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The ______________________ is/are often required by potential investors, lenders, and other financial stakeholders prior to investing money or other assets into the new business venture.

Business Plan

Keira's business is called Sustainable Slabs. She and her team sell cutting boards and decorative wood products from reclaimed or recycled wood. Their priorities are creating beautiful home products through sustainable methods. Their goals or vision includes expanding to other products sourced from reclaimed natural resources. What type of business would best describe Keira's Sustainable Slabs?

Climate/Green Entrepreneur

Evaluating an entrepreneurial opportunity requires an analysis of the benefits the product/service offers potential customers, streamlined processes/efficiency, value of intellectual property, and strategic partnerships. This analysis is described as:

Competitive Advantage Analysis

Which of the following options best describes the contrast between creativity and innovation in entrepreneurship?

Creativity is the potential for the mind to conceive new ideas while innovation is the process of translating an idea into a product or service that provides value to a potential customer.

Evaluating an entrepreneurial opportunity requires an analysis of the capital needed to start, projected profit and breakeven points, and the return on investment potential. This analysis is described as:

Economics & Profitability

True or False: The Business Plan and Business Model Canvas are static documents that are written early in the planning phase.

FALSE

True or False: The Business Plan is a visual summary of the business model, often on one page.

FALSE

Evaluating an entrepreneurial opportunity requires an analysis of the business's potential management style, team structure and composition, and their backgrounds and integrity. This analysis is described as:

Management & Team

Pick two essential characteristics of successful entrepreneurs.

Passionate and Determined

Dante's business is called Sock Nation. He and his team sell customized socks and slippers and donate a pair of shoes for every ten pairs of socks sold. Their priorities are satisfying an unmet need in the marketplace for custom socks and improving society. Their goals or vision includes expanding their product lines and customer segments as well as the magnitude of their social improvements. What type of entrepreneur would best describe Dante?

Social Entrepreneur

Pick the best definition for: Small Business

Started to fill a gap or provide a service, be your own boss

What is the Problem Statement, as included on the Business Model Canvas?

The identified problem or need of potential customers in the market that an entrepreneur might be able to address with their product or service concept.

Select the best definition for Design Thinking.

The process of combining empathy for potential customers' needs and problems with innovation of an entrepreneur and the entrepreneur's ability to iterate numerous prototypes to discover what best meets the customers' needs and creates value.

Pick the best definition for: Startup

a temporary organization that searches for a repeatable and scalable business model

Pick the best definition for: Entrepreneur

an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.