Question 1

What is meant by the term venture concept?

Accepted Answer

A) a two to three sentence description of what the problem the product or service addresses, the market, and the value proposition 
B) the revenue model 
C) the startup requirements 
D) the position of the company in the competitive environment 
A) a two to three sentence description of what the problem the product or service addresses, the market, and the value proposition 
B) the revenue model 
C) the startup requirements 
D) the position of the company in the competitive environment A

Question 2

What areas would be explored under the "R" phase of TRIM planning?

Accepted Answer

A) who needs to be on the start team 
B) the assets needed to start the business 
C) the benefits of your product 
D) knowing who your customer will be 
A) who needs to be on the start team 
B) the assets needed to start the business 
C) the benefits of your product 
D) knowing who your customer will be B

Question 3

The Customer section of the business model canvas in the book lists the market size.How was this estimated?

Accepted Answer

A) the size of the U.S.Indian population, including students in the United States 
B) the size of the student population 
C) the number of food explorers 
D) the number of millennials 
A) the size of the U.S.Indian population, including students in the United States 
B) the size of the student population 
C) the number of food explorers 
D) the number of millennials A

Question 4

Which of the following is an example of the dedication to a level of professionalism practiced by Bark 'N Leash?

Accepted Answer

A) a strong market research background 
B) the impressive credentials of the dog walkers 
C) a resume is provided explaining the background of the assigned walker 
D) a thoughtful intake survey asking questions about the dog's habits and background 
A) a strong market research background 
B) the impressive credentials of the dog walkers 
C) a resume is provided explaining the background of the assigned walker 
D) a thoughtful intake survey asking questions about the dog's habits and background

Question 5

Support for writing a business plan can be found at the www.sba.gov site.

Accepted Answer

A) True 
 B)False

Question 6

Killian decides that he needs a few days away from it all to think out his ideas.He takes up an offer from a friend to spend a few days in his mountain cabin.During this time, Killian imagines what his business will look like in 3 years.He pictures his customers using his product and coming into his facility.Killian is engaging in a practice called:

Accepted Answer

A) Strategic Planning 
B) Vivid Vision 
C) Detailing 
D) Business Model Canvas 
A) Strategic Planning 
B) Vivid Vision 
C) Detailing 
D) Business Model Canvas

Question 7

What areas would be explored under the "I" phase of TRIM planning?

Accepted Answer

A) deciding whether equipment should be loaned or leased 
B) deciding what trends support the business or product idea 
C) determining the cost of acquiring a customer 
D) determining the market size 
A) deciding whether equipment should be loaned or leased 
B) deciding what trends support the business or product idea 
C) determining the cost of acquiring a customer 
D) determining the market size

Question 8

What is included in the Development Plan section of the business plan?

Accepted Answer

A) bank statements 
B) developmental expenses 
C) company organization 
D) the marketing plan 
A) bank statements 
B) developmental expenses 
C) company organization 
D) the marketing plan

Question 9

What would be the best part of developing a business plan?

Accepted Answer

A) clarifying concepts with team members and partners 
B) knowing whether your business should or should not get started 
C) gaining experience in pitching your product or service 
D) understanding all the components of your business 
A) clarifying concepts with team members and partners 
B) knowing whether your business should or should not get started 
C) gaining experience in pitching your product or service 
D) understanding all the components of your business

Question 10

Jason thinks it would be a good idea to start his presentation with a joke in order to break the ice during a business plan presentation.What should Jason be aware of?

Accepted Answer

A) Keep the jokes to one or two so that the audience is not distracted. 
B) Jokes would be considered fluff, irrelevant information for the plan communication. 
C) Jokes should be saved for the end of the presentation. 
D) In general, it is a good idea and recommended as part of warming up to the audience. 
A) Keep the jokes to one or two so that the audience is not distracted. 
B) Jokes would be considered fluff, irrelevant information for the plan communication. 
C) Jokes should be saved for the end of the presentation. 
D) In general, it is a good idea and recommended as part of warming up to the audience.

