ENTR Final

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Research shows that we can really only manage up to ______ relationships, but we can maintain up to ______.

25/150

Based on the chapter, there is/are ______ distinct pricing strategies that most businesses use today.

3

How much of communication is conveyed through facial expressions?

55%

The scientific process of experimentation, which is very useful to entrepreneurs, has how many steps?

6

In the business model canvas, how many components are listed?

9

The business model canvas has ____ components that entrepreneurs need to consider.

9

After friends and family, angel investors support up to what percentage of outside equity raised by startups?

90

Making a good impression during the pitch is key because:

93% of communication is nonverbal

What would be the best definition of a business model?

A framework that describes how a company creates, delivers, and extracts value.

The simplest type of structure an entrepreneur can choose is called:

A sole proprietorship

This framework is recommended in the chapter for design thinking.

AEIOU

Which item is not included in the three main advantages of networks for entrepreneurs?

Access to diverse skillsets

It is important to choose a lawyer who not only knows the law but one who can also:

Add value for the firm

The advertising revenue model relies on the amount of revenue gained through ______ products and services.

Advertising

What is required to create a successful CVP?

An understand of what customers want and need

In scientific experimentation, this process comes after hypothesis testing.

Analyzing the data

______ are informal investors who use their own money to provide funds to young start-up private businesses.

Angel investors

The "penny pinching" bootstrapping strategies do not include:

Asking employees to work for free in your company

This tip for writing business plans refers to financial projections.

Avoid the exaggerated hockey stick

This type of plan is often used by entrepreneurs in the early stages of planning.

Back of a napkin

This is a useful tip to remember when making a good first impression.

Be aware of your body language

This tip is included in the tips for writing business plans.

Be realistic

______ is the process of building or starting a business with very little funding or capital.

Bootstrapping

BMC stands for:

Business Model Canvas

A ______ is a conceptual framework that describes how a company creates, delivers, and extracts value.

Business model

A ______ is a formal document that provides background and financial information about the company, outlines your goals for the business, and describes how you intend to reach them.

Business plan

Rather than engaging in risk calculations, instead determine what you are willing to part with in terms of money, reputation, time, and opportunity cost. Doing so is part of which component for building an entrepreneurial mindset?

Calculate Affordable Loss

According to Bill Drayton, true social entrepreneurs want to:

Change the world

The answer to the question, "What are the different ways I can reach my customer?" will result in what element of the BMC?

Channels

The three forms of social capital noted in the chapter do not include:

Channels

Which is the top country for online piracy, counterfeiting, and theft of trade secrets?

China

In the chapter, Jack McCarthy had an idea for selling:

Christmas sweaters

Which item is not a popular form of social media for entrepreneurs?

Cloud computing

This skill allows diverse team members to examine critical issues with a wide lens to formulate strategies by considering diverse approaches, decision criteria and courses of actions.

Cognitive comprehensiveness

Ethical dilemmas are ______ within legal and intellectual property issues for entrepreneurs.

Common

For this type of pricing, prices are guided by other business' selling the same or very similar products or services.

Competition led pricing

This is not one of the key revenue drivers mentioned in the chapter.

Competitors

It is important to have an understanding of what is driving your revenue and your ______.

Cost

Under the business model canvas (BMC), what components are related to financial viability?

Cost structure and revenue streams

This type of pricing involves calculating all costs involved in manufacturing or delivering the product or service, plus all other expenses.

Cost-led pricing

The process of raising capital for a new venture from a large audience is called ______.

Crowdfunding

This strategy uses the Internet to attract, aggregate, and manage inexpensive or even free labor from customers and like-minded people.

Crowdsourcing

______ involves using the Internet to attract, aggregate, and manage ostensibly inexpensive or even free labor from enthusiastic customers and like-minded people.

Crowdsourcing

This part of the business model requires entrepreneurs to focus on a target market.

Customers

Which item is the best source of information to use when making business decisions as the result of experimentation?

Data

This item is not one of the three stages of the process of moving from idea generation to opportunity recognition.

Decision phase

Which of the following is one of the main emotional roadblocks that prevents us from practicing creativity?

Dislike for incubating idea

The process used to evaluate an investment opportunity prior to the contract being signed is called:

Due diligence

This type of financing for entrepreneurs consists of larger amounts of funds provided for companies that have a team in place and a product or service tested, but as yet show little or no revenue.

Early-stage financing

Angel investors are primarily motivated to invest in order to:

Earn Money

If you are giving away something for nothing, you need to make sure you are still:

Earning substantial revenues

Design thinking is a human-centered approach that looks at these sides of a problem for the customer.

