ENT 3613 Exam 1
A useful analogy for thinking about the value offered by detailed customer personas descriptions is to think of them as
"avatars of your imagination."
Efforts to expand sales of an innovation beyond small early adopter markets into large mainstream consumer markets is commonly described as
"crossing the chasm."
Why do people often stick with "satisfactory", familiar solutions rather than try new things?
- People are biased to prefer avoiding negative outcomes rather than attaining positive outcomes - People often experience anxiety when confronted with complex decisions involving multiple options
Approximately ___________________ percent of employing establishments fail after one year.
20%
The average time that US employees 25-34 years old have been in their current job is approximately ___ years.
3
According to a recent Gallup-Purdue poll, approximately ___________ percent of employees report being engaged at work.
30%
Which of the following questions is most directly related to learning about customer pains?
Are there upfront costs, a steep learning curve, or other obstacles preventing adoption?
Which of the following is NOT one of the ways that entrepreneurs create value?
Be Alert
Which of the following is NOT a trigger to help imagine better gain creators?
Can you limit common mistakes your customer makes?
Which of the following is NOT a trigger to help imagine better pain relievers?
Can you make your customers' life easier?
Which of the following is NOT an important reason for developing empathy maps that help you understand your customers' current experiences?
Canvases and maps provide clear step-by-step instructions for developing new ventures
Jill is a frequent business traveler who prefers to learn about alternative solutions and special offers through targeted emails sent by brands that she trusts. Which of the following aspects of a customer persona is most closely reflected by this example?
Channels, influencers, and brands
Which of the following is NOT a common problem associated with poor entrepreneurial capabilities?
Choosing among opportunities
Paula thought she had a creative idea for an app that could help UCF students find parking, but discovered that UCF already provides an app for that. Which of the following issues related to assessing creativity is addressed by this example?
Creativity assessments must consider the history of solutions in a particular context
Matthew was having an argument with his friends about whether his favorite band was "creative". His friends thought the music was novel, but also weird and unpleasant. Thus, they didn't consider it to be creative. Which of the following aspects of defining creativity is most important to understanding why Matthew's friends didn't attribute creativity to his favorite band?
Creativity is a subjective assessment that may vary across people and contexts
What do entrepreneurs call a visual representation of an individual's relationship with a service, product, or brand?
Customer journey map
Which of the following best describes the learning objective for Module 4
Developing your ability to develop empathy for the interests, preferences, and circumstances of those affected by problems
Which of the following professional methodologies is most directly focused on describing customer experiences?
Empathy mapping
Which of the following is NOT one of the three things commonly attributed to entrepreneurs?
Entrepreneurs create most new ideas
Which of the following statements best describes recent research findings on the financial returns associated with pursuing entrepreneurship?
Entrepreneurs earn considerably more on average, but there is more income variation
The video you watched regarding the creation of customer journeys described how software products often interject pop-up warnings to help you make mindful decisions with your work. Which of the following attributes of experience design does this example best illustrate?
Friction and flow - sequence or structure
Which of the following is NOT a one of the primary motivations individuals try to address when seeking solutions according to the Value Proposition Canvas?
Gaining control
Francisco spent years learning how to play drums, but was unable to find studio work because most producers he met relied on drum machines. Why was he at risk for becoming obsolete or underemployed?
He performed routine manual work
Adam considers himself to be a good father and wanted to surprise his family with a getaway weekend to their favorite beach resort. Which of the following gain triggers is most directly related to Adam's motivation to create gains in this example?
How does Adam measure his success or failure?
Entrepreneurship methods that attempt to characterize the size of customer markets and market segments most directly address which of the following keys for understanding customers?
How many could you help?
Sabrina recently accepted an entry level position at a social media marketing company but was able to get her company to invest in a new staffing initiative she created by presenting and justifying her idea. This example best illustrates which of the following benefits of developing an entrepreneurial mindset?
Lead when you are not a leader
Which of the following is an important reason for developing empathy maps that help you understand your customers' current experiences?
Mapping reveals gaps in current knowledge, thereby helping to direct future research
According to data provided by the Panel Study of Entrepreneurial Dynamics, what is the most common reason that individuals in the US become entrepreneurs?
Non-financial reasons like passion and being their own boss
Why is creativity a tough choice relative to following routines?
Novel paths are uncertain and subject to delayed consequences
____________________ are the most useful thing to consider when making creativity assessments.
Products, Solutions, Objects, Ideas (all are acceptable)
According to the Techstar's video describing entrepreneurial journeys, and their efforts to support entrepreneurship, what is the final step that happens in an entrepreneur's journey?
