Final 320

Which one of the following is true for business angels and venture capitalists? [Topic: Debt and equity financing]

-Venture Capitalists are more likely to be firms and invest later in a business. -Angels are more likely to be individuals and invest earlier in a business.

Which one of the following is true for design patents? [Topic: Intellectual property]

A patent is a right granted by the US government to an inventor for a limited time to exclude others from • Making, using, offering for sale, or selling the invention in the US • Importing the invention into the US

Which one of the following is true (false) for business angels? [Topic: Debt and equity financing]

Angel investors • Professionals who invest in companies as a side business • Typically formal entrepreneurs

Which of the following is not a component of an elevator pitch [Topic" Pitch development]

Detailed Financials

Who are early evangelists? [Topic: Customers and value]

Early adopters who buy a startup's unfinished and untested products

Which one of the following is true (false) for sole proprietorship? [Topic: Intellectual property]

In a sole proprietorship, the owner has unlimited liability, and they are personally responsible for all aspects of the business, including its intellectual property rights. This means that any legal issues or obligations related to intellectual property would directly affect the sole proprietor personally.

What is the difference between pre-money and post-money valuations? [Topic: Valuations, raising capital]

Pre-money - The value of a company's equity before raising a round of financing. Post-money - The value of a company's equity after the round of financing has occurred.

Which one of the following defines indirect channels for a customer segment? [Topic: Business model canvas]

Product is sold to an independent distributor, who then sells it to customer

Which one of the following is an example of first-round financing? [Topic: Resource acquisition in entrepreneurship]

Business operations, Venture capitalists, Suppliers and customers, Government assistance programs

Which of the following is (not) a component of value? [Topic; Customers and value]

Competitors

Which one of the following is (not) a business model canvas component? [Topic: Business model canvas

Customer Segments, Value Proposition, Revenue Streams, Channels, Customer Relationships, Key Activities, Key Resources, Key Partners, and Cost Structure - Are components of the business model canvas.

What are the differences between debt and equity financing? Which one would you prioritize at the development stage of your business and why?

Debt financing - borrowing money Equity Financing - $ given in exchange of ownership of a company Debt financing because you will have complete ownership, have more control.

What is the difference between debt and equity financing? [Topic: Debt and equity financing]

Debt financing refer to taking out a conventional loan through a traditional lender, like a bank. Equity financing involves securing capital in exchange for a percentage of ownership in the business.

What is the difference between emotional and quantifiable impacts of a problem statement?

Emotional is understanding the root problem is not enough & Quantifiable is quantifying the problem, Basis for the value proposition.

What are the differences between a "small business idea" and an "entrepreneurial business idea"?

Entrepreneurial business - high level of uncertainty - high profitsSmall Business - no uncertainty but only risk - low or no profit

What are the different types of customer jobs within the value proposition context? Which one would you prioritize when defining your value proposition and why?

Functional jobs, Social Jobs, and Personal/Emotional Jobs I would focus on Functional Jobs because they are often fundamental starting point, as they address the core needs and tasks that customers want to accomplish.

Which one of the following defines innovation? [Topic: Definition of entrepreneurship]

Innovation is any new idea, process, or a change to an existing product that adds value that existing product or service. Example computer is invention and software is innovation.

Which one of the following defines invention? [Topic: Definition of entrepreneurship]

Invention is a truly novel product, service, or process.

What is the definition of the secondary target audience for a business? [Topic: Customers and value]

Less frequent customers that are somewhat interested in the product.

Entrepreneurial profit is a function of _________? [Topic: Novelty and entrepreneurial profit]

Novelty

Which of the following explains the product-market fit? [Topic: Lean methodology]

Product/market fit exists when you have the right solution to a problem worth solving. Being in a good market with a product that satisfies that market - people sell for you - Companies work for it (not accidental)

Which one of the following is an example of recurring revenues? [Topic: Business model canvas]

Recurring revenue is the portion of a company's revenue that is highly likely to continue in the future. Suscription methods!! netfilx

Which one of the following types of debt has a priority in terms of payoff when a business dissolves? [Topic: Debt and equity financing]

Senior debt is typically repaid before other forms of debt and equity.

What are the three dimensions of novelty for a business opportunity? Please explain each briefly.

Technology - a source for uncertainty if they are innovative a. Products or services b.Startups can choose between existing technologies or create new ones c.Example, innovator introduces a new production method d.New machine that produces product faster Market - the choice of markets is a source of uncertainty if the market is new e.New market for an existing product f. Startups can choose to either create a new market or join an existing Example - first McDonalds in Hungary, average meal at the cost of one weeks salary Business Model - source for uncertainty if they are new h. Unproven business models have more potential for entrepreneurial profit i.Model to generate revenue Example - being a subscription based company

What is the difference between classified and comparative balance sheets? [Topic: Financial statements]

The biggest difference is the way you categorize financial metrics under your assets, liability, and equity. - A classified balance sheet is a financial statement that categorizes a company's assets, liabilities, and equity into current and non-current categories. - A comparative balance sheet is a financial statement that presents the financial position of a company for multiple periods, typically side by side, allowing for a comparison of changes over time.

Which one of the following is true (false) for differences between limited and general partnerships? [Topic: Business organization and ownership]

The main difference between these partnerships is that general partners have full operational control of a business (they oversee and run the business) and unlimited liability, in the business sense. Limited partners have only liability on their investment and do not take part in day-to-day business.

What is the goal of the lean startup methodology? What does the minimum viable product mean?

The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort." The lean startup methodology is a way for you to use a feedback loop to test your business idea.

What are the differences between the public and private sides of the business model canvas?

The public side of the Business Model Canvas is the part of the business model that is visible to customers and other external stakeholders, while the private side is the part that is visible only to the people and organizations within the business. The public side typically includes customer segments, value propositions, channels, customer relationships, revenue streams, and key resources. The private side typically includes key activities, key partners, key resources, cost structure, and profit margins.

Which of the following explains the minimum viable development (MVP) process? [Topic: Lean methodology]

The version of your product that allows you to collect the maximum amount of validated learning about customers with the least amount of effort • Release a product to the market as quickly as possible • Test an idea with real users before committing a large budget to the product's full development • Learn what resonates with the company's target market

Which one of the following is (not) a business model canvas section? [Topic: Business model canvas]

There are 9 essential parts: Customer Segments, Value Proposition, Revenue Streams, Channels, customer Relationships, Key Activities, Key Resources, Key Partners, and Cost Structure.

Which of the following is (not) a component of the value proposition canvas? [Topic: Value proposition canvas]

These are components of the value proposition: Gain Creators, Products & Services, Pain Relievers, Gains, Pains, Customer Jobs.

Which one of the following is true for trade secrets? [Topic: Intellectual property]

Trade secrets are not registered like patents, trademarks and copyrights. Instead, you must protect them by making reasonable efforts to keep the information confidential

Which one of the following IP security options protects the color and shape of a product? [Topic: Intellectual property]

Trademarks

Which one of the following is true (false) for trademarks? [Topic: Intellectual property

Trademarks are intellectual property protections for symbols, names, slogans, or distinctive designs that identify and distinguish goods or services in the marketplace.

Which of the following is (not) an innovation by itself? [Topic: Definition of entrepreneurship]

Wheel