ENT exam 2

The steps of the scientific process of experimentation in order from first to last.

1. Ask question 2. Carry out background research 3. Develop a hypothesis 4. Test the hypothesis by running experiments 5. Analyze the data 6. Assess the results

What are the channels for the delivery of the value proposition?

1. Distribution 2. Sales 3. Communication

When considering customers, entrepreneurs must ask themselves ______.

1. How will you maintain customer relations once they're established? 2. How will you reach your target audience? 3. Who will pay for what I am offering?

What are sources for data from customers?

1. Website Analytics 2. Social Media Tools 3. Direct Customer Contact

What are the three main types of approaches to creating value propositions?

1. all-benefits 2. points-of-difference 3. resonating-focus

In order to cross the chasm after the beachhead market is identified, the entrepreneur should ______.

1. create the entire product first 2. position the product 3. Distribute the product through the right channels.

_________ represent(s) how the startup uses its cash to cover its overhead before it generates a positive cash flow from operations a) monthly burn rate b) contribution margin c) financial metrics d) bootstrapping e) process map

a

___________ patents are the most common type a) utility b) trademark c) design d) business method e) technology

a

_____________ product development provides a young firm with a network of expertise that it couldn't afford to hire in-house a) outsourcing b) patenting c) protecting d) networking e) testing

a

A key to sustaining a new business is to create ______.

a consistent revenue stream

SELECT ALL THAT APPLY. What main elements define a market? a given set of products or services those with a common set of wants or needs a set of actual or potential customers people solving problems

a given set of products or services, those with a common set of wants or needs, a set of actual or potential customers

What is a Meetup group?

a local get-together

Design thinking is ______. the solution a special skillset an entrepreneurship an artist creation

a special skillset

______ are the methods used to prove or disprove the validity of an idea or hypothesis

Experiments

______ are the methods used to prove or disprove the validity of an idea or hypothesis. Prototypes Peer reviews Interviews Experiments

Experiments

SELECT ALL THAT APPLY. What are the three main types of approaches to creating value propositions? favorite-market all-benefits points-of-difference resonating-focus

all-benefits, points-of-difference, resonating-focus

What is operating profit?

amount left from revenue after all costs and expenses are subtracted

Once you have a short list of broad questions, it is important to have a(n) ______. serious face calm attitude approach hurried pace

approach

Unlike scientific experimentation, entrepreneur's experiments ______.

are quick and cheap

A feedback interview involves ______.

asking for an opinion of a product or service use of some type of prototype

What powerful way of gathering data did Hivecast's founder use? asking one random person one question every day buying billboards to advertise giving away fidget spinners with a website name biking to work every day

asking one random person one question every day

Which item below correctly identifies something Pulp Pours did as they looked at their target customers? hosted special invitation-only parties studied wellness businesses looked at their competition assessed a target demographic

assessed a target demographic

In which of the following ways has the free newspaper Metro generated huge profits?

attracting advertisers who pay generously due to readership demographics being paid to feature major events

A _______ is a way for inventirs to use the term patent pending a) non-provision patent b) provisonal patent c) foreign patent d) pending patent e) patent application

b

Determining what resources are needed, when they are needed, and how ti acquire them is a critical piece of the ________ a) business plan b) feasibility analysis c) foudning team experience d) marketing plan e) profit and loss statemnets

b

For _________ companies, the actual delivery costs must be based initially on information gathered from other companies in the industry a) product b) service c) technology d) all e) none

b

In service business, the COGS is equivalent to the time expended to ______ and the _______ service a) sell / deliver b) produce / deliver c) produce / market d) test / produce e) none

b

In the context of patent protection, __________ is knowledge that is publicy available or was published prior to the date of the invention, that is before the filing of a patent a) utility b) prior art c) copyright d) intellectual property e) none

b

______ is found by sibtracting variable costs from revenues and dividing the difference by revenues to yield a percentage a) return on investment b) contribution margin c) profit margin d) cash flow e) none

b

_________ protect original works of authors, composers, screenwriters, and computer programmers a) international protection b) copyrights c) trade secrets d) a patent e) all of these choices

b

__________ partners typically provide capital but do not actively participate in the management of the business a) secret b) silent c) dormant d) limited e) general

b

___________ staff os a way for a new business to enjoy the advantages of having the kind of skilled work force availbale to major corporations without incurring the expense a) hiring b) leasing c) outsourcing d) borrowing e) none

b

What social platform has grown into a business platform?

Facebook

Popular online social networks include ______.

Facebook Twitter Instagram YouTube

A business model and a revenue model are the same thing.

False

A multiparty business is not a type of free model.

False

A new venture's health is measured by its balance sheet

False

A successful CVP is focused on how the customer does things now.

False

Advertising results in the most reliable feedback.

False

All customer journey maps are detailed and complicated in order to ease the planning process down the line. True False

False

All five categories of customers in the adoption life cycle will adopt the new innovation. True False

False

Amazon is an example of a niche market. True False

False

An interview is a fast and expensive experiment.

False

Businesses should identify a single type of customer.

False

Carrying out background research comes after developing a hypothesis

False

Carrying out background research comes after developing a hypothesis. True False

False

Choosing a good attorney is a time-consuming but vital task that should be accoplished immediately after startup

False

Design thinking applies to new products and services only. True False

False

Design thinking begins by asking "Will this idea make money?" True False

False

Design thinking involves "if you build it, they will come." True False

False

Diet Coke and Coca-Cola Zero have the same target markets

False

During the startup stage, each person should do the assigned job.

False

Empathy involves thinking about what would make the entrepreneur's life better. True False

False

Entrepreneurial experiments are simply smaller-scale versions of analytical experiments; both rely upon data systems analytics. True False

False

Entrepreneurs need risky and expensive experiments once they are in the final design stage.

False

Entrepreneurs should ignore data that does not support the hypothesis and contradict original assumptions.

False

Experimentation is about searching databases for available research.

False

FedEx solved delivery transportation before focusing on customer needs. True False

False

General Mills had to change its business model to make new yogurt with less sugar. True False

False

Getting feedback directly from customers is not useful because it is difficult to organize.

False

Getting feedback directly from customers is not useful because it is difficult to organize. True False

False

IDEO found it easy to redesign the Los Angeles voting system since it was only a matter of making a voting machine. True False

False

Imitation is an acceptable business model.

False

Imitation is an acceptable business model. True False

False

Infrastructure includes financial forecasts.

False

Infrastructure includes financial forecasts. True False

False

Inspiration is the phase of design thinking when you have a solution. True False

False

Investors consider reserach and development, engineering, and testing of new products to be low-risk, so funding for these activities is not difficult for the entrepreneur to secure

False

Laws and phenomena of nature, naturally occuring substances, abstract mathematical formulas, and ideas are eligible to be patented

False

Lego prototypes are built at the Lego factory.

False

Most entrepreneurs ask too many questions.