Scaling up
An essential creativity and entrepreneurship action principle that emphasizes acting, reflecting and learning as a means of addressing the unknown is called
Smart steps
What company does Dr. Ford use as an example when he explains the customer journey map?
Starbucks
The video you watched regarding the creation of customer journeys described how packaging pain reliever pills and a bottle makes it more efficient to dispense large numbers of tablets. Which of the following attributes of experience design does this example best illustrate?
Time - duration
Entrepreneurship is best described as a process of designing, implementing and sustaining business models that create value by diffusing innovations that make things better.
True
The consulting company Strategizer has developed a popular methodology for categorizing specific customer frustrations and helping entrepreneurs design solutions that directly address those frustrations. Their widely used method is called
Value Proposition Canvas
When should decision makers use routine decision methods that predict outcomes associated with current choices?
When situations are well known
Which of the following issues can be addressed by developing a competitor map with comparisons of features and benefits?
Where do customers go to find solutions to their problems?
Gaining empathy for customers may allow one to search the Internet for solutions and gain insight regarding issues you must know about your customers. "Google it" is especially useful advice for addressing the question
Where does your customer find alternatives?
Effective entrepreneurs conduct extensive research so they can describe customer personas they are trying to help and market segments they might address with their offerings. Which of the following key issues for understanding customers are most directly addressed by these methods?
Who are they?
Evolutionary models stand in contrast to traditional sequential/stage models of creativity, innovation and change that isolate creativity from outside influences. What benefits do you realize by adopting an evolutionary rather than a sequential process view of creativity and entrepreneurship?
You increase input diversity, enhance novelty, and reduce risk associated with underestimating uncertainty
One description of entrepreneurship characterizes it as a method of human action, as important as democracy or science, that can be learned as
a logical form of reasoning and problem solving
Considering a creative action cycle as a way of understanding creative and entrepreneurial leadership highlights the importance of
acting on creative ideas and learning from the consequences of those actions
Jacqueline quickly gained a positive reputation as an entrepreneurial problem solver by using her communication and networking skills to promote her creative ideas. This illustrates how learning entrepreneurial methods can help you
amplify your superpowers
Entrepreneurial journeys typically require you to create your own path, rather than follow a path defined by others. This requires you to adopt the mindset of
an explorer
The possibility of introducing an innovation to a specific market at a profit is best described as
an opportunity
Conceptual organizing processes are especially important early in an entrepreneurial journey when trying to reach the organizing milestone of
articulating a value proposition
Interactions with direct email, social media, and referrals from friends are most directly related to the __________________ phase of customer experiences.
awareness
Entrepreneurs have limited resources and are well advised to focus their initial efforts on one market segment that holds the highest odds of success. This initial, enthusiastic market segment is often described using the military metaphor
beachhead market
Once a startup achieves success in their initial market, they often engage adjacent markets and introduce new offerings as a means of growing their ventures. This process is often described using the metaphor of
bowling pins
The practice of offering a configuration of features that provides an important benefit to a specific market segment is commonly called
bundling
The book "Just Start" proposes a new word called _______________ to describe two action principles - taking small smart steps, and reflecting on experience - that entrepreneurs need to embrace to promote learning, imagining, creating, and judgment?
creaction
The customer segment of the Value Proposition Canvas focuses on gains, pains, and
customer jobs
A modern entrepreneurship methodology that characterizes customer interactions across all touch points they have with a particular solution or brand is called
customer journey
Developing a thorough description of a customer journey that depicts sources of frustration and friction is an important means of finding opportunities to
design delightful experiences
Creativity is most usefully defined as a
domain-specific attribution of the relative novelty and value of a particular solution
A sophisticated methodology used by entrepreneurs to understand what a customer is experiencing when they address a problem is called
empathy map
Individuals and organizations need to balance their respective investments in
exploiting current routines and exploring novel alternatives
Which of the following is not a typical attribute to consider when developing a customer persona?
