Entrepreneurship I: Laying the Foundation Quiz Answers

Entrepreneurship I: Laying the Foundation Quiz Answers

Module 1 Quiz

Q1. Entrepreneurship is the discovery, evaluation, and exploitation of opportunities.

  • True
  • False

Q2. Who is an entrepreneur?

  • Someone who undertakes a major project
  • Someone who introduces new ways of doing things that enhances efficiency and productivity
  • Someone who reforms or revolutionizes the pattern of production
  • All of the above

Q3. What common thread links creativity, innovation, and entrepreneurship?

  • Organizing skills
  • Leadership
  • Risk acceptance
  • Passion

Q4. Which of these are the traits of entrepreneurs?

  1. Creative problem solvers
  2. Aware about market
  3. Action oriented
  4. Value creators
  5. Able to take calculated risks
  6. Able to communicate vision and gain buy-in from others
  • 1, 2, 6 only
  • 2, 3, 4 only
  • 3, 4, 5 only
  • All are correct

Q5. Two of the most common triggering events for entrepreneurs to start a new venture are job loss and job dissatisfaction.

  • True
  • False

Q6. Where do most entrepreneurial ideas come from?

  • Personal experiences
  • Customers
  • Markets
  • All of the above

Q7. Choose the alternative that DOES NOT deliver a value proposition in a business-to-business (B2B) setting?

  • Help customers make more money
  • Help customers save money
  • Help customer enhance their status in some way
  • Help customer reduce risk to their business

Q8. The lifetime value of a customer is an estimate of the total amount of profit that one can expect to gain from each customer over the time that they are doing business with the company.

  • True
  • False

Q9. Why might an investor want to invest in a startup?

  • To make money
  • To make the world a better place
  • To have fun
  • All of the above

Q10. Who are early-adopter customers?

  • Customers who don’t know that they have the problem that you’re solving
  • Customers who already know that they have the problem that no one is solving
  • Customers who already know that they have the problem that you’re solving
  • None of the above

Entrepreneurship I: Laying the Foundation Week 02 Quiz Answers

Module 2 Quiz

Q1. The process of creating a good value proposition includes the following except:

  • Lining up the features and benefits of the product to the real need for the solution to the customer’s pains
  • Offering a solution that is a ‘need to have’
  • Offering a solution that is a ‘nice to have’
  • Clarity in the formulation of the statement

Q2. The concept of a chronic pain is defined as a problem that is always existing in the customer’s life, and for which they want an urgent solution.

  • True
  • False

Q3. Customers may learn to live with a chronic pain, but an acute pain is immediate and pressing and hard to ignore.

  • True
  • False

Q4. One way to increase the likelihood of raising venture capital for a business is to find a target market that is big enough for building a viable, profitable business.

  • True
  • False

Q5. The top-down approach for market sizing may be very efficient in comparison to the bottom-up approach, but it typically isn’t as valid as the latter.

  • True
  • False

Q6. Which of the following steps belongs in a bottom-up market sizing process?

  • Not defining the target customers
  • Not determining the target customers’ job positions
  • Not communicating with a sample of target customers
  • Assessing the notions that motivate the target customers
  • None of the above

Q7. Obtaining information about the market size is crucial for determining a good target customer segment for launching any business. It can be done by (a) searching on the web, reading articles or press releases and/or (b) directly communicating with the potential customers, competitors and industry participants. The former is a ____ source of information, while the latter is a ____ source of information.

  • Primary; secondary
  • Primary; tertiary
  • Secondary; primary
  • Secondary; tertiary

Q8. In your market size you need to show your

  • Total available market, serviceable available market, serviceable obtainable market
  • Total active members, serviceable available market, sizable operational managers
  • Total active members, sequential available market, sizable objective market
  • Total available market, size of active market, serviceable official members

Q9. A pain killer product/service:

  • Provides a value to the customer, but the value is not always immediate or pressing
  • Solves an immediate and hopefully urgent need for your customer
  • Doesn’t add any value to the customer
  • None of the above

Q10. Political factors that could affect the business include the following?

  • Government regulations
  • Tax policies
  • Employment laws
  • International trade restrictions
  • All of the above

Q11. In addition to demographics, such as population and income, social factors also include changes in attitudes and lifestyles.

  • True
  • False

Entrepreneurship I: Laying the Foundation Week 03 Quiz Answers

Module 3 Quiz

Q1. Your startup is only as strong as your startup team.

  • True
  • False

Q2. Startup team dynamics should include:

  • A shared vision
  • A shared passion
  • Complementary skills
  • Trust
  • All of the above

Q3. One way to address experience gaps in a startup team is to recruit advisors with deep industry, technology, or entrepreneurial skills

  • True
  • False

Q4. Leaders should demonstrate to the team that they are competent to achieve the vision and that they have a roadmap for the team to achieve that vision.

  • True
  • False

Q5. Many venture capitalists would rather invest in a B team with an A idea.

  • True
  • False

Q6. What is/are the characteristic(s) of great team members?

  • Deep understanding of the market
  • Expertise in product
  • Management talent
  • All of the above

Q7. Why would an employee want to get involved in a startup?

  • To earn a lot of money
  • Make the world a better place
  • To have fun
  • All of the above

Q8. Guy Kawasaki, in his book The Art of the Start says: “A players hire A+ players.” What does this mean?

  • The new members have A+ grades.
  • None of the new members have bad grades.
  • A good leader hires employees who are better than the leader him/herself.
  • None of the above

Q9. In the context of developing a product, what does the acronym “MVP” stand for?

  • Maximum value product
  • Maximum volume product
  • Minimum value product
  • Minimum viable product

Q10. What are the responsibilities of a leader?

  • Be a role model
  • Recruit best possible team
  • Able to communicate vision
  • All of the above

Entrepreneurship I: Laying the Foundation Week 04 Quiz Answers

Module 4 Quiz

Q1. One of the goals of customer discovery is to find potential early adopter customers.

  • True
  • False

Q2. It is highly recommended to use a minimum value product (MVP) in the very beginning of the customer discovery process.

  • True
  • False

Q3. What is customer discovery?

  • Finding customers in unexpected places
  • Finding customers in already established market
  • Reaching out to customers, understanding their needs, and getting their feedback on your potential solution
  • None of the above

Q4. It is advisable to conduct group interviews with potential customers during customer discovery.

  • True
  • False

Q5. According to Geoffrey Moore, the ________ separates early adopters from the majority. (Fill in the blank.)

  • Border
  • Fence
  • Chasm
  • None of the above

Q6. Kickstarter campaigns to raise funds for startup projects are based on principle of “all or nothing.”

  • True
  • False

Q7.Crowdfunding is the practice of raising money ________.

  • In big amounts from few investors
  • In big amounts from many investors
  • In small amounts from many investors
  • None of the above

Q8. Crowdfunding can be classified into two categories: _______ and _______ crowdfunding. (Fill in the blanks.)

  • Debt; equity
  • Preferential; ordinary
  • Rewards-based; equity
  • None of the above

Q9. You need to identify enough early adopters to confirm that you can grow your sales and build a viable business.

  • True
  • False

Q10. If you have a free solution:

  • You may need only one early adopter.
  • You may need hundreds of early adopters.
  • You may need many thousands of early adopters.
  • None of the above
Conclusion:

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