Question 1

Once created, a properly constructed and researched business model will not need to change. ​

Accepted Answer

A) True 
 B)False

Question 2

Among the costs to be considered in launching a new venture are: ​

Accepted Answer

A) Market or advertising costs 
B) Inventory cost structure 
C) Direct cost structure 
D) All of the above 
E) A and B only 
A) Market or advertising costs 
B) Inventory cost structure 
C) Direct cost structure 
D) All of the above 
E) A and B only

Question 3

What are the three questions that a feasibility analysis will answer?

Accepted Answer

Are there a customer and a market of suf

Question 4

One way to innovate with business models is to consider:

Accepted Answer

A) Market research 
B) A Feasibility analysis 
C) A Competitive analysis 
D) An Industry analysis 
E) A "blue ocean strategy" 
A) Market research 
B) A Feasibility analysis 
C) A Competitive analysis 
D) An Industry analysis 
E) A "blue ocean strategy"

Question 5

Briefly discuss the differences between a feasibility analysis and a business plan. ​

Accepted Answer

A feasibility analysis is abou

Question 6

Prepare a feasibility analysis for a product or service you have thought about in the past and that may have market value. Answer the following questions: Is there a customer base? Do the capital requirements make sense? Can an appropriate start-up team be assembled?

Accepted Answer

Student answers will

Question 7

Briefly discuss the importance of the feasibility test.

Accepted Answer

The test contributes to an entrepreneur'

Question 8

What of the following components of the business concept is least likely to ensure the success of the venture?

Accepted Answer

A) Customer demand 
B) An effective business model 
C) Money ​ 
D) A broad distribution channel ​ 
E) Value proposition ​ 
A) Customer demand 
B) An effective business model 
C) Money ​ 
D) A broad distribution channel ​ 
E) Value proposition ​

Question 9

The more information an entrepreneur acquires through ____, the higher the chance that his or her predictions will be close to the mark, risk will be reduced and uncertainty managed.

Accepted Answer

A) market research 
B) feasibility analysis 
C) business concepting 
D) concept analysis 
E) value creation 
A) market research 
B) feasibility analysis 
C) business concepting 
D) concept analysis 
E) value creation

Question 10

Most businesses today produce both products and services that provide ____, which gives the company a competitive advantage.

Accepted Answer

A) better customer warranties ​ 
B) multiple revenue streams 
C) better channels of distribution 
D) more benefits to the customers 
E) All of these choices 
A) better customer warranties ​ 
B) multiple revenue streams 
C) better channels of distribution 
D) more benefits to the customers 
E) All of these choices

Question 11

The components of a business model include all of these except:

Accepted Answer

A) A value proposition 
B) Business concept 
C) Strategic partners 
D) None of these 
E) B and C only are not components of a business model 
A) A value proposition 
B) Business concept 
C) Strategic partners 
D) None of these 
E) B and C only are not components of a business model

Question 12

Imagine a college campus in an historic section of town with few affordable restaurants for students. The campus also has a large group of international students without transportation. You are a restaurant owner on the edge of town looking to provide food delivery to campus. Write a value proposition and a compelling story for this scenario.

Accepted Answer

The value proposition should include: th

Question 13

Uncertainty can be eliminated from the future by use of a solid business plan. ​

Accepted Answer

A) True 
 B)False

Question 14

The first two steps in building a business model involve ____ and ____.

Accepted Answer

A) identifying position in the value chain / developing competitive advantage ​ 
B) identifying position in the value chain / creating customer value 
C) identifying investors / identifying competition. 
D) creating customer value / identifying sources of revenue 
E) developing competitive advantage / determining cost drivers 
A) identifying position in the value chain / developing competitive advantage ​ 
B) identifying position in the value chain / creating customer value 
C) identifying investors / identifying competition. 
D) creating customer value / identifying sources of revenue 
E) developing competitive advantage / determining cost drivers

Question 15

One part of the feasibility analysis addresses the business process. This part is called the ____.

Accepted Answer

A) product/service analysis 
B) financial analysis 
C) founding team assessment 
D) industry analysis 
E) None of these choices 
A) product/service analysis 
B) financial analysis 
C) founding team assessment 
D) industry analysis 
E) None of these choices

Question 16

Business models can change by: ​

Accepted Answer

A) Incrementally expanding the existing model geographically 
B) Revitalizing an established model 
C) Taking an existing model into a new area 
D) All of the above 
E) A and C only 
A) Incrementally expanding the existing model geographically 
B) Revitalizing an established model 
C) Taking an existing model into a new area 
D) All of the above 
E) A and C only

Question 17

Which type of business is most likely to be launched on the strength of a feasibility analysis alone?