False

Most entrepreneurs ask too many questions. True False

False

Product development and intellectual-property developments are not closely interwines

False

Segmenting markets is not a good way to generate more business.

False

Segmenting markets is not a good way to generate more business. True False

False

Similar to design thinking, CVP means thinking about your business from an organizational perspective.

False

Testing hypotheses is only about gathering data.

False

Testing hypotheses is only about gathering data. True False

False

The best feedback interview questions are yes/no

False

The best feedback interview questions are yes/no. True False

False

The four parts of the business model exist on their own. True False

False

The licensing revenue model is where companies generate revenue by selling high-quality, exclusive, valuable information to other parties.

False

The only definition of the market is the place where people sell goods. True False

False

The only way to network at a networking event is to collect business cards.

False

The razor-and-razor-blade model means that companies have two products to sell and make a profit.

False

The terms "pilots" and "prototypes" are interchangeable.

False

The terms "pilots" and "prototypes" are interchangeable. True False

False

To retain curiosity, it is usually best to enter any room by presenting yourself as an expert so that other curious people will actively seek you out.

False

To retain curiosity, it is usually best to enter any room by presenting yourself as an expert so that other curious people will actively seek you out. True False

False

When analyzing the market, entrepreneurs need to go for it and not worry about if the numbers are wrong. True False

False

Working boards are crucial in the startup phase

False

Linkages are the relationships that go further than simply sharing a sense of identity, like distant friends or colleagues with different backgrounds.

False Bridges are the links that go further.

Analyzing demographics is the most important piece in creating an end user.

False Demographics can provide useful data but is not always accurate for understanding end user

General Mills had to change its business model to make new yogurt with less sugar.

False General Mills stayed true to its business model of selling nutritional food.

When analyzing the market, entrepreneurs need to go for it and not worry about if the numbers are wrong.

False If the numbers do not make sense, an adjustment should be made.

Entrepreneurial experiments are simply smaller-scale versions of analytical experiments; both rely upon data systems analytics.

False Major corporations have the resources to fund data systems analytics whereas small businesses, and especially startups, do not.

Two sources of personal differentiation are human capital and corporate capital.

False Social capital and human capital are sources of personal differentiation.

Vera Bradley started off selling bags at big department stores.

False The founders of Vera Bradley started off as a small operation.

The four parts of the business model exist on their own.

False The four parts must coexist.

The only definition of the market is the place where people sell goods.

False The market also means the demand by customers for the product.

All customer journey maps are detailed and complicated in order to ease the planning process down the line.

False While there are extremely complicated customer maps, there is a range from simple to complex.

All five categories of customers in the adoption life cycle will adopt the new innovation.

False Not all categories of customers will adopt the new innovation.

With the benefits of information and system technologies, the succes rate of new product development has climbed to 85% at launch

False (roughly 60%)

LLCs are becoming a popular vehicle for companies that may have global investors, because the C-corporation does not permit forign ownership

False, S-corporation permits foreign ownership

What describes something that can be possibly achieved in the near future? Desirability Viability Feasibility Maintainability

Feasibility

In what way do feedback interviews differ from initial customer interviews?

Feedback interviews elicit information about why the customer is interacting with the product or service.

A good place for tracking followers and analyzing impact through Twitter is ______.

Followerwonk

Which of the following helps entrepreneurs collaborate, take action with limited resources, and navigate uncertainty?

Networks

What is an early and often crude version of the product called?

Prototype

What is an early and often crude version of the product called? Prototype Model Mold Paper testing

Prototype

What was Tata's CVP for its product to replace scooters in India?

Provide an affordable, safer mode of transportation.

What was Tata's CVP for its product to replace scooters in India? Learn why the scooters were the popular mode of transportation. Provide an affordable, safer mode of transportation. Make a high-end luxury vehicle. Build more affordable buses.

Provide an affordable, safer mode of transportation.

______products give you an idea of what else the user is likely to buy.

Proxy

What is the stage in the customer journey where a decision is made?

Purchase

An important thing that businesses have in common is the ability to generate ______.

Revenue

______ are customers that veto or slow down purchasing.

Saboteurs

______ are customers that veto or slow down purchasing. Purchasers Users Recommenders Saboteurs

Saboteurs

The key to a sustainable revenue model involving "free" is to earn enough money on some part of the business to support the free side of business.

True

The product development cycle consists of a series of tasks leading to introduction of the product to the marketplace

True

The utility and usage revenue model is also known as pay-as-you-go model.

True

Value-based pricing involves pricing a product based on how it benefits the customer.

True

Walt Disney animators use storyboards to develop ideas.

True

Walt Disney animators use storyboards to develop ideas. True False

True

When novice entrepreneurs are identifying market opportunities, they tend to focus on novelty. True False

True

While in college, it is important to network with your classmates.

True

A big part of entrepreneurship is discovering the market opportunity for a new idea.

True Market opportunity is usually identifiable by degree of customer or market demand for product application.

When novice entrepreneurs are identifying market opportunities, they tend to focus on novelty.

True Novices focus on novelty and newness, while experienced entrepreneurs focus on product viability.

The CVP helps delineate the value of the entrepreneur's idea.

True The CVP helps prove that customers want to buy the product or service

In the textbook's donut café example, what was the total available market?

United States

What are ways to reduce the cost of goods sold?

Use less expensive materials. Find a lower-cost manufacturer. Negotiate with vendors.

______ are customers who actually use the product.

Users

Poor execution, time-to-market increases, and missed first-to-market opportunities are some of the problems associated with a) lack of new product development resources b) new product development failure c) failure to protect intellectual d) lack of teamwork e) all

a

The customer segment defined by who they are is ______.

demographic

The customer segment defined by who they are is ______. geographic demographic offering behavior

demographic

Companies have realized that they must treat users like ______ to increase profits.

families

SELECT ALL THAT APPLY. What are the types of design? fashion architectural steady industrial

fashion, architectural, industrial

What answers the question "Can we do it?"

feasibility

What answers the question "Can we do it?" experiment desirability feasibility pressure

feasibility

Building buyer personas will generate which key buying insights?

features buyers need and those features not relevant types of buyers and their influence interested buyers and disinterested buyers

One way the free newspaper Metro makes money is ______.

featuring major events

What is the interview done after the experiment called?

feedback

What is the interview done after the experiment called? peer feedback initial customer

feedback

Professor Todd B. Kashdan and his team created the ______.

five-dimensional model of curiosity

In order to test a way to keep college students more focused on class, Babson College students built an experiment using a(n) ______.

flag

In order to test a way to keep college students more focused on class, Babson College students built an experiment using a(n) ______. flag whistle whiteboard app

flag

A group of people with complementary skills and a shared sense of commitment coming together to build and grow the company is known as ______ team.

founding

Skype is an example of the ______ revenue model.

freemium

What revenue model mixes free basic services with premium and upgraded services?

freemium

If the customers do not return to the business, the business missed calculating the ______ driver.

frequency

In what phase of the design-thinking process does experimentation occur? viability ideation inspiration implementation

implementation

The process of testing assumptions to shape the final project is the ______ phase. inspiration ideation isolation implementation

implementation

When the customers are segmented and an end user profile created, the entrepreneur has a better understanding of ______.

important groups to target The important groups to target come out of customer segments.

