototype. T/F
T
In a pitch, it is a good idea to use the 4 Ps framework. Using the framework will organize your review of the product and make sure your pitch is complete. T/F
T
In creating their CVPs, both IKEA and FedEx first focused on the jobs that customers needed done before coming up with the solution. T/F
T
Joan has pursued seven money-making ventures over the past 10 years, ranging from retail storefronts to mobile app development. Joan is a "serial entrepreneur." T/F
T
MOOCs disrupted higher education by creating free online courses. T/F
T
Managerial thinking works best in times of certainty. T/F
T
Modern sales is genuine and creative, adds value, and builds relationships. T/F
T
One of the advantages of blog content is that other bloggers will share your content through their own social networks. T/F
T
Preselling is a testing technique to book orders for a product before it is developed. T/F
T
Pricing should be based in part on the value of the product perceived by the customer. T/F
T
Rather than making an audience immediately fall in love with an idea, the purpose of entrepreneurial marketing is to create a discussion that will lead to a favorable outcome. T/F
T
Research shows that 10-second first impressions are almost as powerful as impressions built over a period of months. T/F
T
Research shows that entrepreneurs with prior knowledge of an industry or market are more likely to recognize opportunities than entrepreneurs who do not have such knowledge. T/F
T
Researchers have defined many formal methods of idea generation that are effective for entrepreneurs. T/F
T
Seventy percent of Twitter users who were surveyed said they expect a response from a brand within an hour. T/F
T
Social media is best used to inspire, entertain, and build trust. It is less effective for direct sales. T/F
T
Successful entrepreneurs have a tendency to collaborate with competitors. T/F
T
The cycle of act-learn-build encourages entrepreneurs to take small actions in order to learn and build that learning into the next action. T/F
T
The effectuating approach involves using what you know, whom you know, and who you are. T/F
T
The finding approach to idea generation assumes that opportunities already exist independent of an entrepreneur. T/F
T
The founders of Knock Knock City, which allows travelers to store their luggage while they explore a city they are visiting, used pattern recognition to spot a viable entrepreneurial opportunity. T/F
T
The main problem with relying on experience in decision making is that some new ideas challenge what we thought we knew or what we thought we wanted. T/F
T
The resonating-focus CVP is the "gold standard" because it considers your product or service from the perspective of the customer. T/F
T
Typically, entrepreneurs go through three processes before they are able to identify an opportunity for a new business venture: idea generation, creativity, and opportunity recognition. T/F
T
When designing your social media strategy, you must consider how you are going to measure your online presence. T/F
T
When you are creating content that will be engaging to your customers, a good rule of thumb is that 10% or less of your content should be about you (or the "face" of your company) and 90% should be about your customers. T/F
T
While large companies may rely on direct mail, surveys, advertising, and catalogs to gather data about their customers, these are not always reliable methods for entrepreneurs. T?F
T
You can use PowerPoint to create basic storyboards T/F
T
You should monitor your social media at least once per day, if not more often. T/F
T
Which of the following would be calculated first in a top-down analysis?
TAM
You are doing market sizing research for your new restaurant. One potential customer, Greg, lives two blocks from your new restaurant, has good disposable income, and eats out often. Which of the following does Greg definitively appear in?
TAM, SAM, and SOM
When considering the types of customers, which of the following would best represent a saboteur?
Tali, who leaves a negative review online for a product.
What method emphasizes moving quickly from the initial plan to reality?
The Entrepreneurship Method
A benefit corporation (or B-Corp) is an organization certified by the nonprofit B Lab to ensure strict standards of social and environmental performance, accountability, and transparency are met. According to the book, which of the following statements is true?
The certification protects a company from lawsuits from stakeholders.
When asking further questions to add detail to your customer journey map, which of the following might you discover by learning more about the "tasks" factor?
The customer wants to understand more about the product before purchasing.
Which of the following is a core component of a beachhead market?
The customers are already buying similar products.
Entrepreneurial marketing is distinct from traditional marketing in which of the following ways?
The focus is on interacting with the customers.
According to the text, all forms of value are predicated on what assumption?
There is a market populated with enough people to buy your product or service.
According to Everett Rogers' technology adoption life cycle, how do customers in the early majority group differ from those in the early adopter group?
They are more swayed by mass market appeal.
Which of the following is true of sketches on a page plans?
They are slightly more complicated than back-of-a-napkin plans
Successful entrepreneurs tend to follow which approach to collaboration?
They collaborate with both potential customers and competitors.
Why is providing TAM, SAM, and SOM for a product or service unlikely to fully satisfy potential investors?
They don't provide information about where the market is going in the future.
What is the problem with relying on demographics when creating an end user profile?
They don't tell you much about attitudes or likes and dislikes.
Which of the following is true about effectual entrepreneurs?
They focus on creating a future rather than predicting it.
Why did Smart Skin Care choose to first seek out and market primarily to 30-somethings who engaged in extreme sports?
They needed this group as a beachhead market because the larger sunscreen market was too competitive and diverse.
