Question 1

Playing the role of devil's advocate is important at the "optimize practicality" stage of concept development.

Accepted Answer

A) True 
 B)False  True

Question 2

What categories of customers exist? How do you prioritize and address them?

Accepted Answer

$\bullet$Primary Target Audience (PTA)- Focus on this group
$\bullet$Secondary Target Audience (STA)- Use this segment to generate additional revenues.
$\bullet$Tertiary Target Audience (TTA)- Keep an eye on this one.Though TTA may seem merely auxiliary, this group might have more potential than expected.

Question 3

What does moving a seed of an idea to a more concrete possibility require?

Accepted Answer

A) Practical thinking 
B) Market research 
C) Input from others 
D) A business plan 
E) Maturity 
A) Practical thinking 
B) Market research 
C) Input from others 
D) A business plan 
E) Maturity C

Question 4

Give examples of some of the biggest trends in the recent history that have shaped business in the US.How did they influence business in general?

Accepted Answer

@#LAT-DLM&Baby Boom Generation - shaped business f

Question 5

Based on existing research, how long in the life of a startup do operating costs take to stabilize?

Accepted Answer

A) 1-2 years 
B) 3-5 years 
C) 4-6 years 
D) 6-7 years 
E) 8 years 
A) 1-2 years 
B) 3-5 years 
C) 4-6 years 
D) 6-7 years 
E) 8 years

Question 6

A penetration pricing strategy is one of the most simple and successful initial approaches for a new venture.

Accepted Answer

A) True 
 B)False

Question 7

How does the US Government support entrepreneurship?

Accepted Answer

A) Registration of a new business is a relatively short process 
B) The level of regulations is generally low 
C) US taxes are lower than those in most nations 
D) All of the above 
E) None of the above 
A) Registration of a new business is a relatively short process 
B) The level of regulations is generally low 
C) US taxes are lower than those in most nations 
D) All of the above 
E) None of the above

Question 8

It typically takes 1-2 years for a firm to reach stability and for operating costs to stabilize.

Accepted Answer

A) True 
 B)False

Question 9

In contrast to the dangers of employing a penetration pricing strategy, describe the dangers of employing a maximal pricing strategy.

Accepted Answer

@#LAT-DLM& A maximal pricing strategy can signal t

Question 10

A highly priced product will usually be perceived as better quality by the customer.

Accepted Answer

A) True 
 B)False

Question 11

A venture whose vendors are primarily commodity suppliers, will retain a large portion of the value chains gross margin.

Accepted Answer

A) True 
 B)False

Question 12

What other value chains, besides those of direct competitors, should be analyzed?

Accepted Answer

@#LAT-DLM&Value chains of indirect competitors and

Question 13

Describe the process IDEO suggests an entrepreneur needs to go through to design a product.

Accepted Answer

@#LAT-DLM&Gather stimuli (Beware the lea

Question 14

What is the approximate number of baby boomers in the US?

Accepted Answer

A) 55-60 million 
B) 60-65 million 
C) 65-70 million 
D) 70-75 million 
E) 75-80 million 
A) 55-60 million 
B) 60-65 million 
C) 65-70 million 
D) 70-75 million 
E) 75-80 million

Question 15

According to IDEO, the first step in the creation of a product is to make a set of assumptions.

Accepted Answer

A) True 
 B)False

Question 16

When pre-launch analysis predicts unfavorable outcomes you should:

Accepted Answer

A) Abandon the venture 
B) Go forward strongly in spite of negative forecasts 
C) Seek to confirm/deny the variable that underpin outcomes during execution 
D) Seek to confirm/deny all variable prior to starting the venture . 
A) Abandon the venture 
B) Go forward strongly in spite of negative forecasts 
C) Seek to confirm/deny the variable that underpin outcomes during execution 
D) Seek to confirm/deny all variable prior to starting the venture .

Question 17

Generally speaking, what is the lowest level of total revenue in which a market becomes attractive for new entrants?

Accepted Answer

A) $15 million 
B) $20 million 
C) $25 million 
D) $30 million 
E) $35 million 
A) $15 million 
B) $20 million 
C) $25 million 
D) $30 million 
E) $35 million

Question 18

The first domain name on the Web was assigned in 1986.

Accepted Answer

A) True 
 B)False

Question 19

When starting web business, which measure of effectiveness matters most?