What is an organization that helps early-stage entrepreneurs to refine an idea while also providing access to a whole network of other startups, mentors, and other valuable resources?

incubator

A(n) ______ is someone who uses status to promote a product without necessarily using it himself.

influencer

A(n) ______ is someone who uses status to promote a product without necessarily using it himself. recommender user purchaser influencer

influencer

A survey of 1,000 entrepreneurs found that 78% of startups benefited from ______.

informal networking

The ______ includes people, technology, products, suppliers, and other resources that an entrepreneur must have in order to deliver the CVP.

infrastructure

SELECT ALL THAT APPLY. Which of the following are parts of the business model? infrastructure offering testing customers

infrastructure, offering, customers

Who are the first customers to try a new product?

innovators

Who are the first customers to try a new product? laggards early adopters early majority innovators

innovators

Companies group customers into specific groups to gain ______ about who might buy their product.

insight

Companies group customers into specific groups to gain ______ about who might buy their product. observations insight personas facts

insight

User + Need + Why describes a(n) ______ statement. convergent divergent insight observation

insight

Put the three phases of IDEO's approach combining empathy, creativity, and action in order from first to last. ideation inspiration implementation

inspiration ideation implementation

Airbnb is a type of business that generates revenues through the ______ revenue model.

intermediation

What is a fast and easy way to get insights into your idea?

interview

What is a fast and easy way to get insights into your idea? prototype interview experiment hypothesis

interview

Variable cost per unit can be cost of goods sold plus ______.

inventory commission shipping

Creating a launch market helps convince ______ that customer base is real.

investors

What are the costs of running a business—such as rent, utilities, administration, and salaries—referred to as?

operating expense

A simple way to outline your vision and spot any mistakes before going further is ______.

paper testing

A(n) ______ is a formal document that provides background and financial information about the company, outlines the business's goals, and describes how you intend to reach them.

business plan

SELECT ALL THAT APPLY. What tests involve websites that help assess interest? button to nowhere advertising task completion landing page

button to nowhere, landing page

A ______________ consists of a novel and confidential formula, device, idea, process, pattern, or compilation of information that gives the owner a competitive advantage in the marketplace a) copyright b) patent c) tradesecret d) property right e) trademark

c

A financial vehicle that enjoys limited liability in that its owners are liable for its debts and obligations only to the limit of their investmnet is a _________ a) sole propreitorship b) S-corporation c) C-corporation d) joint venture e) limited partnership

c

Like patents, __________ can suffer from infringement, counterfeiting, or misappropriation a) trade secrets b) copyrights c) trademarks d) all e) Trade secrets and copyrights

c

What is one of the most important parts of an experiment? sales engineering feedback delayed feedback customer engagement

customer engagement

Customer segments are part of ______.

customer groupings of a market

Customer segments are part of ______. decision makers corporate planning customer groupings of a market business models

customer groupings of a market

What is the visual representation that captures the customer experience across multiple touchpoints of the entrepreneur's business?

customer journey map

What is the visual representation that captures the customer experience across multiple touchpoints of the entrepreneur's business? Venn diagram graphic organizer spreadsheet customer journey map

customer journey map

Creating a CVP involves uncovering ______. customer needs a cheap, new product an overt benefit the financial needs of a company

customer needs

CVP stands for ______. customer value proposition customer versus participant customer virtue product caring value proposition

customer value proposition

The ______ is a statement that describes exactly what products or services your business offers and sells to customers.

customer value proposition

The ______ is a statement that describes exactly what products or services your business offers and sells to customers. offering prospectus customer value perspective customer value proposition

customer value proposition

What is the most important part of your business model?

customer value proposition

A corporate form that enjoys the pass-through tax benefits of a partnerships in addition to the limited liability of a C-corporation is known as a _____________ a) multinational corporation b) secret partnership c) silent partnership d) limited liability company (llc) e) closely held partnerships

d

Once the entrepreneur deteremines where the venture lies in the value chain, he or she mush create a _________ a) process map b) feasibility analysis c) business plan d) timeline e) none

d

The _______ protects inventors from infringers who would violate a patent by making small, insignificant changes in the claims a) dilution act b) infrigement act c) doctrine of fair use d) doctrine of equivalence e) none

d

The ________ is an amount of cash that is often based on the sales and collection cycle of the business a) cash flow b) in-process flow c) risk factor d) safety margin e) none

d

The intense effort required of a startup can be shared when the entrepreneur uses a) creditor b) business agent c) stockholder d) founding team e) board of directors

d

Which of the following statements is not true of an S-corporation? a) it may have no more than 100 shareholders b) Shareholders must be US citizens c) profits and losses must be allocated in proportion to shareholder interests d) partnerships may be shareholders e) shareholders may not deduct losses in an amount greater than their original investments

d

______ life insurance is a policy on the life of principal members o the partnership usually the sneior partners a) principal b) uniform partnership c) first-partner d) key-person e) none

d

What was an aspect of their customer base that was surprising to these entrepreneurs? they were younger than expected they were more diverse than expected they were older than expected They didn't visit as frequently as expected

they were more diverse than expected

If the bowling strategy is successful, the company may enter the ______.

tornado

If the projected numbers exceed the market, the entrepreneur rechecks the ______.

total available market Total available market covers the entire area where you can sell the product.

Which event has been popular but may not be economically feasible to continue to offer ______. line dancing painting planting trivia

trivia

SELECT ALL THAT APPLY. What activities have they experimented with ______. trivia customer conversations line dancing painting

trivia, line dancing, painting

SELECT ALL THAT APPLY. Which of the following methods did the LeFleur Winery principals use when examining their customers? winery data talking to people in the business local fairs and food shows pop-up events

winery data, talking to people in the business

Accelerators offer startups ______.

workers free office space feedback

SELECT ALL THAT APPLY. Customers can be divided into separate segments if ______. paying for different aspects of the offer they call for same types of relationships their needs validate an offering they have different distribution channels

paying for different aspects of the offer, their needs validate an offering, they have different distribution channels

The CVP for selling luxury yachts might combine which of the following?

people living close to water, professionals between ages 30 and 65 with high income, people with an interest in water sports

(LaFleur Winery video) Receiving feedback from ______ was essential for moving forward with the original business plan.

people they trusted

Receiving feedback from ______ was essential for moving forward with the original business plan. business professionals customers and friends a helpful mentor people they trusted

people they trusted

Curiosity increases ______.

perseverance

Curiosity increases ______. perseverance overconfidence shyness mistakes

perseverance

A benefit of Instagram as a networking tool is the ability to ______.

post short videos and photos

SELECT ALL THAT APPLY. Marketing sizing is a method of determining ______. actual customers potential customers possible revenue financial budgets

potential customers, possible revenue

The main advantages of networks include ______.

