MGMT/ENT IOWA REVIEW

Intellectual property is important to understand because

Why your customers buy, including attitudes and beliefs, lifestyle, interests, hobbies, social status or identify

Analysis of the benefits the product/service offers customers, streamlined processes, value of intellectual property

The processes that fall under Market Research for entrepreneurs:

The primary differences between the BMC and Business Plan would be:

The Lean Startup Method aims to help startups by focusing on

Which statement provides a valuable assumption about the use of Customer Discovery?

Good for raising money; Gen partners get money but maintain authority; Ltd partners can leave any time

Which of the 4 "P's" of marketing pertains to advertising?

A ratio that compares the gain or loss from an investment relative to its cost.

When determining whether to persevere, pivot, or iterate, which sections of the Business Model Canvas might be revised?

Which of the following resources could provide you with Secondary Research Data?

Target Markets can be everyone.

Which statement accurately describes why an entrepreneur should understand the concepts of branding?

SWOT&PESTEL Analyses are completed early in the business formation & can be used as-is throughout the business's life.

Low failure rate, business assistance, buying power, name recognition, potential for large profits

Define Channel from a marketing perspective.

your assumptions were proved materially flawed and you should redesign the product/startup model and repeat the process

Bootstrapping is a method for raising funding for a startup and utilizes all resources such as investors and banks

Customer Relationships are critical to an entrepreneur's success. Which statement below is false.

All decisions made by 1, few restrictions, low startup costs, no add fed. taxes, all profit kept by 1

The Value Proposition is an integral part of the Business Model Canvas. From whose perspective is value derived from?

If you need to borrow money, the money you already have

Company culture is NOT

This process is used to plan for upcoming revenues and expenses.

your assumptions were proved only partially correct & you should refine the product and startup model before continuing

Evaluating an entrepreneurial opportunity requires an analysis of the capital needed to start, breakeven points, & ROI

temporary organization that searches for a repeatable and scalable business model

formal narrative of the business often required by investors providing details of the company; slower to update

What do the letters MVP stand for in Entrepreneurship?

Is often required by potential investors, lenders, and other financial stakeholders prior to investing money

How your customers buy and how they intend to use your product, including understanding of their needs versus wants

Entrepreneurial opportunities can be described as:

Net profit or loss is shown on this financial document

started to fill a gap or provide a service

Protected from liability, easy startup, no add fed. taxes

an individual who creates a new business, bearing most of the risks and enjoying most of the rewards

One's financial ability to repay a loan with present income

A financial document that explains how cash is being used during a period of time.

No corporate taxation; no double taxation, no shareholder liability

What is the primary purpose of the PESTEL Analysis?

I'm going to get a 70 or better on the exam tomorrow!

Select all of the following that are NOT part of a Business Model Canvas:

Customer Segments refers to

The purpose of the Minimum Viable Product is to

These expenses are paid regularly, and often includes things like payroll, rent, inventory, and marketing.

These expenses are paid regularly, and often includes things like payroll, rent, inventory, and marketing.

The Business Plan is a visual summary of the business model, often on one page.

Owners can deduct many losses on personal returns; losses share between partners

Serve the common good, exempt from taxes

Honoring one's obligation to repay a loan

Employees only taxed on income

Pick two essential characteristics of successful entrepreneurs.

Entrepreneurs pay for these expenses once, at the beginning of a business, and often include things like equipment

Changes to product or service design should be made based on observable, timely data

The different ways that a business plans to generate a profit.

Which of the following is the primary objective of the early stage entrepreneurial pitch?

Select all of the following that are NOT part of a formal business plan:

Who your customer is, including age, gender, ethnic background, income level, marital status.

Primary market research is designed with a specific outcome in mind; often expensive to collect and analyze.

Business that sells customized socks and slippers and donate a pair of shoes for every ten pairs of socks sold

What role do customers play in the success of a product/business?

Stocks provide funding options; many tax deductions; no shareholder liability

What is the primary purpose of the SWOT Analysis?

Business that sells cutting boards and decorative wood products from reclaimed or recycled wood

What does the word "Lean" mean in the Lean Startup Methodology of starting your startup?

What will your audience be especially interested in seeing as part of your new pitch when you pivot?

All the possible methods of pivoting:

Early stage startups spend significant time doing the following (select all that apply):

Where your customers live, including city versus urban communities, international or domestic based

What is most important when it comes to customers?

Which term is associated with a number that identifies your business to your state and the federal government?

Examples of key Business Partners that may be listed on the Business Model Canvas include

The property that you can let the lender keep until the loan is paid off

a visual summary of the business model, often on one page, may be updated frequently to reflect changes

your assumptions were proved correct and you should move forward with your product and startup model

The amount, or percentage, added to the costs of a product to arrive at the selling price.

Which of the 4 "P's" of marketing deals with financial aspects of your product?

The Business Plan and Business Model Canvas are static documents that are written early in the planning phase