Accepted Answer

A) The number of "eyeballs" looking at your site 
B) Profits 
C) Click thru rates 
D) Overhead expenses 
E) Revenue 
A) The number of "eyeballs" looking at your site 
B) Profits 
C) Click thru rates 
D) Overhead expenses 
E) Revenue

Question 20

Customer and market trends change too rapidly to be of any predictive use for an entrepreneur.

Accepted Answer

A) True 
 B)False

Playing the role of devil's advocate is important at the "optimize practicality" stage of concept development.

What categories of customers exist? How do you prioritize and address them?

What does moving a seed of an idea to a more concrete possibility require?

Give examples of some of the biggest trends in the recent history that have shaped business in the US.How did they influence business in general?

Based on existing research, how long in the life of a startup do operating costs take to stabilize?

A penetration pricing strategy is one of the most simple and successful initial approaches for a new venture.

How does the US Government support entrepreneurship?

It typically takes 1-2 years for a firm to reach stability and for operating costs to stabilize.

In contrast to the dangers of employing a penetration pricing strategy, describe the dangers of employing a maximal pricing strategy.

A highly priced product will usually be perceived as better quality by the customer.

A venture whose vendors are primarily commodity suppliers, will retain a large portion of the value chains gross margin.

What other value chains, besides those of direct competitors, should be analyzed?

Describe the process IDEO suggests an entrepreneur needs to go through to design a product.

What is the approximate number of baby boomers in the US?

According to IDEO, the first step in the creation of a product is to make a set of assumptions.

When pre-launch analysis predicts unfavorable outcomes you should:

Generally speaking, what is the lowest level of total revenue in which a market becomes attractive for new entrants?

The first domain name on the Web was assigned in 1986.

When starting web business, which measure of effectiveness matters most?

Customer and market trends change too rapidly to be of any predictive use for an entrepreneur.

The Power of Entrepreneurship

The Entrepreneurial Process

Understanding Your Business Model and Developing Your Strategy

Entrepreneurial Marketing

Building the Founding Team

The Business Planning Process

Building Your Pro Forma Financial Statements

Facing Entrepreneurial Ventures Worldwide

Raising Money for Starting and Growing Businesses

Debt and Other Forms of Financing

Legal and Tax Issues, Including Intellectual Property

Entrepreneurial Growth

Social Entrepreneurship: an Overview

Filters

Exam 3: Opportunity Recognition, Shaping, and Reshaping

Playing the role of devil's advocate is important at the "optimize practicality" stage of concept development.

What categories of customers exist? How do you prioritize and address them?

What does moving a seed of an idea to a more concrete possibility require?

Give examples of some of the biggest trends in the recent history that have shaped business in the US.How did they influence business in general?

Based on existing research, how long in the life of a startup do operating costs take to stabilize?

A penetration pricing strategy is one of the most simple and successful initial approaches for a new venture.

How does the US Government support entrepreneurship?

It typically takes 1-2 years for a firm to reach stability and for operating costs to stabilize.

In contrast to the dangers of employing a penetration pricing strategy, describe the dangers of employing a maximal pricing strategy.

A highly priced product will usually be perceived as better quality by the customer.

A venture whose vendors are primarily commodity suppliers, will retain a large portion of the value chains gross margin.

What other value chains, besides those of direct competitors, should be analyzed?

Describe the process IDEO suggests an entrepreneur needs to go through to design a product.

What is the approximate number of baby boomers in the US?

According to IDEO, the first step in the creation of a product is to make a set of assumptions.

When pre-launch analysis predicts unfavorable outcomes you should:

Generally speaking, what is the lowest level of total revenue in which a market becomes attractive for new entrants?

The first domain name on the Web was assigned in 1986.

When starting web business, which measure of effectiveness matters most?

Customer and market trends change too rapidly to be of any predictive use for an entrepreneur.

The Power of Entrepreneurship

The Entrepreneurial Process

Understanding Your Business Model and Developing Your Strategy

Entrepreneurial Marketing

Building the Founding Team

The Business Planning Process

Building Your Pro Forma Financial Statements

Facing Entrepreneurial Ventures Worldwide

Raising Money for Starting and Growing Businesses

Debt and Other Forms of Financing

Legal and Tax Issues, Including Intellectual Property

Entrepreneurial Growth

Social Entrepreneurship: an Overview

Filters