power private information access to diverse skillsets

Developing keen observation skills requires ______. practice participation personality perfection

practice

Kickstarter is an example of the ______ testing technique.

preselling

What is the message of CVP?

promising value to the customer

What is the message of CVP? promising value to the customer persuading the customer to buy listening to competition convincing the customer to need

promising value to the customer

Bundled pricing and flash sales are examples of ______ pricing.

psychological

What type of customer is a mother who buys her son a toy train she noticed at the grocery store?

purchaser

What type of customer is a mother who buys her son a toy train she noticed at the grocery store? purchaser user influencer parent

purchaser

Professor Barclay Burns created a method called the "Five Types of Value" to analyze which of the following?

quantitative data qualitative data

LinkedIn has an entire section devoted to ______.

questions and answers

What is the variation of the unit sales model?

razor-and-razor-blade

SELECT ALL THAT APPLY. Surprisingly, which customers turned out to be the largest growth market? regular laundry cleaning customers college students in dorms dry cleaning customers working families with children

regular laundry cleaning customers, working families with children

What is the type of CVP that describes why people really like your products and focuses on the customers and what they really need and want?

resonating-focus

(LaFleur Winery video) Building a customer value proposition for LaFleur Winery includes:

revamping their membership in a truly unique way

Building a customer value proposition for LaFleur Winery includes: revisiting how their store welcomed customers introducing new wines and labels revamping their membership in a truly unique way offering special discounts and perks

revamping their membership in a truly unique way

What is the income gained from the sales of goods or services?

revenue

The greater the number of networking activities, the higher the chance of ______.

revenue growth innovation greater profitability A study showed that 78 percent of startups benefited from networking.

What is the key component of the business model which identifies how the company will earn income and make profits?

revenue model

Financial viability includes ______.

revenue streams cost structure

Cofounders should share similar attitudes toward ______.

risks values goals

What is the prototype version that lets the entrepreneur step into the user's shoes?

role-playing

What is the prototype version that lets the entrepreneur step into the user's shoes? Wizard of Oz storyboard role-playing Lego

role-playing

According to the wine business data, which product was on the rise with customers? white wines bold red wines red blends rose wines

rose wines

What is the share of the market? the section of the market targeted actual sales the total market demand the portion of the market realistically reached

the portion of the market realistically reached

After allowing customers to create red blends, LeFleur discovered that ______. they discovered a new blend customers liked it was not a good fit for their business the community was disengaged they will not do this type of testing again

they discovered a new blend customers liked

What is a common way magazines and newspapers make revenue?

advertising revenue model

The people who organize transactions between buyers and sellers are ______.

brokers

A good tip to build curiosity is to connect with people who are curious. True False

True

A low price on a luxury product can cause customers to doubt the quality.

True

A patent gives the patent holder the right to defend the patent against others who would attempt to manuafcture, use, or sell the invention during the period of the patent

True

A pro forma income statement is a projection or estimate of what the company might do.

True

A process map details how information fows through a business

True

A product life cycle is analogous to an industry life cycle with periods of product development, market introduction, growth, maturity, and decline

True

A revenue model identifies how the company will earn income and generate profits.

True

An example of a lack-of-access problem is solar energy.

True

An example of a lack-of-access problem is solar energy. True False

True

Bryan Bitticks, a Great Clips franchise owner, targeted younger customers by creating a virtual online experience.

True

A ______ describes the rationale of how a new venture creates, delivers, and captures value.

business model

Bryan Bitticks, a Great Clips franchise owner, targeted younger customers by creating a virtual online experience. True False

True

Building personas is an important exercise in understanding customers.

True

Building personas is an important exercise in understanding customers. True False

True

By participating in social networking sites, an entrepreneur builds credibility and transparency

True

DBA stands for a certificate of doing business under an assured name

True

What is the first step in scientific experimentation?

Ask lots of questions.

Design thinking is a skillset held by entrepreneurs. True False

True

What is the first step in scientific experimentation? Prove the hypothesis. Assess data. Ask lots of questions. Carry out background research.

Ask lots of questions.

Developing empathy is part of design thinking. True False

True

Each time a new product or service or an improvement to an existing product or service is introduced, it will have gone through a design and development process

True

Enrolling people in your idea is more important than selling the idea.

True

Experiments guide us to which customer opinions to listen to.

True

Focusing your resources on a single, primary market is known as a beachhead market.

True

Fulfilling unmet needs of customers using an existing product is called differentiation.

True

Fulfilling unmet needs of customers using an existing product is called differentiation. True False

True

Healthy conflict is important to solve issues.

True

How a product is priced is a function of a company's goal

True

If a new venture is a corporation a Board of Directors is required

True

In a wholly owned or closely held corporation, there is little distinction between the functions of a board of directors and board of advisors

True

Intellectual-property rights are legal rights associated with patents, trademarks, copyrights, and tradesecrets

True

Interviewing is an important part of the inspiration phase. True False

True

Latent needs are needs we did not know we had. True False

True

Local groups that get together to share a passion of interests ranging from hiking to meditation are known as Meetup groups.

True

Multiparty business is a type of free model where one party is given a product or service for free while another party must pay for it.

True

One of the key factors of brainstorming, in Osborne's model, was to "hold back criticism until the creative current has had every chance to flow." True False

True

People are less likely to interact socially than they were in the past.

True

Poor execution in product development results in missed opportunities to enter the market at a quiet time without immediate competition

True

Pricing is not designe dto cover total costs but to maximize total contribution; that is uniy price minus variable costs

True

Psychographics is the method used to describe the psychological attributes of your target users.

True

Revenue models influence who your customers are and how you can reach them.

True

The Babson College students' experiment failed because classmates ignored the flags.

True

The CVP helps delineate the value of the entrepreneur's idea. True False

True

The board is headed by the chairperson, who, in a new, private venture, is typically the lead entrepreneur

True

What is the difference between a customer and a consumer?

A customer buys the product while the consumer uses it.

What is the difference between a customer and a consumer? A customer buys the product while the consumer uses it. A customer uses the product while the consumer only pays for it. There is no difference between a customer and a consumer. A consumer buys the product and uses it.

A customer buys the product while the consumer uses it.

What is most challenging in identifying market opportunity?

A large enough market exists.

What is most challenging in identifying market opportunity? A large enough market exists. Any market exists. A niche market exists. Someone will buy the product.

A large enough market exists.

______ and social interaction are key to starting a business.

Building relationships

______ personas are profiles or representations of the ideal customer based upon information and market research.

Buyer

______ personas are profiles or representations of the ideal customer based upon information and market research. Buyer Exclusionary Ideal Inspiration

Buyer

What is the value of goods sold when a sale takes place?

Cost of good sold

______ attract(s) customers by eliminating, or reducing, the up-front cost of a product or service.

Cross-subsidization

What are the key revenue drivers?

Customer Frequency Selling process Price

What is a way in which entrepreneurs solve the customer's problem of lack of money?