favorite teams
Dr. William Green from the University of Miami suggests that everyone should learn entrepreneurial methods by describing entrepreneurship as a
form of social responsibility
The primary emotion that entrepreneurs must understand about their customers is
frustration
In addition to awareness and frustration, entrepreneurs should consider whether customers in their initial target market segment
have acquired or budgeted money to address their problem
Once you have learned a lot about a problem and the perspectives of people who experience that problem, the next process you should undertake is to
imagine making things better
A creative solution that is intended to be adopted by others and diffused to different settings is best described as a(n) ______________________________
innovation
Although they represent a relatively small proportion of new companies, most venture capital and a substantial amount of job creation can be attributed to
innovation-driven enterprise
The biggest difference between creative solutions and innovations is that
innovations are intended to be adopted by other people
According to research describing innovation adoption curves, customers who are MOST likely to adopt a novel solution in the short term include
innovators
The first customer segment that most entrepreneurs would be wise to target based on their high interest in problems and expertise regarding solutions would be
innovators and early adopters
Dr. Ford just signed up for an Instagram account so he could learn more about what kids are talking about these days. With respect to innovation adoption, Dr. Ford would be described as a(n) ________________ of social media
laggard
According to research describing innovation adoption curves, customers who are least likely to adopt an innovation in the short term include
late majority and laggard adopters
Auto-correct employed in a texting app would be an example of a pain reliever that helps
limit common mistakes your customer makes
Activities that are least susceptible to automation include
managing others and applying expertise
Which of the following is not one of the primary sources of "gaps" between current and desired experiences that motivates customers to seek new alternative solutions?
money
The primary criteria people use to attribute "creativity" to an idea or solution are
novelty and value.
Belinda created new material that could be used to make bags and luggage up to 30% lighter than traditional materials. This example best illustrates creating customer gains by
outperforming current alternatives
Making a judgment regarding whether you have a problem worth solving is best assessed by considering
problem/solution fit
Jill is a frequent business traveler who tends to be introverted and analytical, thus making it likely that she could be influenced by ads showing comparisons among various offers. Which of the following aspects of a customer persona is most closely reflected by this example?
psychographics
Interactions with ecommerce sites, sales staff, and packaging are most directly related to the __________________ phase of customer experiences.
purchase
Entrepreneurs report greater control over decisions, hours, and job security, thus suggesting that an important motivation for pursuing entrepreneurship is
self-determination
The total number of customers experiencing the specific problem you are trying to in the geographic area that interests you is commonly described as the
serviceable available market
The portion of a market that a specific company is able to capture is typically described as their
share of market
An entrepreneurial process that involves getting other involved through help-seeking, storytelling and partnering is
social organizing
A temporary organization used to search for repeatable and scalable business models is best described as
startup
Effective entrepreneurs are most likely to
take smart steps that require only tiny bits of faith
A customer persona or archetype is a generalization or caricature intended to represent
the one you would like to help
A market opportunity is usually described as
the total revenue that might be earned from a specified share of the market.
Gaining empathy for the characteristics and roles of your customers is an important part of empathy mapping that can help you understand
their goals
When considering the customer's experience, you should think about all the __________ or "moments of truth" that define the quality of a customer's experience and the authenticity of a company's brand promise.
touchpoints
Capacitech, a UCF startup company, recently earned a $225,000 grant from the National Science Foundation that has helped them to engage potential corporate partners interested in developing their technology solutions. This kind of momentum demonstrating that potential supporters value a novel offering is commonly described as
traction
Invisasox is a student-led startup that offers innovative no-show socks (seriously, they're awesome!). They started by making 1500 socks to see if people would buy them. Customers did, so Invisasox used their revenue to make and sell 5000 socks, and then used those profits to make and sell 15,000 socks. This kind of momentum demonstrating that customers value your offering is commonly described as
traction
Intellectual property (patents, trademarks, etc.), barriers to entry, and brand development are all common strategies used to protect novel ideas and solutions.
true
The types of actions one should consider when taking "creaction" include smart steps limited by one's current means at hand and acceptable losses.
true
When you create something new that others adopt (an innovation), you are likely to
undermine existing routines and solutions
The most important reasons we discussed for analyzing features and benefits provided by alternative solutions is to
understand the value propositions current solutions offer to customer segments.
The young woman you saw visiting a delightful café with smiling staff, free muffins, and discounts for promoting on social media avoided the hassles of the cheap diner she visited previously and attained some unexpected happy surprises. With respect to empathy mapping, these insights into the pains and gains guiding her morning can help you understand
what she thinks and feels
If you were to notice a young woman leaving a restaurant because she saw the cook being careless, sloppy, and unclean, you could likely empathize with her experience. Noticing things that people see and hear can be especially helpful for understanding __________________ when one is developing an empathy map that describes a customer experience.
what they do
The start of a new venture development journey is best focused on developing your understanding of
what you do and who you help
Once you understand how your customer thinks and feels about a problem, you might be able to learn a lot about current approaches to addressing the problem by "Googling It" to identify
where your customer finds alternatives
In addition to identifying products of services that customers might buy to address their problems, it's also important to consider
whether you customer is motivated enough to pay for a solution