Exam 5: Developing and Testing a Business Model

____ with customers should give the entrepreneur confidence that the solution being provided is recognized as valuable by customers.

Imagine that ATMs have never existed. Write a business concept statement for ATMs.

A business concept is a concise description of an opportunity that contains seven essential elements. ​

The value proposition is the benefit that the company derives from the product or service it will produce ¾ in other words, it is the reason for the company to be in business.

One vital question, often answered incorrectly is "Who is the customer?" .

The strategic choices that a business model addresses should reflect both the ____ and the ____ processes. ​

Uncertainty is characterized by:

Which of the following is not a component of a business model? ​

The Macro Environment includes all of the following factors except:

The feasibility analysis is about ____ a new business concept.

Most successful startups involve ____.

Discuss the fundamental activities involved in creating a business model.

Among the reasons business models fail are all of these except:

What of the following is not a benefit to the customer? ​

How to deliver the benefit to the customer is the issue addressed by the distribution channel element of the business concept.

In a/an ____ cost structure, the primary costs of the business come from customer acquisition.

A precise ____ increases the chances that the business concept will meet the customers' needs.

The question of how to deliver the benefit to the customer is answered by ____.

Which of the following is one of the three broad questions that a feasibility analysis answers?

Business models are doomed to failure when the underlying logic about the future is incorrect.