How do "irrelevant" products, like New Coke or Crystal Pepsi, score on Neck's Idea Classification Matrix?
They score low on both novelty and usefulness.
Behavior is one of the four core ways in which customer segments can be defined. T/F
True
A bottom-up analysis aims will generate a more accurate predicted total sales figure than will a top-down analysis. T/F
True
Creating exclusionary personas helps the entrepreneur better understand both who their customers are and who they are not. T/F
True
Direct customer interviews are a challenging but effective way to verify the findings of a customer journey map T/F
True
If you have successfully "crossed the chasm," you have captured the early majority customer group. T/F
True
In recent years, the best way to build buyer personas is by conducting real interviews with potential customers. T/F
True
It is wise for an entrepreneur to try to win over the late majority customer group. T/F
True
Journey mapping is key to developing empathy for your customers. T/F
True
Proxy products can sometimes offer psychological information about a customer. T/F
True
Sanity checks are necessary when calculating your market size just to be certain you aren't overlooking something obvious. T/F
True
When crossing the chasm, it is important to work out kinks in the product before distributing wider because the early majority will be less forgiving of glitches than your early adopters. T/F
True
In experimentation, an entrepreneur's goal should be to do which of the following?
Use continual iteration to test and shape ideas
How should an entrepreneur approach experimentation?
Use quick, low-cost methods of experimentation informed by scientific thinking.
When determining your cost structure, which of the following questions is among those you should ask yourself?
What resources are the most expensive to get?
Which of the following questions would likely elicit the most information in a feedback interview on your new pesticide-free lawn service?
What would motivate you to begin using a pesticide-free lawn service?
Conducting feedback interviews in conjunction with experimentation helps entrepreneurs get more information pertaining to what basic question? a. What age range is your ideal customer?
Why are people interacting in different ways with your product or service?
What would the demonstration of a launch market communicate to potential investors?
You have a customer base who will buy your product or service as soon as it goes to market.
Which of the following best describes the amount of time you have to make an impression during a pitch session?
You will have between 7 and 20 seconds to create a good first impression.
The Sybo team's first test of its hypothesis ("By automating the light adjustment process, surgeons and staff would achieve greater efficiency and enhanced focus on the patient during procedures.") consisted of what?
a 12-question survey of surgeons
What is the term used in the text to describe a rough sketch of a basic business plan on any available paper?
a back-of-the-napkin plan
Robert has a business that he wants to pass down to others in his family to run. Robert has ______.
a family enterprise
Michael is a franchise restaurant owner. Which of the following best describes his franchising costs?
a franchise fee to start, a monthly royalty as a percentage of sales, and other operational costs
When marketers use the S.A.V.E. framework, the focus is likely to be which of the following?
a greater focus on solutions and providing information
Barb is trying to take control of her time by using an online time tracking system that tracks her time spent on tasks and projects. She has heard that if you do something for seven weeks it becomes a habit. The activity in our brain that decides whether a behavior should be repeated and stored is ______.
a habit loop
Which of the following is most likely to have a diversified market?
a hardware store that sells to contractors and nonprofessionals
Entrepreneurs who have engaged in years of deliberate practice tend to have ______.
a higher sense of intuition
Genetic testing services like 23andMe offer DNA analysis based on a saliva sample submitted by mail. Based on the discussion in the text, what need is 23andMe addressing in their CVP?
a lack of access
Which of the following best defines the term mass market?
a large group of customers with similar needs or problems
If an automobile manufacturer advertised an "automobile for all ages," what market is it addressing?
a mass market
Arabella went to her accountant and learned about DOI, defined as ______.
a measure of the average number of days it takes to sell the entire inventory of a company
Janis went to her accountant and learned about DSO, defined as ______.
a measure of the number of days it takes to collect on accounts receivable
Jerry has stated that his business appeals to people 50 years of age and older who are restructuring their finances for retirement plans. What has Jerry defined?
a niche market
Sean has created an automatic cat feeder that will release small amounts of wet food at times set by the owner. He hopes that the unit will solve the problem of having to feed the cat multiple times a day or having to throw out food that has gone dry. He builds seven crude but serviceable units and asks friends with cats to test the product. He then obtains their feedback. What is this process called?
a pilot
Which of the following best describes the concept of a market?
a place where a supply can be sold to those who wish to purchase it
According to the textbook, entrepreneurship has traditionally been viewed as ______.
a process of sequential steps
Which of the following is one of the four main elements that define a market?
a set of actual or potential customers who reference each other when making buying decisions
What is meant by guerrilla marketing?
a set of processes based on traditional marketing practices
Which of the following will have the best chance of provoking a reaction?
a storyboard
The authors define entrepreneurship as ______.
a way of thinking, acting, and being that combines the ability to find or create
Bentley has repeatedly identified new opportunities within his own everyday work practices and social life. Which of the following terms applies to Bentley?
alertness
The text uses the example of the inventor of Post-its and the innovator who revolutionized the football to illustrate what entrepreneurial trait?