Accepted Answer

A) Baked goods business ​ 
B) Technology business 
C) Internet-related business 
D) Clothing business 
E) Investment business 
A) Baked goods business ​ 
B) Technology business 
C) Internet-related business 
D) Clothing business 
E) Investment business

Question 18

In general, the ____ is the one who pays for the product.

Accepted Answer

A) company 
B) customer 
C) importer 
D) founder 
E) None of these choices 
A) company 
B) customer 
C) importer 
D) founder 
E) None of these choices

Question 19

The value chain includes the ____. ​

Accepted Answer

A) investors ​ 
B) capital requirements 
C) distribution channel 
D) product/service design 
E) employees 
A) investors ​ 
B) capital requirements 
C) distribution channel 
D) product/service design 
E) employees

Question 20

Give a concise description of the four elements of a business concept opportunity. ​

Accepted Answer

The description should include the custo

Once created, a properly constructed and researched business model will not need to change.

Among the costs to be considered in launching a new venture are:

What are the three questions that a feasibility analysis will answer?

One way to innovate with business models is to consider:

Briefly discuss the differences between a feasibility analysis and a business plan.

Prepare a feasibility analysis for a product or service you have thought about in the past and that may have market value. Answer the following questions: Is there a customer base? Do the capital requirements make sense? Can an appropriate start-up team be assembled?

Briefly discuss the importance of the feasibility test.

What of the following components of the business concept is least likely to ensure the success of the venture?

The more information an entrepreneur acquires through ____, the higher the chance that his or her predictions will be close to the mark, risk will be reduced and uncertainty managed.

Most businesses today produce both products and services that provide ____, which gives the company a competitive advantage.

The components of a business model include all of these except:

Uncertainty can be eliminated from the future by use of a solid business plan.

The first two steps in building a business model involve and .

One part of the feasibility analysis addresses the business process. This part is called the ____.

Business models can change by:

Which type of business is most likely to be launched on the strength of a feasibility analysis alone?

In general, the ____ is the one who pays for the product.

The value chain includes the ____.

Give a concise description of the four elements of a business concept opportunity.

Understanding Entrepreneurship

Preparing for the Entrepreneurial Journey

Creating Opportunity

Analyzing the Industry and Market

Prototyping a Solution

Protecting the Startups Assets

Calculating Startup Capital Requirements

Building the Founding Team

Preparing a Business Plan

Designing an Entrepreneurial Organization

Choosing the Legal Form of Organization

Developing the Startup Marketing Plan

Creating a Startup Funding Strategy

Incorporating Ethics and Social Responsibility Into the Business

Planning for Growth and Change

Funding Growth

Filters

Exam 5: Developing and Testing a Business Model

Once created, a properly constructed and researched business model will not need to change. ​

Among the costs to be considered in launching a new venture are: ​

What are the three questions that a feasibility analysis will answer?

One way to innovate with business models is to consider:

Briefly discuss the differences between a feasibility analysis and a business plan. ​

Prepare a feasibility analysis for a product or service you have thought about in the past and that may have market value. Answer the following questions: Is there a customer base? Do the capital requirements make sense? Can an appropriate start-up team be assembled?

Briefly discuss the importance of the feasibility test.

What of the following components of the business concept is least likely to ensure the success of the venture?

The more information an entrepreneur acquires through ____, the higher the chance that his or her predictions will be close to the mark, risk will be reduced and uncertainty managed.

Most businesses today produce both products and services that provide ____, which gives the company a competitive advantage.

The components of a business model include all of these except:

Uncertainty can be eliminated from the future by use of a solid business plan. ​

The first two steps in building a business model involve ____ and ____.

One part of the feasibility analysis addresses the business process. This part is called the ____.

Business models can change by: ​

Which type of business is most likely to be launched on the strength of a feasibility analysis alone?

In general, the ____ is the one who pays for the product.

The value chain includes the ____. ​

Give a concise description of the four elements of a business concept opportunity. ​

Understanding Entrepreneurship

Preparing for the Entrepreneurial Journey

Creating Opportunity

Analyzing the Industry and Market

Prototyping a Solution

Protecting the Startups Assets

Calculating Startup Capital Requirements

Building the Founding Team

Preparing a Business Plan

Designing an Entrepreneurial Organization

Choosing the Legal Form of Organization

Developing the Startup Marketing Plan

Creating a Startup Funding Strategy

Incorporating Ethics and Social Responsibility Into the Business

Planning for Growth and Change

Funding Growth

Filters

Once created, a properly constructed and researched business model will not need to change.

Among the costs to be considered in launching a new venture are:

Briefly discuss the differences between a feasibility analysis and a business plan.

Uncertainty can be eliminated from the future by use of a solid business plan.

The first two steps in building a business model involve and .

Business models can change by:

The value chain includes the ____.

Give a concise description of the four elements of a business concept opportunity.