Entrepreneurship Week 2
Which of the following is true about business models?
A business model includes a network of activities and resources to create a sustainable and scalable business that delivers value to target customers.
Which of the following is true when it comes to pitching your idea(s)?
Be prepared, and have backup plans in case technology fails.
In the business model canvas, customers includes which of these elements?
Channels
What is a suggestion for making a good first impression?
Discover areas in common, we tend to get along better with people with whom we share common interests.
Which of the following is true with respect to the use of social media for marketing?
Effective use of social media for marketing is goal-based.
______ questions include: "How did you calculate your market size?" "Are your numbers comparable to those of your competitors?" and "How much does it cost to acquire one customer?"
Financial
______ is a low-budget strategy that focuses on personally interacting with a target group by promoting products and services through surprise, or other unconventional means.
Guerrilla marketing
No matter how long your pitch deck, it must answer key fundamental questions. Which of the following is NOT one of the fundamental questions that your pitch deck should answer?
How much money do you need to start the venture?
The pitch deck is a presentation that highlights the essential elements of the TRIM framework. Which of the following is the I element of the TRIM framework?
Idea
In the business model canvas, the infrastructure includes which of these elements?
Key partners
______ is the method of putting the right product in the right place, at the right time.
Marketing
Which of the following is NOT a reason for marketing yourself (the entrepreneur)?
Over 50% of our communication is through the words we choose to use.
Which of the following is not one of the added Ps that has expanded the 4P framework to a 7P framework?
Possibility
______ questions include: "What are the risks?" "What is the technology behind your product?" and "How do you know really know people want this?"
Product/customer
The pitch deck is a presentation that highlights the essential elements of the TRIM framework. Which of the following is the R element of the TRIM framework?
Resources
When discussing market opportunity, there are three different acronyms that represent different subgroups of the market. Which of the following is one of these acronyms?
SOM, Share Of Market
The pitch deck is a presentation that highlights the essential elements of the TRIM framework. Which of the following is the T element of the TRIM framework?
Team
______ questions include: "Who came up with the original idea?" "What obstacles have you faced, and how did you overcome them?" and "Are you open to changing your idea?"
Team
What is the best definition of a pitch?
The act of clearly presenting and describing a product or service to others
Which of the following is true about the pitch?
The key to a good presentation is preparation.
Which slide should be showing during the question and answer period?
Title slide
______ describes all the work you've done to date to build your venture; examples of which might include completion of customer research, a working website, and a minimum viable product.
Traction
______ is a social media site that has over 300 million active users and is the third most popular search engine (behind Google and YouTube).
What content should be on the final slide of your pitch deck?
Your call to action
What content should be on the first slide of your pitch deck?
Your company's contact information
A ______ is a conceptual framework that describes how a company creates, delivers, and extracts value.
business model
A ______ is a formal document that provides background and financial information about the company, outlines your goals for the business, and describes how you intend to reach them.
business plan
The ______ shows how your company differentiates itself from others providing similar solutions, or how it has carved out a unique space that fulfills unmet needs.
competitor analysis
The ______ is the most important part of your business model. As an element of the offering, it describes exactly what products or services your business offers and sells to customers.
customer value proposition
Innovation, risk-taking, resourcefulness, value creation, and proactivity are some of the main features of ______.
entrepreneurial marketing
Typically, customers face at least one of four problems that prevent them from getting a job done; entrepreneurial opportunities that simplify complicated tasks address customer ______.
lack of skills
The ______ is a framework that helps to define the brand and differentiate it from the competition.
marketing mix
In considering your target market, a ______ describes two or more customer segments that are linked but independent of each other.
multisided market
Uber, Airbnb, and eBay are examples of businesses that use a ______ business model.
peer-to-peer
A(n) ______ is a brief presentation, usually in the form of approximately 10 slides, which provides your audience with a quick overview of your idea.
pitch deck
The approach to value proposition creation that focuses on your product or service relative to the competition, recognizing your offering as unique is called the ______ approach.
points-of-difference
______ is how customers are informed about products.
promotion
The ______ approach to pitching is based on encouraging your audience to ponder how they would address a situation you present.
question
The ______ approach to value proposition, also known as the product-market fit approach, is an approach where you clearly describe why customers will really like your product and focus on what customers need and value.
resonating focus
Typically, customers face at least one of four problems that prevent them from getting a job done; people who don't have the knowledge or ability to complete a task are experiencing ______.
skills
The ______ approach to pitching is based on a three-part narrative arc, which can be traced back to ancient Greece and Aristotle.
storytelling
A business model has four core components; ______ is the part of the business model that includes all the segments of your market that your product or service is geared toward.
the customers
A business model has four core components; ______ is the part of the business model that defines the revenue and cost structures.
the financial viability
A business model has four core components; ______ is the part of the business model that identifies the value your business offers to customers.
the offering
A ______ is a methodology originally used in the software industry, and adapted by entrepreneurs to illustrate how a user will interact with a specific piece of software, or products and services, and how their lives are made easier through the interaction.
use case