Exam 5: Developing and Testing a Business Model

_____ describes the various ways that an entrepreneur plans to make money.

Philosopher-mathematician Nassim Taleb calls businesses _____ when they guard what they cannot afford to lose and take risks with 10 percent of the business.

Products often go through channel intermediaries such as _____ and _____.

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 and market of sufficient size to make the concept viable and able to grow? Do the capital requirements to start and operate to a positive cash flow make sense? Can an appropriate startup or founding team be assembled to effectively execute the concept?

List the various components of a business model.

Probabilities can be attached to uncertainty.

Entrepreneurs who use a _____ model want to create premium experiences for their customers that typically involve personalized service and luxury facilities and products.

One of the most important components of the business model is identifying the _____ that will flow from the products and services being offered.

Every business needs to _____ to grow.

In a(n) _____ cost structure, the primary costs of a business come from customer acquisition and maintaining relationships with customers.