Question 1

The authors recommend that a small company restrict the number of licenses it issues to how many competitors?

Accepted Answer

A)  Three or four 
B)  Five or six 
C)  Two or three 
D)  One or two 
A)  Three or four 
B)  Five or six 
C)  Two or three 
D)  One or two

Question 2

A business model based on information sharing can provide low barriers against competitors because the costs involved in integrating incompatible data and computer systems can be prohibitive.

Accepted Answer

A) True 
 B)False

Question 3

When seeking a product market fit, an entrepreneur should:

Accepted Answer

A)  Consider the customer's problem, the customer's challenges in resolving the problem, and the severity of the customer's pain points within the process. 
B)  Research the customer's current solution to the problem and identify what the customer may "gain" from a better solution. 
C)  Both a and b are parts of assessing product market fit. 
D)  Neither a or b relate to assessing product market fit. 
A)  Consider the customer's problem, the customer's challenges in resolving the problem, and the severity of the customer's pain points within the process. 
B)  Research the customer's current solution to the problem and identify what the customer may "gain" from a better solution. 
C)  Both a and b are parts of assessing product market fit. 
D)  Neither a or b relate to assessing product market fit.

Question 4

A ________________________ is an approach to test a product's alignment with customer needs and expectations and collect the maximum amount of validated learning about customers with the least effort.

Accepted Answer

A)  Revenue streams 
B)  "tinyUpdates" Business Model Canvas. 
C)  Minimum Viable Product 
D)  Customer segmentation 
A)  Revenue streams 
B)  "tinyUpdates" Business Model Canvas. 
C)  Minimum Viable Product 
D)  Customer segmentation

Question 5

Building social networks into your business is a way of getting sales leads and new ideas for products or services from your customers

Accepted Answer

A) True 
 B)False

Question 6

____________________is the ability to capture data on customer requirements and using it to create unique services or products can be a powerful way of adding value and keeping out competitors.

Accepted Answer

A)  Collaborative filtering 
B)  Performance 
C)  First-movers advantage 
D)  Mining the long-tail 
A)  Collaborative filtering 
B)  Performance 
C)  First-movers advantage 
D)  Mining the long-tail

Question 7

If you can enter the market and build your data-base before anyone else, you achieve
_______________in which it becomes harder and harder for competitors to get into the market and convince your customers to switch.

Accepted Answer

A)  non-compete stipulation. 
B)  first-movers advantage. 
C)  data mining. 
D)  mining the long tail 
A)  non-compete stipulation. 
B)  first-movers advantage. 
C)  data mining. 
D)  mining the long tail

Question 8

_________may prevent a license from just sitting on the rights and not trying to generate sales.

Accepted Answer

A)  Running royalties 
B)  Minimums 
C)  Up-front fees 
D)  Marketing 
A)  Running royalties 
B)  Minimums 
C)  Up-front fees 
D)  Marketing

Question 9

A ______________ is that version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least effort.

Accepted Answer

Minimum Vi

Question 10

A(n) _________ license provides just one licensee the rights stated in the agreement.

Accepted Answer

The answer of A(n) _________ license provides just one licensee...

Question 11

The federal government has issued regulations that require franchisors to prepare an extensive disclosure document called _______.

Accepted Answer

A)  UFCO 
B)  UFCC 
C)  UFOC 
D)  UFDC 
A)  UFCO 
B)  UFCC 
C)  UFOC 
D)  UFDC

Question 12

An entrepreneur should not seek to be a franchisee or build a business as a franchisor without seeking competent legal advice.

Accepted Answer

A) True 
 B)False

Question 13

A business model provides a framework in which entrepreneurs can examine their business plans and explore alternative ways for their companies to function and grow profitably while building barriers to ward off competitors.

Accepted Answer

A) True 
 B)False

Question 14

____________ are paid as a percentage of net sales of products or services.

Accepted Answer

The answer of ____________ are paid as a percentage of...

Question 15

A(n) ________ provides a framework in which entrepreneurs can examine their business plans and explore alternative ways for their companies to function and grow profitably while building barriers to ward off competitors.

Accepted Answer

The answer of A(n) ________ provides a framework in which...

Question 16

A franchise agreement need not have the following conditions stated:

Accepted Answer

A)  Payments that must be made to the franchisor 
B)  The location where the franchisee may operate 
C)  Guidelines on using the franchisor's brand 
D)  The expiration date of the patent that is being franchised 
A)  Payments that must be made to the franchisor 
B)  The location where the franchisee may operate 
C)  Guidelines on using the franchisor's brand 
D)  The expiration date of the patent that is being franchised

Question 17

Which of the following is NOT a correct matching of business canvas model elements:

Accepted Answer

A)  Channels - the means with which you communicate with your customer segment(s) to deliver your value proposition. 
B)  Revenue Stream - the physical, financial, intellectual or human assets needed to deliver your value proposition(s). 
C)  Key Activities - critical actions needed to execute your business model. 
D)  Cost Structure - the main costs incurred in order to execute your business model. 
A)  Channels - the means with which you communicate with your customer segment(s) to deliver your value proposition. 
B)  Revenue Stream - the physical, financial, intellectual or human assets needed to deliver your value proposition(s). 
C)  Key Activities - critical actions needed to execute your business model. 
D)  Cost Structure - the main costs incurred in order to execute your business model.

