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entrepreneurship
Entrepreneurship 1st Edition OpenStax - Solutions
How can a Gantt chart help in the preparation for starting the new venture?
Which of the following documents should be discussed and agreed upon prior to the start of the venture?A. Nondisclosure and noncompete agreementsB. Nondisclosure and founder’s agreementsC. Founder’s agreement and a code of conductD. Founder's, nondisclosure, noncompete agreements, and code of
Why would an angel investor stress to the startup team the importance of not getting too attached to the venture?
The founder’s agreement includes which of the following content items?A. Non-disclosure clauseB. Personnel planC. Buyback clauseD. Marketing plan
Refer to Stacy Madison’s food cart story. What was the most important insight you gained from reading about Stacy’s food cart business?Stacy Madison’s food cartNow let’s look at how we can reevaluate the venture and consider what changes are possible to position the venture for a different
Everlane started as an online clothing store focused on ethical business practices. Part of their commitment to ethical practices includes regular visits to their factories to ensure people receive fair wages and work reasonable hours, addressing environmental concerns, and being transparent in
According to some research on entrepreneurs, what is/are the most significant bias(es)?A. Small numbers allow for niche marketsB. Entrepreneurs prefer taking action rather than planningC. Entrepreneurs tend to be over confident and optimisticD. Entrepreneurs fall for the planning fallacy
What biases might an entrepreneur encounter in starting the venture?
The law of small numbers refers to:A. An inability to attract a large target marketB. A target market that is too small to lead to successC. A target market that aligns with key stakeholdersD. Both a and b
What actions can the entrepreneur take to avoid these biases?
Why is it important to keep track of your assumptions?A. Knowing the assumptions provides background information related to the projected outcomes or numerical projections.B. Knowing the assumptions provides an opportunity support your biases.C. Assumptions are never accurate and are therefore
What can be done to avoid personnel problems that occur after the venture has opened?
The Nominal Group technique ________.A. Is only used in complex decisionsB. Has multiple uses for gaining feedback from participantsC. Can be used with only one participantD. Restricts participant participation
How can brainstorming and creating a mindmap improve problem recognition and follow through actions?
What are three methods you could use to find support for your new venture?
The Delphi technique ________.A. Requires participants to be in one locationB. Requires participants to come prepared to the activity by researching the problemC. Requires time and commitmentD. Requires collaboration in answering the questionnaire
Acting as a mentor provides ________.A. Expert assistance to the venture startup team and self-growth for the mentorB. Opportunities to diminish relationshipsC. The mentor with professional developmentD. The mentee with peer recognition
Why is it important to analyze and discuss decisions?
A serial entrepreneur is someone who ________.A. Wants to retireB. Creates a pattern of starting multiple venturesC. Plans for a low stress futureD. Plans to start the first venture
Why is it important to feel comfortable with a decision?
Benefits of a reflection journal include which of the following?A. Identifying patterns, biases, habits and discovering new insightsB. Assigning new work responsibilitiesC. Identifying wasted timeD. Avoid reviewing decisions that can’t be changed
What are the benefits in becoming a mentor, consultant or champion?
Reflection journal is similar to ________.A. A post mortemB. A time log of your activitiesC. A scrapbook of picturesD. A record of assumptions
What are the risks or drawbacks in becoming a mentor, consultant or champion?
According to Dr. Grant, creatives are people who ________.A. Are procrastinatorsB. Act on multiple ideasC. Plan out each detailD. Are highly confident with no doubts about their success
How does a philanthropic desire align with entrepreneurship?
What can you do to avoid the challenges presented through Gino and Staats’ research?
What can you do to role model behavior that reflects your learning of the material?
In this section of the chapter, there is an example of a customer data breach via computer hacking. Discuss the biggest risks of storing customer or company information online. What are some of the steps you would take to prevent a data breach?
In previous decades, a term for a related phenomenon was “Keeping up with the Joneses.” This refers to a sense that if we are not living our best life, having the most fun, enjoying the best foods, fashion, and so on, then we are not living the life we should. This term can refer to both a
What is a charitable organization?
What percentage of US businesses are minority owned?
Discuss how a lean plan allows you the flexibility to change course if something is not working for your business.
What is a lean plan and what are its components?
Discuss the differences between making changes to a product for growth and creating a new product from scratch.
What are some of the items or sections that do not have to be included in a lean plan?
What kind of lifecycles do businesses go through? Why?