alertness
What term do the authors use to describe the ability some people have to identify opportunities in their environment?
alertness
The infrastructure generally includes ______.
all the resources that are needed to deliver the CVP
Christine has obtained a job pitching a product at a local state fair. Her job is to demonstrate cookware, highlighting its features and demonstrating its use as she prepares food for visitors who can watch her cook and try samples. Christine will be selling the cookware based on which CVP type?
all-benefits approach
Which term refers to the CVP approach that involves listing all the advantages of your product or service without comparing it to others?
all-benefits approach
Opportunity is defined as ______.
an apparent way of generating value through unique, novel, or desirable products or services that have not been previously exploited
What is a hypothesis?
an assumption tested through research and experimentation
Mindset has been traditionally described as ______.
an established set of attitudes held by someone
A prototype is best described as which of the following?
an initial version of a product or service designed for use in experimentation
Janet likes to take the time to think carefully about a problem by breaking it up into pieces so that she can look at it in a more general way. This, she finds, helps her generate ideas about how certain products and services can be improved or made more innovative. Which of the following terms applies to Janet?
analytical strategies
What strategies involve taking time to think carefully about a problem by breaking it up into parts, or looking at it in a more general way in order to generate ideas about how certain products or services can be improved or made more innovative?
analytical strategies
Before opening his new bakery, Carlos received numerical ratings for each of his products from family and friends he enlisted as tasters. Now, Carlos is adding up the ratings for each variety. What step in the scientific process of experimentation is Carlos engaged in?
analyzing the data
When practicing entrepreneurship, starting with means at hand involves ______.
analyzing who you are
The idea of storyboarding grew out of what industry?
animation
In which of the following stages of the IDEATE method would you think about future scenarios?
anticipate
The media often cover the meteoric rise of entrepreneurs such as Bill Gates (Microsoft) and Travis Kalanick (Uber). According to the text, these stories ______.
are inspirational, but do little to represent the reality of entrepreneurship
According to the authors, a student should take action and practice entrepreneurship ______.
at every opportunity
Which of the following is likely to be an insight derived from the development of a buyer persona for a specific product?
attitudes that turn potential buyers off of a product/service
What is a core benefit of building an exclusionary persona?
avoiding wasted effort marketing to people who will never buy your product
Which of the following types of plans is the simplest?
back of a napkin
Sean is thinking about creating an automatic cat feeder similar to one that he created for dogs. He talks to several cat owners to find out what they dislike about feeding their cats. He also takes a look at current cat feeders and asks the same cat owners what they like and don't like about the feeders. These actions consist of asking questions and what other step in scientific experimentation?
background research
Tony is thinking of starting a small hot dog cart that he will take to the beach area in San Diego, California. Before starting, he investigates city ordinances and talks to vendors in the beach area. He also talks to people at the local parks who sell hot dogs to find out what makes their business successful. Anthony is conducting what stage of the scientific process?
background research
Arya wants to produce a financial report that shows the amounts the company owes, what it owns, including the shareholders' stake at a particular date in time. She wants to produce a/an ______.
balance sheet
The practice of hypothesizing, testing, and validating to create a business model is called ______.
evidence-based entrepreneurship
In an exploration of the idea for Rent the Runway, which offers rentals of designer dresses, what part of the basic storyboarding framework would highlight the fact that the rental model gives many more women the opportunity to wear designer dresses, which they could have never afforded before?
benefit
According to marketing expert Geoffrey Moore, where in the technology adoption life cycle is the "chasm"?
between early adopters and early majority
Which of the following is considered a promise to your customers?
brand
The process of creating a name, term, design, symbol, or any other feature that identifies a product or service and differentiates it from others is known as ______.
branding
A ______ describes the rationale of how a new venture creates, delivers, and captures value.
business model
Keiran wants to add a new feature to his website but doesn't want to invest hours of his time to develop and build it. He simply wants to know if customers will actually click the button. What test should he use?
button to nowhere
How have large businesses traditionally gauged customer tastes and preferences?
by analyzing large amounts of historical data
How do business models help entrepreneurs create value?
by fulfilling unmet needs in an existing market
Before creating an end-user profile, you must ______.
carry out the customer segmentation process
Karter is very busy and wants to produce a financial report that details the inflows and outflows of cash for his company over the last month. He is interested in producing a/an ______.
cash flow statement
The pro forma financial statement should include at least three scenarios of your financial forecast, each containing an income statement, balance sheet, and ______
cash flow statement
The answer to the question, "What are the different ways I can reach my customer?" will result in which component of the BMC?
channels
According to the authors, anything you do that requires deliberate practice helps develop ______, which is/are transferable to entrepreneurship.
cognitive skills
Rafael is struggling with next steps for his startup. He asks his friends for feedback on his idea. What part of the entrepreneurship method is he using?
collaboration
What is the last step in the process of calculating market size?
competition research
BlackBerry, which gained significant market share in the early 2000s in the business, government, and consumer markets, lost market share because ______.
