UNIT 1 The Business Plan LESSON 8 Flashcards. 15 questions
1. Sheng is a young entrepreneur who hopes to attract funding for his new home security camera business. Before creating his business plan, Sheng considers the product’s feasibility from a number of perspectives, including the potential competition in the marketplace and his product’s potential for making a profit. What else should Sheng consider in his feasibility analysis?
(1 point)
Responses
what’s going on in the security camera market
which type of legal business entity he should create
how he plans to effectively communicate with partners
2. why having enthusiasm for his idea is the most important thing
A recent business plan for a new industrial cleaning product included a slide titled “Penetrate Alkaline-Based B2C Chemical Converter @ 30% YOY.” Which is a potential problem with including text like this in a business plan?
(1 point)
Responses
It might not be understood by most people.
It sounds cautious about the product’s potential.
It doesn’t speak directly to the investors.
It doesn’t tell a convincing story.
3. Which is a method for tamping down the initial excitement of a potentially “winning” idea during the ideation stage?
(1 point)
Responses
Ask yourself if the idea reflects your company’s mission and vision.
See if the idea still seems like a good one after a few days have passed.
Build a simple prototype and show it to members of the target market.
Consider how you would feel if you didn’t move forward with the idea.
4. A business plan is to a new business as a _____ is to a new house.
(1 point)
Responses
front yard
foundation
mortgage
mailbox
5. Leo is thinking about opening a greeting card store on the main street in his small town. In addition to thinking about the business’s feasibility in terms of the customers he hopes to attract, which aspects of feasibility should Leo prioritize during his initial research?
(1 point)
Responses
skills, abilities
laws, codes
trends, competitors
resources, labor
6. Which is the SECOND step in developing a business idea?
(1 point)
Responses
generate multiple ideas
develop a minimally viable version
test the product with customers
decide if the idea is feasible
7. Which is the LAST step in developing a new business idea?
(1 point)
Responses
generating additional concepts
planning for unforeseen setbacks
testing a prototype with customers
deciding if an idea is feasible
8. The idea of selling flavored water to dogs in an example of:
(1 point)
Responses
a business idea not rising to the level of a business opportunity that meets customer demand.
an idea that was difficult to implement for the actual users.
how a business plan should highlight the experience of the CEO.
an unconventional product being offered to interested customers.
9. Originally named Mrs. Fields’ Chocolate Chippery, Debbi Fields and her husband grew Mrs. Field’s to a company of over 400 locations and 4,000 employees. In describing the many obstacles that she overcame along the way, to what does Debbi Fields credit for her persistence?
(1 point)
Responses
Focusing on doing what you love
Knowing how to deal with success
Giving back to your community
Hiring talented family members
10. Which is a focus of the ideation step?
(1 point)
Responses
to think about which products the target market uses most often
to research how a similar product has been received in the market
to generate as many potential business ideas as possible
to narrow the list of ideas down to only the most feasible ones
11. A solid business _____ addresses a customer’s _____.
(1 point)
Responses
plan; impulses
idea; values
opportunity; needs
Strategy; likes
12. In the case of Segway, makers of the Segway personal mobility vehicle, the company discovered that individuals would be reluctant to purchase their products for personal use only after it had spent over $100 million in research and development. Instead of scrapping the product, Segway shifted their sales and marketing toward organizations like police departments and warehouse operators, where they could be successful. Which phrase BEST describes the approach they took?
(1 point)
Responses
Pivoting to new market
Refining an existing offering
Creating a minimally viable product
Using feedback to iterate on a product
13. Once a potential business concept has been proven to be financially feasible, which aspect of the business plan should the entrepreneur consider NEXT?
(1 point)
Responses
the investors
the ideation
the market
the presentation
14. Which word BEST describes the role of a business plan?
(1 point)
Responses
permanent
essential
optional
exhaustive
15. Hannah is an entrepreneur with a wide range of interests and a natural talent for facts and figures. As she starts to generate ideas for her potential new business, what guidance would she be smart to follow?
(1 point)
Responses
Focus on generating only high-quality ideas.
Never forget that the customer is right.
Don’t limit yourself in your thinking.
