SECTION A: TRUE /FALSE QUESTIONS [10 marks]

Answer ALL questions.

Each question carries ONE (1) mark. State whether each of the following statements is TRUE or FALSE.

1. The medium through which an organization provides its value proposition to its customer segment is known as the channel of distribution.

2. Value is a type of revenue stream.

3. Entrepreneurship can best be described as having a strong vision.

4. An opportunity is a favorable set of circumstances that creates a need for a new product, service, or business.

5. Innovation can best be defined as the generation of new ideas.

6. The network of suppliers and partners who complement each other in helping the company create its value proposition are called key partners.

7. The business model canvas allows for easy, visual representation for decision makers.

8. An economy of scale is NOT an advantage that companies can obtain by increasing production and lowering costs.

9. The Business Model Canvas consists of 7 main elements.

10. The goals should be specific for the success of a business plan.