How does each phase affect business decisions?
According to Ash Maurya’s typology, Airbnb is an example of what type of business model?A. DirectB. MultisidedC. OpenD. Marketplace
What role do customers play in innovation? Is innovation possible without customer support?
The National Association of Broadcasters launched its PILOT Innovation Challenge in 2016. The challenge is centered around a specific challenge question aimed at helping the association’s primary customers, broadcasters. The most recent challenge question was, “What is an unconventional way
Which startup grew from a failed podcasting company called Odeo?A. InstagramB. TwitterC. StubHubD. Groupon
Do you believe that teamwork is important to entrepreneurship? Or do you prefer solopreneurship? Is one approach “better” than the other? Why or why not?
The Guidewell Innovation Center at Lake Nona Medical Center on the outskirts of Orlando, Florida, is a 92,000-square-foot facility aimed at accelerating innovation within the healthcare industries. Guidewell, the parent company of Florida Blue, brings in outside companies to help with that
What is the job to be done of a milkshake according to Christensen’s team’s customer observation researchin the Link to Learning video: https://www.youtube.com/watch?v=m3mVM_koAio&feature=youtu.be? A. Employ Chick-Fil-A cowsB. Accompany on a long morning commuteC. Placate childrenD. Satisfy
What are the advantages of using a canvas to plan your business?
As youth programs face severe budget cuts, many youth sports organizations respond by raising their fees, which shifts the costs to families. Good Sports was founded in 2003, to tackle this problem by providing new equipment, footwear, and apparel to those most in need. The organization’s
What is a change, typically minor, of the current business model in an attempt to capitalize on a closely related market opportunity?A. InnovationB. DisruptionC. IterationD. Increment
What types of businesses fit best with each respective canvas type?
DoSomething.Org is a “global movement for good” among 6 million young people, transforming their communities across the United States and in 131 countries worldwide. This nonprofit organization constantly holds cause-based campaigns, ranging from receiving over 1 million pairs of donated jeans
A tool to identify your idealized target customer and develop a better understanding of his or her environment, behavior, concerns, and aspirations.A. Jobs to be doneB. Business planC. Business model canvasD. Empathy map
Why would impact measures be important in social entrepreneurship ventures?
In recent years, the entrepreneurial educator and author Steve Blank began applying lean startup principles to various US governmental agencies. Through a Hacking for Diplomacy course, students at Stanford University began tackling problems for the Department of State. A former US ambassador to the
A ________ is a formal document that typically describes the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives.A. Business planB. Business modelC. Customer empathy mapD. Revenue model
How do the arts relate to the business model creation process?
Incorporated in 2003, Tesla declared in its mission statement that its goal is “to accelerate the world’s transition to sustainable transport,” and it has proven itself a leader in green technology in the automotive sector. In its initial business plan, by co-founder Martin Eberhard, the
Select the item that does not belong to the business model canvas.A. Market sizeB. Revenue streamsC. Value propositionD. Customer segments
What are the advantages of using a lean model canvas compared to the traditional business model canvas?
In the mid-1990s, at least one newspaper company, the now-defunct Knight-Ridder chain, created the prototype for a tablet newspaper that very much resembles the present-day iPad. A 1994 video titled “The Tablet Newspaper: A Vision for the Future” shows off the design of a futuristic newspaper
The finished story benefit formula of [end customer wants] + [specific period of time] + [address objections] is designed for what component of the lean model canvas?A. Unfair advantageB. Unique value propositionC. Early adoptersD. High concept pitch
What components are in the breakeven analysis? How would you calculate your breakeven point?
Founded in 2013 primarily as a coding boot camp, Tech Talent South offers both part-time and full-time courses on topics like Ruby on Rails and Big Data Analytics. Most of the camp’s programs are run out of cooperative working spaces and temporary locations throughout the cities it has a presence
How does the social business model canvas differ from the business model canvas and lean model canvas?A. Is only used by nonprofit companyB. Doesn’t have customer block and investment blockC. Has profit block to talk about ways the company can makes more moneyD. Has impact measure, surplus,
Why is feasibility analysis important?