Deliver previously unaffordable products or services for less.

What is a way in which entrepreneurs solve the customer's problem of lack of money? Make products for people who can afford them. Deliver previously unaffordable products or services for less. Teach the customer to make more money. Convince the customer of the additional value added by the new product.

Deliver previously unaffordable products or services for less.

The business model canvas is a type of visual plan that depicts the business on one page by filling in nine blocks of the business model.

True

What conventional wisdom did GraphicBomb entrepreneur David Boehl ignore?

Do not hire family.

At what point can an entrepreneur safely assume they have learned enough about their area of expertise?

Entrepreneurs never reach this point; they must be insatiable learners.

______ personas save you time and resources by identifying the people who will not buy the new product.

Exclusionary

______ personas save you time and resources by identifying the people who will not buy the new product. Exclusionary Hesitant Buyer Innovator

Exclusionary

The founder of WordSmithRapport used experimentation to validate her hypothesis.

True

SELECT ALL THAT APPLY. Which of the following questions are answered in the implementation phase of design thinking? How do I test the idea? How do I come up with the idea? When do I start making money? How do I get feedback for the idea?

How do I test the idea?, How do I get feedback for the idea?

Which of the following are questions found in the experimentation template?

How many participants are needed? How long is the experiment? What is the hypothesis?

What are the simple questions to ask as part of the strategy for generating revenue?

How much revenue can be generated through sales? How much are customers willing to pay? How many customers does the business need?

SELECT ALL THAT APPLY. When considering customers, entrepreneurs must ask themselves ______. How will you reach your target audience? Who will pay for what I am offering? How will you maintain customer relations once they're established? What resources do I have to deliver the CVP?

How will you reach your target audience?, Who will pay for what I am offering? How will you maintain customer relations once they're established?

SELECT ALL THAT APPLY. When creating a storyboard, you should consider which of the following questions? How will your customer benefit from your product/service offering? What is the problem your customer is experiencing? Why are some people not interested? What are you offering as a solution to the problem?

How will your customer benefit from your product/service offering?, What is the problem your customer is experiencing?, What are you offering as a solution to the problem?

______offers involve heavily discounted pricing for a number of days or set number of customers.

Introductory

Why is the freemium revenue model becoming more popular?

It encourages widespread customer adoption.

Why is the BMC important?

It fills in the details of the business model.

Why is the BMC important? The venture capitalists will require it for financing. It fills in the details of the business model. It provides more jobs within the company. Without it, the business cannot succeed.

It fills in the details of the business model.

Why is observing important to the entrepreneurial process? It is important to see the bigger picture. It is easy to consciously stop and simply observe. We have an ethical mandate to do so. It is a natural reaction to our surroundings.

It is important to see the bigger picture.

The founder of WordSmithRapport used experimentation to validate her hypothesis. True False

True

What did IDEO discover when tasked with developing a medical device for nurses? Nurses had no idea what they needed. Nurses could describe what they needed. Nurses needed to be observed working. Nurses' feedback was not necessary.

Nurses needed to be observed working.

For a CVP to be effective, it needs which of the following qualities?

Offer better value than the competition. Be measurable in monetary terms. Be sustainable.

______ refers to the people who compete for customers in the marketplace.

Supply

______ refers to the people who compete for customers in the marketplace. Supply Buyers Demand Vendors

Supply

What did the Babson College students learn from the flag experiment in class?

The flags deterred students from being unproductive and made them engage more in class.

What did the Babson College students learn from the flag experiment in class? Students continued to be distracted. It was too expensive, though it was effective. Calling out to students was more distracting than had been hypothesized. The flags deterred students from being unproductive and made them engage more in class.

The flags deterred students from being unproductive and made them engage more in class.

What did Justin Gold, from Justin's nut butters brand, discover about the infrastructure needed for his company?

The original food processor from his kitchen made a better product.

Which of the following are common reasons a new business is not generating enough revenue?

The price is not right. The customers simply are not coming. The frequency of customers is not enough.

What insight did Knock Knock City founders gather while hauling around baggage as they were traveling? Travelers should use backpacks rather than roller bags. There is a connection between the need for baggage storage and empty retail space. There is a link between baggage storage and bus terminal storage. People are not comfortable storing their bags with strangers.

There is a connection between the need for baggage storage and empty retail space.

How did design thinking help 2U Laundry gain customers? They took over their competition. They built their business from angel investors. They expanded by looking at customers different from themselves. They scaled back to offer only dry cleaning services.

They expanded by looking at customers different from themselves.

How did a competitor influence 2U Laundry? They went out of business which caused uncertainty in the market. They hurt the overall business market perspective. They caused a glut in the market. They created a new niche.

They went out of business which caused uncertainty in the market.

A good experiment is a well-planned experiment.

True

A good experiment is a well-planned experiment. True False

True

A good tip to build curiosity is to connect with people who are curious.

True

To create a core vision, the founding team must answer which of the following questions?

What do we want to achieve? Why do we exist? What do we believe in?

When creating a storyboard, you should consider which of the following questions?

What is the problem your customer is experiencing? How will your customer benefit from your product/service offering? What are you offering as a solution to the problem?

______ testing is the entrepreneur working behind the scenes to manually provide the service.

Wizard of Oz

______ testing is the entrepreneur working behind the scenes to manually provide the service. Live product Wizard of Oz Concierge Preselling

Wizard of Oz

A/an ________ statement is, essentially, a cash budget or sources and uses statement a) direct cash flow b) in-prcess flow c) return on investment d) cogs e) pro forma

a

Creating a ______ is the first step in calculating startup capital requirments a) process map b) feasibility analysis c) business plan d) balance sheet e) timelines

a

In figuring ________, entrepreneurs must convert time to dollars and consider an opportunity cost a) customer acquistion cost b) revenue from direct sales c) revenue per sales person d) lifetime value per customer e) customer retention cost

a

Lack of good market analysis, technical problems, and human error are reasons for ________ a) new product failure b) product simplification c) research and development d) shortened product life cycles e) all

a

The functions assumed by a professional employer orgnaization include ____ a) payroll and human reosurce b) marketing research c) manufacturing d) all e) none

a

The three major categories of patents are design, business menthods, and __________ a) utility b) prior art c) manufacture d) obviousness e) none

a

There are two types of ____________ agreements: a cross-purchase and a stock redemotion agreemnet a) buy-sell b) equity c) investor d) advisory e) none

a

To determine whether the accounting and control procedure are adequate once the new venture is beyond the startup phase and is growing consistently __________ a) an annual audit b) financial staements are not required c) a business agent is not required d) a labor union is essential e) the entrepeneur should file with the SEC

a

To qualify for ___________, the work must be in afixed and tangible form; that is, one must be able to see it or hear it a) copyright b) patent c) tradesecret d)trademark e) none

a

Upon the death of a partner, the insurance proceeds can be used to keep the business going or to buy the deceased partner's interest under a/an ________ a) buy/sell agreement b) partnership agreement c) ostensile authority d) sole proprietorship e) none

a

Which of the following would not be considred a startup resource? a) feasibility analysis b) founding team c) independent contractors d) equipment e) equity

a

_______ status or legitimacy is derivied principally from the entrepreneur's education and experience a) achieved b) affiliation c) ascribed d) aptitude e) none

a

_________ can be defined as the activity that transforms a set of requirements into a format that brings all the elements into an integrated whole or system a) product design b) feasibility anaylsis c) prototyping d) industry analysis e) none

a

_________ is found if a trademark is likely to cause confusion with the trademark already existing in the marketplace a) infringement b) dilution c) counterfeiting d) trademark violation e) none

a

What methods do large companies use to gather data about their customers?