Question 11

In a study by William Gartner from Clemson University, what was the importance of a business plan?

Accepted Answer

A) It increases the likelihood that entrepreneurs will actually set up their businesses. 
B) The business plan was required for the business to move ahead. 
C) The business plan almost guaranteed success. 
D) The business plan had no impact on the business. 
A) It increases the likelihood that entrepreneurs will actually set up their businesses. 
B) The business plan was required for the business to move ahead. 
C) The business plan almost guaranteed success. 
D) The business plan had no impact on the business.

Question 12

The act of envisioning the future actions and methods of your business is called which of the following?

Accepted Answer

A) actioning 
B) planning 
C) creative daydreaming 
D) visioning 
A) actioning 
B) planning 
C) creative daydreaming 
D) visioning

Question 13

What areas would be explored under the M-phase of TRIM planning?

Accepted Answer

A) deciding whether equipment should be loaned or leased 
B) deciding what trends support the business or product idea 
C) determining the cost of acquiring a customer 
D) determining the market size 
A) deciding whether equipment should be loaned or leased 
B) deciding what trends support the business or product idea 
C) determining the cost of acquiring a customer 
D) determining the market size

Question 14

How should one go about testing a product?

Accepted Answer

A) test it through the Small Business Administration 
B) run a simulation test in a focus group 
C) collect data, gather feedback, and test models in the real world 
D) just start the business in order not to lose time 
A) test it through the Small Business Administration 
B) run a simulation test in a focus group 
C) collect data, gather feedback, and test models in the real world 
D) just start the business in order not to lose time

Question 15

Anthony writes notes that answer the questions, "what will customers say about me in three years?" "what will the marketing be like?" and "how will the company be run on a day-by-day basis?" These questions are part of the:

Accepted Answer

A) Vivid Vision Checklist 
B) the Then Question Checklist 
C) the marketing plan 
D) the financial plan 
A) Vivid Vision Checklist 
B) the Then Question Checklist 
C) the marketing plan 
D) the financial plan

Question 16

What areas would be explored under the "T" phase of TRIM?

Accepted Answer

A) who needs to be on the start team 
B) the assets needed to start the business 
C) the benefits of your product 
D) knowing who your customer will be 
A) who needs to be on the start team 
B) the assets needed to start the business 
C) the benefits of your product 
D) knowing who your customer will be

Question 17

What competitive strategy did Bark 'N Leash learn from observing posts of competitors' Facebook and Instagram sites?

Accepted Answer

A) establishing locations 
B) learning about competitor weaknesses in customer service, marketing, and operational skills 
C) learning the different areas where dog walking was allowed 
D) hours of service 
A) establishing locations 
B) learning about competitor weaknesses in customer service, marketing, and operational skills 
C) learning the different areas where dog walking was allowed 
D) hours of service

Question 18

Imagine that you are starting a small dollar store in your community.Describe what you would consider in implementing the "T" aspect of the TRIM process.

Accepted Answer

Who needs to be on the team, what type o

Question 19

David writes the following at the start of his business plan: "Computers are used by almost everyone in today's tech-savvy world.Computers are here to stay." What advice would you give David?

Accepted Answer

A) Reserve this statement for the marketing section of the business plan. 
B) Reserve this statement for the risk section of the business plan. 
C) Remove the statement.It does not communicate new information. 
D) Keep the statement where it is as it will help establish the market size. 
A) Reserve this statement for the marketing section of the business plan. 
B) Reserve this statement for the risk section of the business plan. 
C) Remove the statement.It does not communicate new information. 
D) Keep the statement where it is as it will help establish the market size.

Question 20

What would an investor find impressive in the founding team of India in a Box?

Accepted Answer

A) a mix of skills including computer engineering, nutrition, food establishment experience, and marketing 
B) Indian names and background 
C) an intern who may not stay with the company 
D) a dedication to the food industry 
A) a mix of skills including computer engineering, nutrition, food establishment experience, and marketing 
B) Indian names and background 
C) an intern who may not stay with the company 
D) a dedication to the food industry

What is meant by the term venture concept?

