Business Entrepreneurship - Chap 1-3 Quiz

Demetri is implementing the design thinking process into his business. In what order should the steps be taken?

1. Empathize 2. Define 3. Ideate 4. Prototype 5. Test

Arrange the stages of a business life cycle in order

1. Existence 2. Survival 3. Success 4. Take-off 5. Resource maturity 6. Pivot or persist 7. Exit plan

Place the stages of the business life cycle in the correct order.

1. Existence 2. Survival of the fittest 3. Success 4. Take-off 5. Maturity

Match the characteristic with its definition.

Critical thinking - Solving problems in the best way by considering a variety of potential solutions to the problem. Creativity and innovation - Bringing new and unconventional ideas to the table and finding creative and new solutions to the way things are done. Collaboration - Working with others towards a common goal. Problem-solving - Coming up with solutions to solve a problem. Personal agency - Working toward achieving a goal without someone directing and ensuring it is being done. Ethical practices - Decision-making based on morals and doing the right thing. Social responsibilities - Preventing and removing any corruption and unethical behavior that could harm a business, the community, or the environment could harm a business, the community, or the environment.

Match each stage of the business life cycle to it's corresponding definition.

Maturity - The business is separate from the owner with responsibilities delegated to staff. A business in this stage usually commands a considerable share of the market and may even be a household name. Success - Company is stable and profitable. Takeoff - Expansion strategies are implemented, and investment is balanced with potential. Survival of the fittest - Focus shifts to revenue, expenses, and growth. Cashflow is the major issue. Existence - The business introduces itself to the market and attempts to catch the attention of potential customers.

What are two advantages to selling digital products?

Not needing physical storage, inventory, or additional employees - Delivery is instantaneous and inexpensive.

Which two documents summarize the business plan of a company?

Pitch Deck and Lean Canvas

Dylan owns a small grocery store. The store has not been receiving a lot of business during the last few months and has been making a low profit. Dylan has a meeting scheduled to discuss these issues with other employees at the grocery store. In which business life cycle stage is Dylan in?

Pivot or persist

Which three characteristics help identify a business opportunity?

Price, quality, and service

Match the characteristic with it's definition

Self Reliance - Trusting one's self, one's goals, and one's progress. Forward-thinking mentality - Thinking about and planning for the future. Opportunity recognition - The way one approaches new ideas and ventures. Initiative - Turning one's ideas into action or bringing in new ideas to generate more or better business. Resiliency - Adapting to change, loss, and disappointment. Grit - Tackling goals with courage and perseverance, even when it is challenging. Risk tolerance - The amount of loss one is willing to take when making investment decisions. Growth Mindset - Believing that one can accomplish anything if one works hard.

Mike is the owner of a doggy daycare and grooming business. The business is economically healthy, and he is looking for ways to finance future growth. In which business life cycle stage is Mike in?

Take-off

Which is a characteristic of a business opportunity?

The seller is required to help the buyer find an ideal location for the business.

Factors that aid in determining whether or not a business opportunity is viable include market size, _________, manage of cash flow, management skillsets, and passion.

relationships

An executive summary should briefly explain everything in a business plan in ______ pages

two