advertising surveys direct mail

Which of the following are types of experiments?

advertising landing page button to nowhere

Y Combinator, based in Mountain View, California, is an example of a(n) ______.

accelerator

SELECT ALL THAT APPLY. Which components of the BMC are part of infrastructure? value proposition activities resources revenue streams

activities, resources

Which components of the BMC are part of infrastructure?

activities, resources, partners

The technology ______ life cycle is a model describing the process of acceptance of new innovation over time.

adoption

The technology ______ life cycle is a model describing the process of acceptance of new innovation over time. adoption group product early

adoption

One mistake that entreprenurs make is to set their prices so that they cover _______ costs plus a margin the entrepreneur is expecting to achieve a) inventory b) total c) marginal d) variable e) all

b

One of the biggest incentives for taking on the risk of a starup venture is the opportunity to acquire a/an _______ stake and participate in the potential upside if the startup is a sucess a) buy-sell b) equity c) investor d) advisory e) none

b

Opportunity recognition technical feasibility analysis and prototype building and field testing are elements of the a) industry life cycle b) product development cycle c) trademark process d) new product checklist e) successful product realization

b

The main reason for new product development failure is lack of a) sufficient funding b) good market and industry analysis c) effective leadership d) innovation e) patents

b

To operate a sole proprietor requires nothing more than a __________ a) stock certificate b) "certficate of doing business under an assured name" c) limited liability certificate d) retained earnings statement e) visit to an attorney

b

Which of the followig is not a professional advisor to an entrepreneur? a) attorney b) board of directors c) accountant d) banker e) insurance agnet

b

Which of the following is not an independnet contractor you would expect to find on an entreprenur's extended team? a) consultants b) board of directors c) PEOs d) manufacturing support e) sales support

b

A ______ describes the rationale of how a new venture creates, delivers, and captures value. business model innovation business plan differentiation

business model

When conducting an interview, in addition to the questions, you should record ______. but not repeat the answers the time and temperature during the interview the person's tone when answering the question basic facts about the person

basic facts about the person

Prototypes come in the form of ______.

basic models, sketches

When entrepreneurs check out all the data for customers by going to where they will sell the products and then estimating realistic sales, they are using the ______. bottom-up analysis gut check tornado competition

bottom-up analysis

When entrepreneurs check out all the data for customers by going to where they will sell the products and then estimating realistic sales, they are using the ______.

bottom-up analysis Bottom-up analysis involves collecting data and then making a conservative estimate for a realistic result.

What is the point where revenue equals costs?

break-even

What is expressed in both units and dollars to show the number necessary to make enough money to keep going?

breakeven

When conducting an interview, you should ask ______. yes/no questions questions you know the answers to as confirmation broad, open-ended questions act nervous to put the person at ease

broad, open-ended questions

Beginning in the late 1990s, what percent of Fortune 100 companies' market capitialization was based on intellectual property? a) 77% b) 65% c) 75% d) 93% e) 85%

c

In 2006, the _________ was signed into law to provide relief to owners whose markets have been tarnished by third-party marks a) Trademark Fair Act b) Trademark Infringement Act c) Trademark Dilution Revision Act d) Copyright Dilution Act e) Trade Secret Protection ACT

c

In a/an ____________, corporate stock is owned privately by a few individuals and is not traded publicly on a securities exchange a) partnership b) sole proprietorship c) closely held corporation d) open corporation e) limited partnership

c

Internet ventures have unique metrics because they typically start wth three customers: visitors, contributors, and _______ a) investors b) end users c) distributors d) partners e) traffickers

c

It is importnat to ensure that the final price to costumers or end user is tolerable, given all the amrk-ups along the value chain. This is called _______ a) premium pricing b) price skimming c) product bundle pricing d) captive pricing e) demand-based pricing

c

Sole propreitorships offer several advantages, which include all of the following except ___________ a) they are easy inexpensive to create b) they give the owner complete authority c) dividends are paid to owners d) the income from the business is taxed only once, at the owner's personal income tax rate

c

The __________ prohibits the falsification, alteration, or removal of copyright management data on digital copies, making ita crime to circumvent an encrypted work without authorization a) trademark law b) patent office c) Digitial Millenium Copyright Act d) Trademark Dilution Revision Act e) all of the above

c

The board is headed by the chairperso, who, in a new, private venture, is typically the ______ a) lead entrepreneur b) founder c) CEO d) CFO e) advisor

c

The firm's ______ should be thought of as a business partner who can be a source of information and networking; helping with capital needs; and preparing pro forma operations and cash flow analyses a) accountant b) auditor c) banker d) board e) none

c

The need of internet companies to protect their ways of doing business is adressed by a/an ________ patent a) design b) utility c) business method d) prior art e) general usuage

c

The probability of success for a new product launch is about ____ percent a) 40 b) 50 c) 60 d) 70 e) 80

c

Under the Copyright Extension Act of 1998, a copyright lasts for the life of the holder plus ______ yeras a) 50 b) 60 c) 70 d) 80 e) 100

c

Which of the following is not a technique that can help entrepreneurs arrive at a realistic forecast of demand for their product or service? a) talk to customers b) interview prospective end-users and intermediaries c) prepare revenure forecasts d) apply the entrepreneur's knowledge and experience e) go into limited production

c

________ make(s) all partners responsible for the obligations that each incurs in the course of doing business a) limited partnerships b) general partnerships c) ostensible authority d) sole proprietorship e) limited liability

c

___________ are more likely to make the mistake of putting structure on the organization before its times a) personal advisors b) founding teams c) startup teams d) high-tech teams e) virtual teams

c

What is one of the most important parts of an experiment?

customer engagement

Which realization did this entrepreneur see as a result of using design thinking? using a Fed Ex approach maintaining high quality cutting back to only dry cleaning capacity is underutilized

capacity is underutilized

Entrepreneurial team members should see problems as ______.

challenges

Where do entrepreneurs find networking opportunities?

chambers of commerce accelerators seminars

(LaFleur Winery video) What one item was identified as the biggest change that occurred for LaFleur Winery?