Emotional and functional

Which item is "deep in the onion" and can be discovered through interviewing, when entrepreneurs peel the onion for deep understanding of customer needs and wants?

Emotions driving people

The chapter showed examples of crowdsourcing to provide all of the following benefits except:

Enhance copyright protections

Which statement is true?

Entrepreneurs should expand their networks as much as they can.

Research on entrepreneurship has shown which of the following?

Entrepreneurs who have failed and tried again are far more likely to be successful in their subsequent ventures

This organization is a peer-to-peer network solely for entrepreneurs.

Entrepreneurs' Organization

EEO stands for:

Equal Employment Opportunity

Entrepreneurs can be classified as _______________, if the financial gains of the company are close to potential and their control over the company is complete.

Exception

This part of the business plan occurs early in the plan:

Executive summary

The case study in the chapter reinforced the benefits of:

Experimentation

______ has grown from a social platform to a business platform, as most businesses have a presence in this form of social media.

Facebook

This common intellectual property trap occurred with the founding of Facebook, in a disagreement between Mark Zuckerberg and the Winklevoss twins.

Failure to assign ownership

A contractor has their taxes, benefits, and pension paid by the employer.

False

A research team is a group of people with complementary skills and a shared sense of commitment who come together to found an enterprise and grow the company.

False

Addressing social inclusion globally within social entrepreneurship often involves focusing on large corporations.

False

All business plans need to follow the same format to lead to business success.

False

Building relationships and social interaction are optional when starting a business.

False

CVP stands for customer value program

False

Companies cannot generate revenue by profiting from "free."

False

Crowdfunding and crowdsourcing are the same thing.

False

Crowdfunding is often avoided by entrepreneurs due to unexpected costs.

False

Entrepreneurs should try and handle legal matters by themselves to save money.

False

Intellectual property law does not include patents.

False

Marketing is optional for entrepreneurial business success.

False

Putting a value on a company is an exact science.

False

Self-efficacy leads a person to believe that he or she achieved success without help from others

False

The best place to begin to find out the "going rate" of a product you want to sell is to ask your customers what they want to pay.

False

The first key revenue driver is competitors.

False

The framework described to assist entrepreneurial planning in the chapter is known as PEST.

False

The hybrid model of social entrepreneurship describes an organization that focuses on domestic and global markets.

False

The process approach to entrepreneurship does not work

False

The purpose of the pitch is to close the deal and get the customer to buy.

False

The terms "left-brained" and "right-brained" represent the current scientific consensus of which physical hemisphere of the brain controls analytical and creative thoughts.

False

There are many groups of minority business angels in the United States today.

False

There are three components to building an entrepreneurial mind-set.

False

There is growing support to require a formal business plan for most entrepreneurial ventures.

False

Typically entrepreneurs value their companies based on the firm's actual earnings in the marketplace.

False

When you are marketing through social media, it is advisable to create a website that blends in with those of similar companies.

False

Design thinking requires ______, which may result in ______.

Feedback/scrapping an original design

Revenues and cost structures are a part of this aspect of the business model.

Financial viability

In a ______ mind-set, people perceive their talents and abilities as set abilities.

Fixed

People with a ______ mind-set take any constructive criticism of their capabilities very personally

Fixed

Paying attention to this document can avoid legal battles down the road for entrepreneurs.

Founder Agreement

The CVP is about finding a ______ and then proposing a way to fulfill it.

Goal

This term describes a phenomenon where people share too similar a mind-set, which inhibits their ability to spot gaps or errors.

Groupthink

People with ______ mindsets tend to be happier and more successful than those with ______.

Growth, fixed

Successful founding teams do all of these things except:

Have masters degree or higher level of education

One of the best ways to avoid costly legal mistakes is by:

Hiring the right leg counsel

Starbucks and Southwest Airlines are examples of these types of ideas:

Improvement

This statement is also known as the profit and loss statement.

Income Statement

Social entrepreneurship is associated with all of the following except:

Increasing social interactions

The story about the history of Liquid Paper in the chapter would be classified as a(n):

Innovation

In Chapter 5, the I's of Ideas include all of the following except:

Inside

______ describes intangible personal property created by human intelligence, such as ideas, inventions, slogans, logos, and processes.

Intellectual property

The three types of value propositions listed in the chapter include all of the following except:

Internal and external analysis

Networking:

Is a two-way game

The advantages of crowdfunding include all of the following except:

It guarantees business success

Which of the following is necessary for an effective customer value proposition (CVP)?