competitors offered smartphones with better designs and more features
During ______, your customer interfaces with your product but the "technology" is being conducted by a live person behind the scenes.
concierge testing
What do the authors mean by the nonvisual dimension?
consideration given to different sensory learning styles the audience may have
Tony is a manager at a company that builds solar panels. In his position, he used the feedback from his team members as the basis of a plan for the company to start installing the solar panels in order to enhance the company's competitive position and profitability. Tony is an example of a(n) ______.
corporate entrepreneur
In the business model canvas (BMC), what components are included in financial viability?
cost structure and revenue streams
A logo should ______
create an emotional connection with the customer
Todd Kashdan, professor at George Mason University, created a five-dimensional model of what aspect of entrepreneurship?
curiosity
Which of the following best helps an entrepreneur develop empathy for the customer?
customer journey map
Danielle will be offering a tool-sharpening service at her garden and landscaping store on the first Tuesday of every month. She believes that this fulfills a customer need and that customers will help spread the word about her location and services. On which BMC component is Danielle focusing?
customer relationships
Which of the following is the BMC component most involved with building positive feelings about your business and customer loyalty?
customer relationships
In the business model canvas (BMC), what components are related to customers?
customer segments, channels, and customer relationships
Which of the following do the authors suggest as a strategy for monitoring the appropriate price for your product?
examining competitor prices
Of the following, what component of communication is most effective in communicating your message?
facial expressions
Andrew owns a popular but expensive Chinese restaurant. In order to introduce more people to his brand, he offers a series of one-time "taste fairs" in which he brings his recipes to a locally sponsored event. Customers are able to pay modest amounts for small servings of his creations while not paying for the ambiance of the famous restaurant. What problem is Andrew addressing?
customers' lack of money
What is the first step in calculating market size?
defining your market segment
What is most likely to reveal a market opportunity for a specific product application?
degree of customer demand
Chef Jiro has used ______ to master the art of making sushi.
deliberate practice
High performers use ______ to carry out carefully focused efforts to improve performance.
deliberate practice
In what area does the difference between innovation and invention lie?
demand
What is the overall goal of Everett Rogers' technology adoption life cycle?
describing how different groups of people accept new innovations over time
Of the four pathways to opportunity identification, which one can uncover high-value opportunities because of the entrepreneur's focus on meeting an unmet need?
design
Which of the following is the most challenging aspect of identifying and developing a new product or service for the market?
determining that there is a large enough market for the product
Group brainstorming is an example of a(n) ______ strategy.
development
What strategies are employed to enhance and modify existing ideas in order to create better alternatives and new possibilities?
development strategies
Using group brainstorming to enhance existing ideas is an example of which type of idea generation strategy?
development strategy
Fulfilling unmet customer needs using an existing product or service is called ______.
differentiation
In the text's examination of the evolution of the modern-day food truck, what stage of the IDEATE method involved the concept morphing into an entirely different concept?
discovery
What are the five typical key stages of customer interaction with a company?
discovery, research, purchase, delivery, and after the sale
A common feature in the stories in the text about IKEA, FedEx, and Tata Motors is that ______.
distribution occurs in a different way from traditional services
Which of the following offers a variety of products to two or more customer segments with different needs, even if the resulting markets are unrelated to one another?
diversified market
In the technology adoption life cycle, which two groups represent the largest parts of the customer base?
early and late majorities
A journey map is necessary in which stage of your business?
early stages
According to the text, what is the most common form of value?
economic
According to the S.A.V.E. framework, which of the following helps to build a relationship of familiarity and trust before a purchase is even made?
education
The S.A.V.E. framework replaces promotion with ______.
education
When defining customer segments, you should ask about demographics, which includes ______.
education level
The ______ stage of the IDEATE method involves expanding a concept to new applications.
enhance
Joseph is a sales manager for ETC Corporation, a manufacturer of high-end kitchen appliances for restaurants. Nicole has been lobbying him to allow her to design and sell a range of consumer-grade appliances using ETC's design and manufacturing resources. Nicole is a(n) ______.
entrepreneur inside
Your professor gives you a project with little direction or planning. This is an example of ______.
entrepreneurial thinking
What is the discipline that seeks to understand how opportunities are discovered, created, and exploited, by whom, and with what consequences?
entrepreneurship
Which of the following best describes the process of market sizing?
estimating the number of potential customers and possible revenue or profitability of a product or service
As described in the text, what would be the TAM for a new restaurant in a major U.S. city?
every possible customer who visits restaurants in the United States
According to the text, why would some organizations not be enthusiastic about employees acting entrepreneurially inside a company?
fear that they will leave the company and start their own business
The revenue and the cost structures would be included in which of the four parts of the business model?
financial viability
Lyla likes to focus on a clear problem and develop a solution. She uses which of the following approaches?
finding
The ______ approach is a concept that assumes that opportunities exist independent of entrepreneurs and are waiting to be discovered.
finding
Which pathway to opportunity identification is the least complicated (and probably the most common)?