You were introduced to The Cut Buddy, a plastic hair and beard grooming tool that began selling on Amazon in 2016, in The Business Plan. Following funding from the Shark Tank investor Daymond John, the company plans to expand into retail and extend its product line.A. How would a business plan for
Which of the following has the purpose of evaluating the team, the market for the concept, the financial viability, and possible pitfalls?A. Feasibility analysisB. Market analysisC. Financial analysisD. Management analysis
Pretty Young Professional, discussed in The Business Plan, failed because of disagreements among its four founders that emerged shortly after launch.A. If you were to launch the venture today, outline what steps you would need to take in formulating a business plan.B. What do you think the total
Which of the following has the purpose of forecasting revenue and expenses, projecting a financial narrative, estimating project cost, and projecting cash flow?A. Feasibility analysisB. Market analysisC. Financial analysisD. Management analysis
Explain the purpose and importance of business plan.
Which of the following identifies competitors and quantifies target customers and/or users in a specific industry?A. Feasibility analysisB. Market analysisC. Financial analysisD. Management analysis
What assesses the prowess of the management and sufficiency of resources to bring the product or idea to market?A. Management analysisB. Operational feasibility analysisC. Financial analysisD. Cash flow
What are expenses that do not vary with the level of sales, such as rent, salaries, utilities, insurance and other operating expenses?A. Fixed costsB. Variable costsC. Balance sheetD. Cash flow statements
Which of the following is a formal document that typically describes the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives?A. Business planB. Business modelC. Customer empathy mapD. Revenue model
Which of these is not the purpose of a business plan?A. Thoroughly explain a business idea and how it will be carried outB. Planning tool and working plan over the course of several yearsC. Requirement to start a businessD. Planning for “what-if” scenarios and explore new options
Which of these components are not in a business plan?A. Business descriptionB. Industry and market analysisC. Financial analysisD. None of these options is correct
Estimated profits and expenses of the business is included in which of the following?A. Financial analysisB. Industry and market analysisC. Operation planD. Marketing plan
Who is best suited to write a business plan?A. InvestorB. Founder(s)C. ConsultantD. Chief financial officer
What is “networking”?
How are social connections made in early life the same as those made on the college campus? How are they different?
Smart phones are everywhere today. You probably have one nearby right now. However, access to landline phone service has not been complete for very long, and wireless service is not as widespread as many people might think. The first phone lines (landlines) connected Boston and Somerville,
What types of networks are created in a business relationship?
What are some benefits of professional associations that are not available from government agencies or departments?
The Internet Association (IA, https://internetassociation.org/) was founded in 2012 as a trade association devoted to Internet-based companies. Founding companies included Google, Amazon, eBay, and Facebook. These Internet-based companies founded this new trade group because they did not have a
What types of organizations on college campuses can provide opportunities for building social networks?
How is the role of government agencies with regard to entrepreneurship different from the roles of industry and trade associations?
In 1989, the new NFL owner of the Dallas Cowboys, Jerry Jones, fired the legendary coach Tom Landry and hired one of his former college football teammates, Jimmy Johnson, as the new head coach. Johnson faced the same problems that a new entrepreneur has: Who should be on my leadership team? What
What are some opportunities for you to develop the skills you need to establish personal relationships with people that you do not know?
How does the SBA help aspiring entrepreneurs?
Every four years, the United States elects a president. Although the incumbent might be reelected, the United States is guaranteed to have a new president at least every eight years. On winning the election, the new president must identify candidates for cabinet positions. Some potential candidates
What is most likely the largest social group connected with a university? Why is being a member of this group valuable?
Why is it important for government programs to offer grants to organizations, both public and private, to educate and assist entrepreneurs at no charge?
Narciso Gómez has worked in the service department at an auto dealership for about twenty-five years and has served as the service manager for the past seven years. He is qualified for retirement through the dealership but wants to open his own business. He is looking at buying a franchise, either
How do government agencies at all levels support entrepreneurship?
What are some risks associated with surrounding yourself with others who are similar to you in background? Industry experience? Education? Age? Personality? Ability to process information?
Han Jia-ying was an office manager for a construction company until she decided to be a stay-at-home mother with her kids. Her former employer has called her to take over some administrative work at home, such as payroll processing, payroll tax filings, bookkeeping, and other general administrative
Who selects the entrepreneur’s team? Why is this important?
If the figures on a pro forma are hypothetical, then why go through the exercise of creating a document with fake numbers?
Why is selecting an accountant a critical decision?
What are some disadvantages of having licensed professionals such as accountants and attorneys offering advice to an entrepreneur?
For the startup entrepreneur, what finances are considered relevant?
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