It must offer better value than the competitors

The rules of experimentation point out the necessity of:

Keeping track of all data

In the matrix showing the trade-off entrepreneurs make, which name describes a situation where the entrepreneur has complete control over the company and financial gains are well below potential?

King

For entrepreneurs, it is important to:

Know the law better than any of your competitors

Food Flight offers unique food options that are flown in fresh from key cities. Customers can order smoked salmon from Alaska, shrimp creole from Louisiana, and Texas ribs from Dallas. What problem does Food Flight address?

Lack of access

According to Corey Hague, founder of FlexGround, the reason why so many start-ups fail in the first few years is that the entrepreneur:

Lacks dedication

For an entrepreneur, by giving away equity in your business, you have ______ over your decisions in the business.

Less control

To practice being "other-centered," one suggestion is to:

Make someone else's day

______ is the method of putting the right product in the right place, at the right price, at the right time.

Marketing

Which is not one of nine dimensions of observation from the chapter.

Milestone

Many entrepreneurs have a(n) ______ that positions them to identify opportunities.

Mind-set

By having the right ______, it is easier to recognize ______.

Mind-set, opportunities

The entrepreneur's dilemma can be described as:

Money vs. Power tradeoff

Protecting intellectual property has become ______ for entrepreneurs in recent years.

More important

The ______ opportunities we generate, the ______ opportunities we are likely to identify.

More/more

Which item is not one of the learning styles to be aware of when creating your pitch, in light of the fact that different people have different learning styles.

Multifaceted

A key takeaway from the networking advice in the chapter is:

Never assume someone standing alone is a loser and should be avoided

Which P is not included in the 4 P's of Marketing?

Path

Making a good impression is difficult because:

People make decisions quickly about you and your pitch

This is a brief presentation, usually in the form of about 10 slides, which provides the audience with a quick overview of your idea.

Pitch deck

From an entrepreneurial perspective, ______ is a description of the future you envision for your business.

Planning

Which of the following is not one of the three main strategies of self-leadership?

Positive mental thought strategies

Jon Bolder owns a Lord of the Rings-themed online store. Before he started his venture he had a feeling that he wouldn't succeed; however, he mentally envisioned his own successful store prior to launch, and has been very successful. Jon engaged in which of the following behavioral self-leadership strategies?

Positive self-talk

This is one of the best ways to get feedback from followers on social media.

Post interesting contest on a regular basis

Läckert Lacquer, a specialty nail polish company was started by Jenny Kindell. Jenny conceived of the business while doing her nails, and completed a business plan using a template she found online. She did extensive research prior to launching her business, which she only did once she was convinced there was a market for her product. Which approach to entrepreneurship did Jenny use?

Prediction

The traditional view of entrepreneurship has been a ______ approach, an approach that suggests a linear planning process

Prediction

A successful pitch:

Presents a captivating idea that grows toward a favorable outcome

This framework is described in the chapter.

Problem-solution-benefit

For design thinkers, an idea is deemed successful if it strikes a balance among three main criteria. This is not one of the criteria.

Profitability

Which P answers the question: How will customers know my business exists?

Promotion

Within networks, counseling and personal feedback come under this type of support.

Psychosocial support

This is a common IP trap to avoid:

Publicly disclosing your innovation

This is not a suggested "penny pinching" bootstrapping strategy.

Pursue as much professional help as possible

Karl Gustavsson's company Karl J. Gustav makes Halloween costumes and other clothes for cats, dogs, and other house pets, and matching outfits for their owners. 15% of his revenue is donated to no-kill shelters across the country. Before starting his company, Karl spent time considering what he wanted to accomplish with his venture, and he wanted to make pet owners happy through bonding with their pets while helping abandoned animals find loving homes. Which component of building an entrepreneurial mindset was described here?

Reflect on your desired impact on the world

This is one piece of advice from the chapter about writing business plans.

Remove any of the fluff

Design thinking is typically not used for this purpose.

Reorganizing companies after bankruptcy

It is essential that entrepreneurs do as much ______ as possible before deciding on a particular form of organization.

Research

The question "What are your startup costs?" refers to this part of the TRIM framework.

Resources

______ is defined as income gained from sales of good or services.

Revenue

A ______ is a key component of the business model and identifies how the company will earn income and generate profits.

Revenue model

For entrepreneurs, the theme for "penny pinching" bootstrapping strategies is:

Save money wherever you can

In the chapter, we learned that there is(are) ______ to calculate the best price for a product or service.

Several Methods

This type of plan requires illustrations, graphs, and drawings to make the entrepreneur's plan come to life.

Sketches on a page

This type of social entrepreneurship venture can be labeled as having a social venture mission and an economic primary market impact.