finding opportunities
To develop a good CVP, products must not only fulfill a need but also ______.
fit into customers' lifestyles
Lucas is directing his business to develop a new product to bring to market after believing he has identified a market opportunity. Which of the following behaviors is likely to mark him as a new entrepreneur rather than an experienced one?
focusing on the fact that his new product has never been seen before in any market
What is the goal of experiential prototyping?
for an entrepreneur to capture a user's emotional experience
ICHOR Restaurant Group was started by Brian Bailey and Tim Hug in 2006 and has since opened three successful restaurant concepts--Old Carolina BBQ, Smoke: The Burger Joint, and Baja West Coast Kitchen--with a dozen corporate-owned locations. They have begun to allow external entrepreneurs to purchase a license to operate their own location(s). Entrepreneurs purchasing such a license are engaging in ______.
franchising
Brynlee paid $500,000 for a company, $100,000 in excess of the book value. Brynlee has ______.
goodwill of $100,000
When Karen is frustrated, she perseveres until she resolves the issue that is causing her frustration. This shows that Karen has a ______
growth mindset
The text describes two different types of mindsets. They are ______.
growth mindset and fixed mindset
A new company had the idea to have a flash mob to introduce its product. This is an example of ______ marketing.
guerrilla
A low-budget strategy that focuses on personally interacting with a target group by promoting products and services through surprise or other unconventional means is called ______.
guerrilla marketing
As described in the text, Blendtec created a post on YouTube where viewers were asked for items to blend which gathered six million views in six days. This successful campaign is an example of ______.
guerrilla marketing
In ______, you try to book orders for your product before it has been developed. It is often used for crowdfunding.
preselling
Coca-Cola's "the happiness machine"—a vending machine that gives out seemingly endless cans of Coca-Cola, plus surprise gifts such as bunches of flowers, balloon animals, pizzas, and giant sandwiches—is an example of ______.
guerrilla marketing
Asking yourself "What would Napoleon do?" in order to perceive what he would do in a situation is a technique most closely related to which of the following strategies?
habit-breaking strategies
Maddox likes to use a variety of techniques to help shift his mind out of mental fixedness in order to bring about creative insights. Maddox uses which of the following?
habit-breaking strategies
What strategies involve techniques that help to break our minds out of mental fixedness in order to bring about creative insights?
habit-breaking strategies
Thinking about the opposite of something you believe in order to explore a new perspective is one way to engage in which type of strategy?
habit-breaking strategy
Experiential marketing provides people with a/an ______.
hands-on experience of what the company stands for
When a company has long-term investments, it means it ______.
has cash, stocks, bonds, and/or real estate that has been on its books longer than one year
Sven somehow always remains calm when facing difficulties. He prides himself on the ability to rely on his coping abilities. This is evidence that Sven ______.
has high self-efficacy
Maci has an idea for a business. For her idea to be recognized as a viable opportunity, the idea must ______.
have the capacity to generate value
A ______ prototype has enough functionality to allow users to interact with the product or service.
high-fidelity
S.A.V.E. advocates marketing a product based on ______ rather than emphasizing its features.
how it meets customer needs
To be certified as a benefit corporation (or B-Corp), an organization is rated on which of the following?
how its employees are treated
What is the first step in creating and identifying opportunities?
idea generation
What are the three processes that entrepreneurs typically go through before they are able to identify an opportunity for a new business venture?
idea generation, creativity, and opportunity recognition
Juan Giraldo, Saurabh Gupta, Malinha Khalid, and Jazmine Valencia all found ways to ______.
identify new opportunities that addressed unmet needs
Sofia is trying to solve a problem in her design for a new type of remote car locking system and she's stuck. To stimulate her creativity, she sits down and imagines that she herself is a car. What type of strategy is she employing?
imagination-based
Gael is an entrepreneur. To get new ideas, she suspends disbelief and drops constraints in order to create unrealistic states or fantasies. Gael uses which of the following?
imagination-based strategies
What strategies involve suspending disbelief and dropping constraints in order to create unrealistic states, or fantasies?
imagination-based strategies
By envisioning themselves as human hairs, which type of strategy did the Gillette team use to come up with a new shampoo?
imagination-based strategy
The phase of design thinking associated with experimentation is ______.
implementation
Vivienne wants to produce a report that measures her financial performance on a monthly basis. She wants to see sales- and expense-related activities that result in profit or loss over a period of time. She is interested in producing which of the following statements?
income statement
Selena Gomez has 135 million Instagram followers and she is paid for her posts. Gomez is a/an ______.
influencer
Inventions that succeed in finding a market move on to the ______ stage.
innovation
Cognitive styles attributed to successful entrepreneurs and that are thought to influence opportunity recognition include ______.
intelligence, creativity, and self-efficacy
Stefan is an entrepreneur who involves group members in stimulating each other to come up with new or improved ideas. Stefan uses which of the following?