change in club membership

What one item was identified as the biggest change that occurred for LaFleur Winery? mentor support feedback from trusted friends change in club membership documentation of changes

change in club membership

SELECT ALL THAT APPLY. What are the channels for the delivery of the value proposition? communication sales street distribution

communication, sales, distribution

What is the type of pricing strategy when prices are guided by other businesses selling the same or very similar products?

competition-led

The type of thinking that allows us to narrow down the number of ideas generated is known as ______. constructive convergent divergent inspiring

convergent

What is the type of pricing strategy involving calculating all the costs involved in manufacturing or delivering the product or service, plus all other expenses, plus expected profit based on sales volume?

cost-led

What is an important trait of entrepreneurs?

curiosity

What is an important trait of entrepreneurs? shyness curiosity bravado stubbornness

curiosity

By creating a corporation and issuing stock, the entrepreneur is giving up a measure of control to the _________ a) creditors b) government c) partnership d) board of directors e) SEC

d

Entrepreneurs can reach a price that can be tested in the market by considering costs, competitor pricing, and ________ a) feedback from customers b) feedback from value chain partners c) customer behavior d) both "feedback from customers" and "feedback from value chain partners" e) both feedback from customers" and "customer behavior"

d

How a product or service is priced is a function of the company's ______ a) business plan b) feasibility analysis c) process map d) goals e) product demand

d

In a manufacturing business, which of the following is not part of the calculations used to forecast the costs of goods sold (COGS)? a) direct labor b) costs of materials c) direct factory overgead d) product dleivery e) work-in process flow

d

In manufacturing business, forecasting expenditures is a bit more complex because ______ must be derived first a) salaries b) inventory expenses c) factory overhead d) cogs e) in-process flow

d

Initial market tests are accomplished using a working ________ of near production a) concept b) platform c) model d) prototype e) none of the above

d

More than 76% of businesses in the US are _______ a) limited partnerships b) nonprofit businesses c) dormant partnerhsips d) sole propreitorships e) limited liability companies

d

Most countries require an invention be manufactured in the country within ______ of the issuance of the foreign patent a) 6 months b) 1 yera c) 2 years d) 3 years e) 4 years

d

"How might we" is an important phrase in the ______ process, according to the IDEO CEO Tim Brown. self-cueing creative process entrepreneur design thinking

design thinking

The Designing for Growth author's four questions and The Stanford Design School five phases are other approaches to ______. observations entrepreneurship ideas design-thinking

design-thinking

What answers the question "What do people need?"

desirability

What answers the question "What do people need?" experiment pressure feasibility desirability

desirability

Meaningful advertising revenue generated in the digital world is dependent on which of the following?

developing a dominant niche attracting traffic

How can entrepreneurs make products and services attractive to more than one customer segment?

different CVPs for each customer segment

How can entrepreneurs make products and services attractive to more than one customer segment? insight one broad CVP different CVPs for each customer segment niche market

different CVPs for each customer segment

Entrepreneurs use ______ to try to encourage existing customers to switch to their product.

differentiation

Entrepreneurs use ______ to try to encourage existing customers to switch to their product. packaging pricing advertising differentiation

differentiation

The Quip toothbrush is an example of the ______ business model.

differentiation

What is the pricing of a product or service above its market value to pay for the loss of giving away a product or service for free or below its market value?

direct cross-subsidies

What is the stage in the customer journey where the need is identified?

discovery

The advent of Massive Open Online Courses (MOOCs) is an example of the business model ______.

disruption

The advent of Massive Open Online Courses (MOOCs) is an example of the business model ______. imitation disruption innovation differentiation

disruption

SELECT ALL THAT APPLY. In order to cross the chasm after the beachhead market is identified, the entrepreneur should ______. penetrate the competitors' market space distribute the product through the correct channels position the product create the sample product first

distribute the product through the correct channels, position the product

What is the concept similar to the practice of play? divergent thinking inspiration insight convergent thinking

divergent thinking

A ______ market serves two or more customer segments with different needs and problems which have no relationship to each other.

diversified

A month-by-month timeline shows a yera in the life of a business with key milestnes and anticipated ________ a) pricing b) growth c) financial metrics d) losses e) triggers

e

All of the following are part of the entrepreneurs extended network except ___ a) government agencies b) personal advisors c) manufacturing support d) sales support e) customers

e

Customer identification, customer validation, and _______ are all part of the product develeopment cycle a) product protection b) value creation c) outsourcing d) product creation e) business creation

e

Intellectual property rights are protected by _______ a) patents b) trademarks c) copyright d) tarde secrets e) all

e

Pro Forma financials are a key party of the _____ a) feasibility anaylsis b) business launch c) cash flow d) startup capital e) business plan

e

Wich is not a category into which the resources of a company are often divided? a) human b) social c) financial d) physical e) value chain

e

Who are the people who tend to buy a product once it begins to have mass appeal?

early majority

Who are the people who tend to buy a product once it begins to have mass appeal? laggards early majority early adopters innovators

early majority

Researchers at Massachusetts Institute of Technology created the AGNES suit in order to gain empathy for what population? elderly babies athletes millennials

elderly

Developing ______ ability allows entrepreneurs to recognize both the physical and emotional needs of people. empathic self-regulating sympathetic telepathic

empathic

which of the following is the correct order of Stanford Design School's five phases of design-thinking from first to last? define, ideate, prototype, empathy, test prototype, test, ideate, define, empathy ideate, empathy, define, prototype, test empathy, define, ideate, prototype, test

empathy, define, ideate, prototype, test

(LaFleur Winery) The most important aspect of building community can be summarized as

engagement and connectedness

The most important aspect of building community can be summarized as engagement and connectedness great crowds every weekend great prices to beat the competition special events that drive business

engagement and connectedness

What is important to building customer relationships?

engendering positive feelings about business

SELECT ALL THAT APPLY. Which of the following help differentiate 2U Laundry from their competitor? focusing only on dry cleaning established static scheduled routes developed owning the processes using an Uber or Fed Ex approach to pick-up/delivery

established static scheduled routes, developed owning the processes

When Smart Skin Care patented a slow-release medication, they found what beachhead market?

extreme sport competitors

A storyboard involving a large piece of white paper using color, arrows, and labels is ______.

gallery sketch

A storyboard involving a large piece of white paper using color, arrows, and labels is ______. gallery sketch before and after back of napkin Disney sketch

gallery sketch

Which of the following are requirements of experiments?

generate reliable results must be achievable a clear purpose

One customer segment related to where the customers are located is ______. lifestyle demographic geographical behavioral

geographical

Lack of access prevents people's ability to______. try new products figure out a new product get jobs done communicate with other entrepreneurs

get jobs done

(LaFleur Winery) Which of the following represent LeFleur Winery's concept of building community?

great place to be participate with guests place to tell stories

SELECT ALL THAT APPLY. Which of the following represent LeFleur Winery's concept of building community? great place to be best prices in town participate with guests place to tell stories

great place to be, participate with guests, place to tell stories

SELECT ALL THAT APPLY. In which ways did social media play in helping LeFleur Winery make decisions? helping to plan for events tracking social media for expected attendance at events telling which products to sell marketing to millennials

helping to plan for events, tracking social media for expected attendance at events, marketing to millennials