Ask yourself: is it a groundbreaking idea?
do you know all the answers to 15 questions
3 answers
1. Sheng is a young entrepreneur who hopes to attract funding for his new home security camera business. Before creating his business plan, Sheng considers the product’s feasibility from a number of perspectives, including the potential competition in the marketplace and his product’s potential for making a profit. What else should Sheng consider in his feasibility analysis?
(1 point)
Responses
what’s going on in the security camera market
which type of legal business entity he should create
how he plans to effectively communicate with partners
2. why having enthusiasm for his idea is the most important thing
A recent business plan for a new industrial cleaning product included a slide titled “Penetrate Alkaline-Based B2C Chemical Converter @ 30% YOY.” Which is a potential problem with including text like this in a business plan?
(1 point)
Responses
It might not be understood by most people.
It sounds cautious about the product’s potential.
It doesn’t speak directly to the investors.
It doesn’t tell a convincing story.
3. Which is a method for tamping down the initial excitement of a potentially “winning” idea during the ideation stage?
(1 point)
Responses
Ask yourself if the idea reflects your company’s mission and vision.
See if the idea still seems like a good one after a few days have passed.
Build a simple prototype and show it to members of the target market.
Consider how you would feel if you didn’t move forward with the idea.
4. A business plan is to a new business as a _____ is to a new house.
(1 point)
Responses
front yard
foundation
mortgage
mailbox
5. Leo is thinking about opening a greeting card store on the main street in his small town. In addition to thinking about the business’s feasibility in terms of the customers he hopes to attract, which aspects of feasibility should Leo prioritize during his initial research?
(1 point)
Responses
skills, abilities
laws, codes
trends, competitors
resources, labor
6. Which is the SECOND step in developing a business idea?
(1 point)
Responses
generate multiple ideas
develop a minimally viable version
test the product with customers
decide if the idea is feasible
7. Which is the LAST step in developing a new business idea?
(1 point)
Responses
generating additional concepts
planning for unforeseen setbacks
testing a prototype with customers
deciding if an idea is feasible
8. The idea of selling flavored water to dogs in an example of:
(1 point)
Responses
a business idea not rising to the level of a business opportunity that meets customer demand.
an idea that was difficult to implement for the actual users.
how a business plan should highlight the experience of the CEO.
an unconventional product being offered to interested customers.
9. Originally named Mrs. Fields’ Chocolate Chippery, Debbi Fields and her husband grew Mrs. Field’s to a company of over 400 locations and 4,000 employees. In describing the many obstacles that she overcame along the way, to what does Debbi Fields credit for her persistence?
(1 point)
Responses
Focusing on doing what you love
Knowing how to deal with success
Giving back to your community
Hiring talented family members
10. Which is a focus of the ideation step?
(1 point)
Responses
to think about which products the target market uses most often
to research how a similar product has been received in the market
to generate as many potential business ideas as possible
to narrow the list of ideas down to only the most feasible ones
11. A solid business _____ addresses a customer’s _____.
(1 point)
Responses
plan; impulses
idea; values
opportunity; needs
Strategy; likes
12. In the case of Segway, makers of the Segway personal mobility vehicle, the company discovered that individuals would be reluctant to purchase their products for personal use only after it had spent over $100 million in research and development. Instead of scrapping the product, Segway shifted their sales and marketing toward organizations like police departments and warehouse operators, where they could be successful. Which phrase BEST describes the approach they took?
(1 point)
Responses
Pivoting to new market
Refining an existing offering
Creating a minimally viable product
Using feedback to iterate on a product
13. Once a potential business concept has been proven to be financially feasible, which aspect of the business plan should the entrepreneur consider NEXT?
(1 point)
Responses
the investors
the ideation
the market
the presentation
14. Which word BEST describes the role of a business plan?
(1 point)
Responses
permanent
essential
optional
exhaustive
15. Hannah is an entrepreneur with a wide range of interests and a natural talent for facts and figures. As she starts to generate ideas for her potential new business, what guidance would she be smart to follow?
(1 point)
Responses
Focus on generating only high-quality ideas.
Never forget that the customer is right.
Don’t limit yourself in your thinking.
Ask yourself: is it a groundbreaking idea?
what are the correct answers?
1 answer