interpersonal strategies
Natalia has developed a new kind of roofing tile that is more expensive than most on the market but that has superior storm-survival properties. She wants to develop a buyer profile before going to market. What his her best first step toward accomplishing this?
interviewing homeowners in areas where storms are common
What is the process of creating new products, ventures, processes, or renewal within large organizations?
intrapreneurship
Research conducted by Harvard Business School found that the traditional 4 Ps model ______.
is narrow and outdated
Which of the following allowed Tata Motors to be successful?
its low-cost cars
In the business model canvas (BMC), what components are included in infrastructure?
key activities, key resources, key partners
When entrepreneurs are figuring out suppliers, associates, and distributors, they are determining ______.
key partners
The entrepreneurial method requires consistent practice so that ______ can be continuously developed and applied to future endeavors.
knowledge and expertise
As described in the text, the UK-based nonprofit Wayfindr provides software that can be used by anyone who needs audio instructions to help them navigate public transportation. For vision-impaired public transportation users, the software addresses what problem?
lack of access
What problem did IKEA solve for customers in its CVP?
lack of attractive low-cost furniture
As presented in the text, what major customer problem did ThedaCare hospital system solve in their CVP?
lack of time
What are the four major categories of problems customers typically experience?
lack of time, lack of money, lack of skill, lack of access
Of the following, which would be safest for an entrepreneur to ignore when launching a new product or service?
laggards
What type of experiment is an entrepreneur using if three different options are offered on the website with "click here for more information"?
landing page
When studying medical students and the way in which they learn clinical skills, researchers found the students who used deliberate practice were ______.
learning how to learn
What is the survival rate of family businesses transitioning from the first to the second generation?
less than 30%
Research revealed what percentage of Inc. 500 founders wrote formal business plans prior to launching their companies?
less than 50%
Google search ratings can be increased by which of the following?
links to social media pages that are also calculated in the ratings
As babies, we learned by trial and error. Through traditional education, we think more like ______.
managers
Pricing is based on the amount the customer is expected to pay for the product, its perceived value, and the degree to which the price can be raised or lowered depending on ______.
market demand and competitor pricing
Bill's new startup provides easy-to-understand, engaging content. This marketing trend is known as ______.
marketing through education
What type of target market do toilet paper manufacturers target?
mass
If your product enters the "tornado," it triggers a particular need to ______.
meet customer demand efficiently
By definition, a ______ is a systematic way of approaching a task.
method
In what type of prototype does a company create an actual product to sell to customers in order to collect validated learning about the customer with the least about of effort?
minimum viable product
What is the version of a new product which allows a team to collect the maximum amount of validated learning about the customer with the least effort?
minimum viable product
Yan has created a three-dimensional model of her new food delivery container. It looks like the finished product, but the handles don't quite function properly yet. What type of prototype has Yan produced?
mock-up
Which term describes two or more customer segments that are linked but independent of each other?
multisided markets
The fatty white tissue created in your brain through focused repeated activity is ______.
myelin
Idea generation is defined as the production of ideas for something ______.
new
A ______ market is a small market segment comprised of customers with specific needs and requirements.
niche
As described in the text, entrepreneurs Carlton and Hazel Solle created Bioscarf as an alternative to common filtration masks. This is an example of a ______ market.
niche
Gift Prescriptions is a company that offers small gifts that can be left behind in doctors' offices. Gift Prescriptions sells their gifts to pharmaceutical companies and medical supply stores who want to leave doctors a small gift in appreciation for their time. Gift Prescriptions' market segment would be described as a ______ market.
niche
According to the text, what three criteria does an idea have to meet in order to be rated as an innovation?
novelty, usefulness, and value
Your classmate is planning a new venture. He has spent a lot of time on planning and analysis, taking a managerial approach as he attempts to predict the future. This type of path is typically taken by what type of entrepreneur?
novice entrepreneur
Which of the following hypothetical bits of data would most likely be part of a top-down analysis?
number of potential customers living in a drivable radius
What are the four parts of a business model?
offering, customers, infrastructure, financial viability
What is the backlog?
orders that have been received but not delivered to the customer
Bea's Donuts requires that all people working in her store wear a light blue polo shirt showing the logo of her company. Requiring this shirt is part of what aspect of marketing?
packaging
Which of the following components of a food truck business demonstrates the element of "place" from the marketing mix?
parking and selling food in a busy downtown area
Bill is the paternal head of his family as well as the family enterprise. He is concerned about the business and wants to ensure its survival for the long run. You, as a consultant, advise him to focus on ______.
passing on an entrepreneurial mindset to his family members
Which of the following are intangible assets?
patents, software programs, copyrights, trademarks, and/or brand names
Gwen uses a process that identifies links or connections between apparently unrelated things or events to create new ideas and opportunities. What best describes what Gwen is doing?
pattern recognition
Stephen is preparing his pitch for a bank representative that will be considering him for a business loan. He lists the resumes and credentials of chefs who are working in his restaurant's kitchen. This is an example of what marketing principle from the 7 Ps?