A(n) ______ prototype is a more sophisticated version of a mockup that has enough functionality for users to really interact.

high-fidelity

n the United States, people waste $1.5 billion annually by waiting for ______.

hospital visits

An example of a local event that would be considered experimental for LeFleur Winery is ______. inviting college student clubs hosting a plant workshop event working with competitors testing prices that customers prefer

hosting a plant workshop event

What does the "value" part of customer value proposition mean?

how much the product or service is worth to the customers

Design thinking helps create a system to explore new ideas in a ______ way. creative robotic critical human-centric

human-centric

In order to abandon popular assumptions, entrepreneurs need a clear ______.

hypothesis

In order to abandon popular assumptions, entrepreneurs need a clear ______. hypothesis idea experiment financial vision

hypothesis

In traditional marketing, the most viable customer segment is ______.

identified

In traditional marketing, the most viable customer segment is ______. young tested identified unfamiliar

identified

What is the business model that offers a product without differentiation?

imitation

In what phase of the design-thinking process does experimentation occur?

implementation

The component that describes managing such stock and design is ______.

key activities

The component that describes managing such stock and design is ______. key resources channels customer relationships key activities

key activities

Why do students tend to not take advantage of networking opportunities?

lack of confidence

Which category of customers tends not to buy the new innovation?

laggards

Which category of customers tends not to buy the new innovation? early adopters early majority laggards innovators

laggards

What tests involve websites that help assess interest?

landing page, button to nowhere

Team members are usually found in the network of the ______.

lead entrepreneur

The all-benefits approach to CVP involves ______.

little regard for the competition identifying and promoting all the benefits of the product

In addition to factors associated with pricing calculations, entrepreneurs must also consider their______.

livelihood

SELECT ALL THAT APPLY. LeFleur Winery experiments in two different ways with their customers including ______. local vender events social media trials the wines group sessions

local vender events, the wines

According to this entrepreneur, the ______ always dictates where you should take the company. competition attorney accountant market

market

What is the method of estimating the number of potential customers and possible profitability?

market sizing

What is the method of estimating the number of potential customers and possible profitability? market sizing customer sales market analysis customer acquisition

market sizing

A ______ market comprises a large group of customers with similar needs and problems.

mass

A ______ market comprises a large group of customers with similar needs and problems. niche segmented mass diversified

mass

A ______ product is the version of a new product which allows a team to collect the maximum amount of validated learning about customer with least effort.

minimum viable

What is the version of a new product which allows for maximum collection of validated learning with the least effort? interview minimum viable product paper testing rapid prototype

minimum viable product

What is the version of a new product which allows for maximum collection of validated learning with the least effort?

minimum viable product (MVP)

Which of the following are types of prototypes?

mock up high fidelity rapid

In order to create the business model canvas, the business ______ is broken into nine components.

model

In order to create the business model canvas, the business ______ is broken into nine components. plan model market visual

model

The business intends to create, deliver, and capture value for customers is known as the business ______.

model canvas

The business intends to create, deliver, and capture value for customers is known as the business ______. market model model canvas plan

model canvas

What is the action of closely monitoring the behavior and activities of users/potential customers in their own environment? inspiration insight observation ideation

observation

The first part of the business model is ______, which identifies the product or service, the value generated by it, and how you will reach the customers.

offering

What is a loss leader?

offering a product below cost

SELECT ALL THAT APPLY. What does Pulp Pours look for in the companies they target as customers? traditional corporate-minded offering wellness options youthful

offering wellness options, youthful

Companies operate on ______ revenue model(s) due to different revenue streams.

one primary a combination of

Current buyer's decisions occur without ______.

seller input

Current buyer's decisions occur without ______. focus groups social networks seller input customer understanding

seller input

(LaFleur Winery video) Taking steps to build the business model for LaFleur Winery included which items from below?

shared with trusted friends examined mentor's business put own twist on business

SELECT ALL THAT APPLY. Taking steps to build the business model for LaFleur Winery included which items from below? shared with trusted friends examined mentor's business worked long hours developing extensive plan put own twist on business

shared with trusted friends, examined mentor's business, put own twist on business

What is a form of high pricing that is generally used for new products or services that have very little or no competition?

skimming

Networking helps develop ______.

social capital

One of the speediest and simplest ways to connect with others is through ______.

social media

What are social media tools for learning about client experience called?

social mentions online

The ______ dimension of social capital describes the components of one's network.

structural

Into what dimensions is social capital divided?

structural relational cognitive

Initial experimentation is designed to ______.

support or reject a hypothesis

The business model presented in the textbook is a journey to gather evidence and prove the startup can be ______.

sustainable

The business model presented in the textbook is a journey to gather evidence and prove the startup can be ______. small-scale sustainable environmentally friendly explored

sustainable

What type of pricing involves setting your price based upon the amount of investment the entrepreneur has in the business?

target-return

Efficient changes to the business model can be made during the startup stage because ______.

the business is small in the beginning

Efficient changes to the business model can be made during the startup stage because ______. the business is small in the beginning the mistakes are obvious it's the only time a business needs to change the investors are willing to contribute more money

the business is small in the beginning

The assumption that is being tested through research is ______.

the hypothesis

According to author Doug Hall, what is the one big benefit for the customer?

the overt benefit

What is the share of the market?

the portion of the market realistically reached

What model is described by the number of items (units) sold by a company?

unit sales revenue

SELECT ALL THAT APPLY. Entrepreneurs are able to create a product or service that customers are willing to buy by considering customer's ______. unmet needs markets desires motivations

unmet needs, desires, motivations

Which of the following are types of customers?

users influencers recommenders

SELECT ALL THAT APPLY. Which of the following are types of customers? testers users recommenders influencers

users, recommenders, influencers

While helping Rise Science develop their sleep training system for its customers, IDEO identified better usership of the new system by customers when ______. using an impersonal approach to onboarding creating infomercials to educate consumers using an introduction to the system by a company employee to the customer sending the kit to the customer with a customer hotline for questions

using an introduction to the system by a company employee to the customer

Financial ______ defines the revenue and cost structures a business needs to meet its operating expenses and financial obligations.

viability

What answers the questions, "Can we make money doing it? Is it sustainable?"

viability

What answers the questions, "Can we make money doing it? Is it sustainable?" desirability feasibility viability experiment

viability

SELECT ALL THAT APPLY. What are sources for data from customers? competition website analytics direct contact social media

website analytics, direct contact, social media

How did the entrepreneur come up with a robotic lighting company?

while shadowing a surgeon

How did the entrepreneur come up with a robotic lighting company? when studying under bad light late at night after being hired by lighting company over a camping trip with friends while shadowing a surgeon

while shadowing a surgeon

Which of the following were identified as part of the target customer group for Pulp Pours? primarily female young working professionals 34-55 age group traditionalists

young working professionals