Social Purpose

Our personal networks that are populated with people who willingly cooperate, exchange information, and build trusting relationships with each other are known as:

Social capital

This type of entrepreneurship describes a for-profit business that has a social primary market impact.

Social consequence entrepreneurship

The concept of Waterall, along with many other innovative products, is the result of:

Solving a problem Brainstorming Creativity All of these

For startups, investors who buy a share of the business can be said to be:

Splitting the ownership pie

Entrepreneurs can train themselves to better recognize opportunities by doing all of the following things except:

Sticking to the knitting

Entrepreneurs who engage in deliberate practice are better at which of the following things?

Storing new information

TRIM stands for:

Team, Resources, Idea, Market

According to the text, it is typically easier for new businesses to change their business model because new businesses ______.

Tend to be smaller and more agile

Which item comes last in the Stanford design school five phases of design thinking?

Test

When customers are asked to try a sample of a new product or use a product for the first time in the marketplace, then this type of experimentation is occurring.

Test ideas through pilots and prototypes

The two main parts to the perfect pitch include:

The content and the resources

This type of pricing is created to encourage people to try a new product with a special deal.

The introductory offer

This type of pricing is set to offer a product or service at a below-cost price in an attempt to attract more customers.

The loss leader

In this model, financial support is given by backers without any expectation of a direct return for their donations.

The patronage model

This pitch approach engages others to respond and asks the audience a thoughtful question.

The question approach

The offering addresses ______.

The value generated for customers

From the reading in the chapter, we can say that:

There are many different ways to bootstrap a company

Which statement is true?

There is no single right way to determine your pricing strategy.

Research by professor William Bygrave shows that the success level between businesses with formal business plans and the success level of businesses with no formal business plans could be summarized this way.

There were no differences in the success rates of the businesses.

This type of social entrepreneurship venture can be labeled as having an economic venture mission and an economic primary market impact.

Traditional

Which type of marketing uses big cash investments with a goal of profit maximization?

Traditional marketing

All businesses share the need to generate revenue.

True

An experiment begins with a hypothesis.

True

Creating a productive network requires you to meet people other than your existing friends and acquaintances.

True

Crowdfunding is such a recent phenomenon that very little research on it has been conducted.

True

Design thinking is a process used mostly by designers to solve complex problems, navigate uncertain environments, and create something that is new to the world.

True

Each one of us has been improvising all our lives.

True

Entrepreneurs can use hypothesis testing to identify customers.

True

For Entrepreneurs, when it comes to legal considerations, seeking expert advice is essential.

True

Many of the world's most successful businesses began as bootstrapped ventures.

True

Opportunity is defined as a way of generating value through unique, novel, or desirable products or services that have not been previously exploited.

True

Planning includes what you plan to do and how you plan to do it.

True

Seed stage financing usually consists of small or modest amounts of capital provided to entrepreneurs to prove a concept.

True

Social capital creates a sense of shared value to the people who are connected in the network.

True

Sweat equity refers to the increase in value or ownership interest created by the result of hard work.

True

The difference between a mind-set and a mindshift is that a mind-set is something you have, while a mindshift is something you create through action.

True

The due diligence process is complete when all issues have been resolved to the satisfaction of both parties.

True

The first part of the business model is the offering.

True

The marketing mix is a framework that helps to define the brand and differentiate it from the competition.

True

The unit sales revenue model measures the amount of revenue generated by the number of items sold by a company.

True

Two key factors in building and recognizing opportunities are prior knowledge and pattern recognition.

True

Typically entrepreneurs look in to equity financing as the company begins to grow and show potential.

True

Virtual networking is a growing trend.

True

Without professional assistance, it is common for entrepreneurs to make legal mistakes.

True

In this type of experiment, the results can broaden our minds so we can make connections, expand our knowledge, and become more innovative.

Trying out new experiences

This group is generally not considered to be part of a company's stakeholders.

Volunteers

Successful crowdfunding tips include all of the following except:

Wait until you are sure you are ready to get your campaign started

This is not one of the critical elements of the feasibility study.

What skills does the entrepreneur posses

Intellectual property theft:

costs U.S. businesses almost US$300 billion each year

The chapter suggests all of these ideas for successful crowdfunding except:

do not fundraise until you are positive the business will succeed

Over the years, the term angel investor:

evolved to include anyone who uses personal capital of invest in a venture

What problem did FedEx solve for customers in its CVP?

the lack of easy, door-to-door, overnight delivery of packages

What are the four parts of a business model?

the offering, customers, infrastructure, financial viability


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