Statements concerning the business modeling process

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Reference no: EM132286791

1. Creative thinkers tend to exhibit which of the following types of? behaviors?

A. They are prolific? thinkers, generating lots of ideas.

B. They see problems as springboards for new ideas.

C. They relate seemingly unrelated ideas to a problem to generate innovative solutions.

D. They realize that there may be more than one? "right" answer" to a problem.

E. All of these are correct.

2. Which of the following statements concerning the business modeling process is false??

A. Entrepreneurs should wait until they have perfected their products or services so that they can shock competitors and awe customers.

B. Business prototyping recognizes that every business model is a hypothesis that must be tested before an entrepreneur takes it to full scale.

C. Entrepreneurs rarely get everything about their business models right the first time? and, based on feedback from? customers, must make changes and?adjustments, called? pivots, in their business models.

D. A useful way to evaluate a business model is business? prototyping, the process of testing a business model on a small scale before committing significant resources to launch a business that might not work.

E. After an entrepreneur creates a business model? canvas, the next step is to test its value proposition by getting out of the office and getting feedback from real customers.

3. ?Lewis, the owner of a small retail? shop, writes a catchy tune and accompanying lyrics that he uses to promote his business in very successful radio and cable television ads and on YouTube. Which intellectual property tool can he use to protect the song that he? wrote?

A. Injunction

B. Service mark

C. Trademark

D. Copyright

E. Patent

4. Which of the following is not part of the brainstorming? process?

A. Limit the brainstorming session to 40 to 60 minutes.

B. Provide the group with a? "fuzzy," nebulous definition of the problem.

C. Keep the group? small, just 5 to 8 members.

D. Use a? U-shaped, circular, or similar type of seating pattern that encourages participation and interaction among participants.

E. Make the group as diverse as possible.

5. Changes over time in the composition and characteristics of people create both opportunities and threats for entrepreneurs. These changes are part of which macro?force?

A. Technological

B. Demographic

C. Economic

D. Political and legal

E. Sociocultural

6. Entrepreneurs in the restaurant industry periodically face rapidly rising prices for some of the ingredients in the dishes they serve.? Recently, for? instance, the prices of avocadoes doubled in just one? year, reaching the highest point in 19? years, causing heartburn for many restauranteurs. This incident is an example of which macro environment? force?

A. Economic

B. Demographic

C. Political and legal

D. Technological

E. Sociocultural

Reference no: EM132286791

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