What areas would be explored under the "R" phase of TRIM planning?

The Customer section of the business model canvas in the book lists the market size.How was this estimated?

Which of the following is an example of the dedication to a level of professionalism practiced by Bark 'N Leash?

Support for writing a business plan can be found at the www.sba.gov site.

What areas would be explored under the "I" phase of TRIM planning?

What is included in the Development Plan section of the business plan?

What would be the best part of developing a business plan?

Jason thinks it would be a good idea to start his presentation with a joke in order to break the ice during a business plan presentation.What should Jason be aware of?

In a study by William Gartner from Clemson University, what was the importance of a business plan?

The act of envisioning the future actions and methods of your business is called which of the following?

What areas would be explored under the M-phase of TRIM planning?

How should one go about testing a product?

Anthony writes notes that answer the questions, "what will customers say about me in three years?" "what will the marketing be like?" and "how will the company be run on a day-by-day basis?" These questions are part of the:

What areas would be explored under the "T" phase of TRIM?

What competitive strategy did Bark 'N Leash learn from observing posts of competitors' Facebook and Instagram sites?

Imagine that you are starting a small dollar store in your community.Describe what you would consider in implementing the "T" aspect of the TRIM process.

David writes the following at the start of his business plan: "Computers are used by almost everyone in today's tech-savvy world.Computers are here to stay." What advice would you give David?

What would an investor find impressive in the founding team of India in a Box?

Entrepreneurship: a Global Social Movement

Practicing Entrepreneurship

Developing an Entrepreneurial Mindset

Supporting Social Entrepreneurship

Generating New Ideas

Using Design Thinking

Testing and Experimenting in Markets

Building Business Models

Creating Revenue Models

Learning From Failure

Bootstrapping for Resources

Financing for Startups

Developing Networks

Navigating Legal and Ip Issues

Marketing and Pitching Your Idea

Financial Statements and Projections for Startups

the Pitch Deck

Filters

Exam 9: Planning for Entrepreneurs

What is meant by the term venture concept?

What areas would be explored under the "R" phase of TRIM planning?

The Customer section of the business model canvas in the book lists the market size.How was this estimated?

Which of the following is an example of the dedication to a level of professionalism practiced by Bark 'N Leash?

Support for writing a business plan can be found at the www.sba.gov site.

What areas would be explored under the "I" phase of TRIM planning?

What is included in the Development Plan section of the business plan?

What would be the best part of developing a business plan?

Jason thinks it would be a good idea to start his presentation with a joke in order to break the ice during a business plan presentation.What should Jason be aware of?

In a study by William Gartner from Clemson University, what was the importance of a business plan?

The act of envisioning the future actions and methods of your business is called which of the following?

What areas would be explored under the M-phase of TRIM planning?

How should one go about testing a product?

Anthony writes notes that answer the questions, "what will customers say about me in three years?" "what will the marketing be like?" and "how will the company be run on a day-by-day basis?" These questions are part of the:

What areas would be explored under the "T" phase of TRIM?

What competitive strategy did Bark 'N Leash learn from observing posts of competitors' Facebook and Instagram sites?

Imagine that you are starting a small dollar store in your community.Describe what you would consider in implementing the "T" aspect of the TRIM process.

David writes the following at the start of his business plan: "Computers are used by almost everyone in today's tech-savvy world.Computers are here to stay." What advice would you give David?

What would an investor find impressive in the founding team of India in a Box?

Entrepreneurship: a Global Social Movement

Practicing Entrepreneurship

Developing an Entrepreneurial Mindset

Supporting Social Entrepreneurship

Generating New Ideas

Using Design Thinking

Testing and Experimenting in Markets

Building Business Models

Creating Revenue Models

Learning From Failure

Bootstrapping for Resources

Financing for Startups

Developing Networks

Navigating Legal and Ip Issues

Marketing and Pitching Your Idea

Financial Statements and Projections for Startups

the Pitch Deck

Filters