people
People with a fixed mindset _____
perceive their talents and abilities as set traits
A small-scale study conducted to assess a product's or service's feasibility is called a(n) ______.
pilot experiment
Karen's company manufactures high-end designer cookware. Karen will be selling her product at a chain grocery store during the month of December and will be paying for a center aisle display near the front entry of the store. This is an example of which element of the marketing mix?
place
With which of the 4 Ps is the question "How will the customers be reached?" associated?
place
The ______ approach to CVP involves identifying and promoting all the benefits of your product or service relative to the competition and recognizes your offering is unique and different from others in the market.
points-of-difference
In the process of crossing the chasm, what is the second step after identification of the beachhead market?
positioning the product
What are the three central characteristics of opportunity?
potential economic value, novelty or newness, and perceived desirability
According to the text, what is the key to entrepreneurship?
practice
What was violinist Nathan Milstein concerned about with deliberate practice?
practicing less than his competition
In the Entrepreneurship Method, ______ requires thinking about and analyzing existing information.
prediction
The process approach to entrepreneurship emphasizes ______.
prediction
Karen's company manufactures high-end designer cookware. The handles of the cookware remain cool when used on a stovetop and have slip-on covers for the handles to be used for removing the product from the oven. This demonstrates what element in the marketing mix?
product
When asking "Is this service something that is suitable for my target audience?" an entrepreneur is interested in what aspect of the marketing mix?
product
With which of the 4 Ps is the question "What are the benefits and features of my product?" associated?
product
In the context of moving from idea generation to opportunity recognition, creativity is the ______.
production of ideas for something that is new and also potentially useful
John is starting a sole proprietorship in which he will install home stereo systems. John decides to test a paid Google ad so that the name of his company will gain recognition. This is an example of what marketing mix element?
promotion
Karen's company manufactures high-end designer cookware. Karen has signed with a local kitchenware store to give free cooking lessons, during which she will use her cookware. This is an example of which of the following marketing elements?
promotion
The activities that involve all the ways in which companies tell their customers about their offering is known as ______.
promotion
With which of the 4 Ps is the question "How will they know my business exists?" associated?
promotion
A storyboard is classified as what category of business development tools?
prototypes
Self-observation is a process of ______.
raising awareness of how, when, and why we behave the way we do in certain circumstances
Opportunity recognition is defined as ______.
recognition that ideas are not only new and potentially useful, but also have the potential to generate economic value
Mila assumes that opportunities exist by making links between concepts or ideas that are not normally associated with each other. Mila believes in ______.
relationship-seeking strategies
What strategies involve consciously making links between concepts or ideas that are not normally associated with each other?
relationship-seeking strategies
Experiments need to have a clear purpose, be achievable, and generate ______.
reliable results
Which of the following is considered the "gold standard" for CVPs?
resonating-focus approach
Shareholder equity includes what two main components?
retained earnings and capital stock
Operating expenses include which of the following?
sales, general, and administrative expenses
When storyboarding, using a ______ can provide a "before and after" that shows your business in action.
scenario
Muhammed is working on a project for a new gaming console that needs a floating pivot point, something with which he has no experience. After thinking about the problem, he remembers watching his grandfather, a sign painter, use a maul stick as a pivot point for his wrist, and realizes he can use that knowledge to apply it to his console design. This is an example of what king of strategy?
search
What enables people to find you online via Google or other online browsers?
search engine optimization
What strategies involve using memory to retrieve information to make links or connections based on past experience that are relevant to the current problem using stimuli?
search strategies
Social entrepreneurs ______.
seek innovative solutions to social and environmental problems
Breaking customers into groups according to their different needs and problems would create which of the following market types?
segmented
Brenda is very critical of her own actions; if something goes wrong, she assesses why it went wrong and how she can avoid making the same mistake in the future. This is an example of __
self-correcting feedback
In the context of entrepreneurship, ______ is a process whereby people can influence and control their own behavior, actions, and thinking to achieve self-direction and self-motivation.
self-leadership
Richard Branson's expansion of his Virgin Group to include railway, music, media, and banking industries is an example of ______ entrepreneurship.
serial
During a recent snowstorm, a new startup made imprints in the snow of the product's name and brand during the night on snow-covered pavements, walls, and cars. This is an example of ______.
snow branding
Sam is tired of seeing injustice and mistreatment of children in inner cities and has an innovative idea to help them develop self-esteem. Sam is an example of a ______ entrepreneur.
social
The nonprofit "1001 Fountains for Tomorrow," whose goal is to provide safe drinking water for small rural villages in Cambodia, is an example of ______.
social entrepreneurship
A shoe company starts an initiative to manufacture an affordable shoe for the poor in developing countries. This is an example of what form of value?
social value
What is an easy form of prototyping that provides a high-level view of thoughts and ideas arranged in the form of drawings, sketches, or illustrations?
storyboarding
Early adopters can play a crucial role in what stage of the IDEATE method?
target
What type of testing involves watching someone actually use your product so that you can see what works and what does not?