Question 18

______________________________ are reasons the customer segment(s) will use your products or services instead of those from a competitor.

Accepted Answer

A)  Value propositions 
B)  Key partnerships 
C)  Channels 
D)  Communication 
A)  Value propositions 
B)  Key partnerships 
C)  Channels 
D)  Communication

Question 19

We live in a global economy where changes occur ____________.

Accepted Answer

A)  slowly 
B)  primarily within borders of economy 
C)  rapidly 
D)  only with governmental intervention only 
A)  slowly 
B)  primarily within borders of economy 
C)  rapidly 
D)  only with governmental intervention only

Question 20

For a franchise agreement, the typical length of agreement for initial period is around:

Accepted Answer

A)  8 years 
B)  9 years 
C)  7 years 
D)  10 years 
A)  8 years 
B)  9 years 
C)  7 years 
D)  10 years

The authors recommend that a small company restrict the number of licenses it issues to how many competitors?

A business model based on information sharing can provide low barriers against competitors because the costs involved in integrating incompatible data and computer systems can be prohibitive.

When seeking a product market fit, an entrepreneur should:

A ________________________ is an approach to test a product's alignment with customer needs and expectations and collect the maximum amount of validated learning about customers with the least effort.

Building social networks into your business is a way of getting sales leads and new ideas for products or services from your customers

____________________is the ability to capture data on customer requirements and using it to create unique services or products can be a powerful way of adding value and keeping out competitors.

If you can enter the market and build your data-base before anyone else, you achieve _______________in which it becomes harder and harder for competitors to get into the market and convince your customers to switch.

_________may prevent a license from just sitting on the rights and not trying to generate sales.

A ______________ is that version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least effort.

A(n) _________ license provides just one licensee the rights stated in the agreement.

The federal government has issued regulations that require franchisors to prepare an extensive disclosure document called _______.

An entrepreneur should not seek to be a franchisee or build a business as a franchisor without seeking competent legal advice.

A business model provides a framework in which entrepreneurs can examine their business plans and explore alternative ways for their companies to function and grow profitably while building barriers to ward off competitors.

____________ are paid as a percentage of net sales of products or services.

A(n) ________ provides a framework in which entrepreneurs can examine their business plans and explore alternative ways for their companies to function and grow profitably while building barriers to ward off competitors.

A franchise agreement need not have the following conditions stated:

Which of the following is NOT a correct matching of business canvas model elements:

______________________________ are reasons the customer segment(s) will use your products or services instead of those from a competitor.

We live in a global economy where changes occur ____________.

For a franchise agreement, the typical length of agreement for initial period is around:

Understanding the Entrepreneurial Process

Converting Ideas Into Opportunities

Engaging Customers, Analyzing Competitors, for Market Entry Strategy

Preparing the Investor Package

Setting up the Company

Protecting Intellectual Property

Launching and Financing Your Venture

Equity Financing for High Growth

Managing Start-Up Performance/money and People

Pitching the Venture to Investors

Planning Your Exit

Filters

Exam 3: Framing and Testing the Business Model

The authors recommend that a small company restrict the number of licenses it issues to how many competitors?

A business model based on information sharing can provide low barriers against competitors because the costs involved in integrating incompatible data and computer systems can be prohibitive.

When seeking a product market fit, an entrepreneur should:

A ________________________ is an approach to test a product's alignment with customer needs and expectations and collect the maximum amount of validated learning about customers with the least effort.

Building social networks into your business is a way of getting sales leads and new ideas for products or services from your customers

____________________is the ability to capture data on customer requirements and using it to create unique services or products can be a powerful way of adding value and keeping out competitors.

If you can enter the market and build your data-base before anyone else, you achieve _______________in which it becomes harder and harder for competitors to get into the market and convince your customers to switch.

_________may prevent a license from just sitting on the rights and not trying to generate sales.

A ______________ is that version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least effort.

A(n) _________ license provides just one licensee the rights stated in the agreement.

The federal government has issued regulations that require franchisors to prepare an extensive disclosure document called _______.

An entrepreneur should not seek to be a franchisee or build a business as a franchisor without seeking competent legal advice.

A business model provides a framework in which entrepreneurs can examine their business plans and explore alternative ways for their companies to function and grow profitably while building barriers to ward off competitors.

____________ are paid as a percentage of net sales of products or services.

A(n) ________ provides a framework in which entrepreneurs can examine their business plans and explore alternative ways for their companies to function and grow profitably while building barriers to ward off competitors.

A franchise agreement need not have the following conditions stated:

Which of the following is NOT a correct matching of business canvas model elements:

______________________________ are reasons the customer segment(s) will use your products or services instead of those from a competitor.

We live in a global economy where changes occur ____________.

For a franchise agreement, the typical length of agreement for initial period is around:

Understanding the Entrepreneurial Process

Converting Ideas Into Opportunities

Engaging Customers, Analyzing Competitors, for Market Entry Strategy

Preparing the Investor Package

Setting up the Company

Protecting Intellectual Property

Launching and Financing Your Venture

Equity Financing for High Growth

Managing Start-Up Performance/money and People

Pitching the Venture to Investors

Planning Your Exit

Filters