task completion
It is typically easier for new businesses to change their business model because new businesses ______.
tend to be smaller and more agile
Before Carlos opened his new bakery, he baked a variety of sample cupcakes and cookies to sell at local farmers markets and other local events. Which stage of the scientific process of experimentation does this represent?
testing the hypotheses by running experiments
Sean is thinking about creating an automatic cat feeder similar to one that he created for dogs. He believes that cats eat several times a day. He also believes that cats can be trained to come to the sound of a slight ding, indicating that a new tray of food has been opened. He has several friends set out small trays of food, sounding a ding to see if cats will associate the sound with curiosity about the food. Sean is in what stage of scientific experimentation?
testing the hypothesis
Anthony is thinking of starting a small hot dog cart that he will take to the beach area in San Diego, California. Before starting, he asks an ice cream vendor if he can offer hot dogs using his stand for a small rental fee. He will only need to use space for one day. Anthony is conducting what stage of the scientific process?
testing the hypothesis by running an experiment
In the marketing and early growth of Facebook, what does Harvard represent
the beachhead market
Entrepreneurial self-efficacy is ______.
the belief that entrepreneurs have in their ability to begin new ventures
Jimi is very interested in managing his cash. You mentioned this course to him and told him about ______, which is the number of days a company's cash is tied up in the production and sales process.
the cash conversion cycle
In storyboarding, who or what is at the center of the story?
the customer
The offering includes which of the following?
the customer value proposition
A CVP requires that you think about your business from the perspective of what group?
the customers
Of the four pathways to opportunity identification, which is the most complicated but potentially the most value-creating approach?
the design pathway
The Eat My Words® SMILE and SCRATCH Test™ were devised in order to test ______.
the effectiveness of company or product name
SAM represents ______.
the entrepreneur-intended portion of the total available market for your product or service
Effectuation is the idea that ______.
the future is unpredictable yet controllable
What is a product application?
the goods or services created to meet a customer or market demand
What problem did FedEx solve for customers in its CVP?
the lack of easy, door-to-door, overnight delivery of packages
What is one common aspect of the creation of a launch market, the bowling pin strategy, and the beachhead strategy?
the need to show you have a group of ready customers who want your product or service
Rather than just gathering data, an experiment matches an outcome to which of the following?
the original hypothesis
In considering the access part of the S.A.V.E. framework, what is the focus?
the path from hearing about the product to the actual purchase
Within a business model, customers refer to ______.
the people who populate the segments of the market your offering intends to serve
A brand strategy can best be described by which of the following?
the plan to communicate the brand messages to the target audience
After months of sharing his fitness venture with his high school football team and receiving feedback, Jarod decided to start promoting it on Facebook. This illustrates what concept?
the practice of entrepreneurship
What would be the best description of the term packaging?
the process of exploring all visual elements of the product and service appearance
According to the authors, what is the precursor to entrepreneurial action?
the right mindset
Zayden is a successful entrepreneur who is ready for a new venture. He's not quite sure what he will embark on, but he is actively looking at several areas that are interesting to him to find a new opportunity. Which of the four pathways to opportunity identification is Zayden taking?
the search pathway
In an exploration of the idea for Rent the Runway, which offers rentals of designer dresses, what part of the basic storyboarding framework would highlight the concept of allowing women access to designer dresses for one-tenth of the original cost?
the solution
In the business model canvas (BMC), what is covered under the offering?
the value proposition
Why would an entrepreneur be constantly tweaking the marketing mix?
to adjust to a competitive and ever-changing market
Why is experimentation required?
to strengthen ideas
People who will buy anything you produce, wait in line when a new product is released, drive for hours for an even, or preorder your product sight-unseen are called ______.
true fans
The first step in creating your CVP is ______.
uncovering what your customer really needs
Pattern recognition is the process of identifying links or connections between ______.
unrelated things or events
Which of the following represents the "chain of customers"?
users, purchasers, influencers
Chloe's process includes plans of action that involve enhancing and modifying existing ideas to create better alternatives and new possibilities. Her process is best described as ______.
using development strategies
What is the right side of the BMC focused on?
value creation
What is the left side of the BMC focused on?
value delivery
According to the S.A.V.E. framework, customers are drawn to ______.
value more than to price
San Francisco-based electric skateboard manufacturer Boosted used what testing technique to illustrate how their users would navigate their new mobile app prototype?
wireframes
An entrepreneur has a website where customers think they are interfacing with his actual product but it is actually the entrepreneur behind the scenes who is manually providing the service. This is called the ______ test.
wizard of Oz
Keenan is planning to start a catering business and throws an initial party to test out his food and services. He has developed a buyer persona and accumulated an enormous amount of data on his customers, and wonders if it is really necessary to make a customer journey map. What might his customer journey map reveal that the rest of his research could not?
would the guests attend a second party thrown by his company
What are website analytics least likely to be able to provide?
your customer's overall impression of your product
In order to build long-term relationships with investors, it is important to figure out how to market ______.
yourself
