Why is creating a business model important It requires you to answer key questions about a potential business opportunity It helps you know if a new business you are contemplating is viable It is an excellent preliminary practice to writing a full business plan All of the above are correct Bookmark question for later What is the purpose of the value proposition section of a business model It outlines how you will make money selling your product or service to your customers It clarifies the need, problem or pain point that you are solving for your customers It clearly identifies the main customer groups you are targeting with your product or service It specifies how you will reach potential customers and attract them to your business Bookmark question for later What is an important question to ask while creating the customer acquisition section of your business model Who are the specific customers or groups for whom you are creating value What types of traditional media and social media will you use to market your business What assumptions are you making about early sales and revenue for your company How do you know the need, problem or pain point really exists Bookmark question for later What is the purpose of the distribution channels section of a business model It clarifies the main costs you will incur while executing your business model It outlines the way or ways you will get your product or service to your customers It outlines how you will make money selling your product or service to your customers It specifies how you will reach potential customers and attract them to your business Bookmark question for later What is the purpose of the revenue streams section of a business model It clarifies the main costs you will incur while executing your business model It outlines the way or ways you will get your product or service to your customers It specifies how you will reach potential customers and attract them to your business It outlines how you will make money selling your product or service to your customers Bookmark question for later What are Duplication business models Companies that manufacture large batches of the same types of products Companies that sell a based product and then generate revenue from disposables Companies that allow you to copy their proven business model Companies that sell products that they duplicate every selling cycle Bookmark question for later Which of the following is a difference between a product business and a service business A product business has no Cost of Goods Sold, while a service business does A product business sells tangible items, while a service business sells intangible things A product business is easier to start because it requires less capital, while a service business is more complicated and takes more capital A product business sells goods for profit, while a service business raises money for a social cause Bookmark question for later What is a Subscription business model When customer pay a monthly or annual fee to continue to receive products or services When companies offer different prices based on the number of customers who use the services When you get to use a companys brand, logo, slogan, trademarks, and patents When you get thousands of eyeballs viewing your site and then sell advertising space to companies that want access to your community of viewers Bookmark question for later Which of the following are Traditional Business Models Licensing and franchising Manufacturer and wholesaler Party plan and multi level marketing Aggregator and brick and click Bookmark question for later What is a Base Product and Disposables business model When a company sells a base product and then makes money on the disposable or residual products that are required to use the base product When a company buys damaged or out of date products, sells the least damaged, and disposes of the rest When a company buys large quantities of goods at fire sale prices and liquidates them in foreign countries When a company sells computer hardware in addition to software that needs to be updated regularly What are some of the pivots you may need to make after you launch a new business Your product may need further development You may need to adjust your packaging and pricing You may need to reconsider channels of distribution All of the above could occur after you launch a new business Bookmark question for later What is one of the ways successful entrepreneurs pivot to additional revenue streams They find new products for their growing customer base The find new market niches for their growing product line They use their growing resources to develop related business opportunities All of the above answers are correct Bookmark question for later Why did Jacque Butler start her second company, the nanny agency Her father thought it was an excellent opportunity and encouraged her to do it She was a single mother of six and couldnt find an acceptable agency to help her find a nanny for her children while she was in school She sold her first real estate company and had capital to start a new business She was a nanny as a teenager and always wanted to start her own agency Bookmark question for later What need prompted Jacque Butler to start her compounding pharmacy She had money from selling her nanny agency and really liked the supplement industry She went to school and became a pharmacist and needed a job to support her family Her father was diagnosed with Parkinsons disease and she couldnt find any solutions that would help with his illness None of the above are correct Bookmark question for later What is an important question to ask when you are trying to add new products for your base market What is the least expensive product I can add to my product line What is the broader problem people are trying to solve when they purchase my product What new products is our team capable of creating What is the most expensive product I can add to my product line Bookmark question for later What unique business model did Jon and Jason Araghi create to get coffee to military troops in remote and dangerous locations They raised money and donated it to the military so troops could buy coffee in the cities where they were stationed They built brick and mortar coffee shops within 30 miles of each military base They built complete coffee shops in sea containers that could easily be transported They air dropped coffee mixes from military planes Bookmark question for later When your business is stable and you have a variety of valuable resources, what is another move you can make to generate additional revenue You can use your growing resources to develop new and related business opportunities You can sell your business while it has the greatest value You can start selling off the resources you dont need to generate additional cash You can use your resources to keep what you have stable Bookmark question for later What are some of the new business opportunities Joe Brandl created after building his tannery business He started making clothing and props for mountain man rendezvous, sportsmens shows, and movies He started making lodge pole beds, tables, chairs, and rawhide lamp shades He opened a show room to display and sell all of his western products Joe pivoted to all the above opportunities Bookmark question for later What valuable pivot did Dave Burbidge make after he built a very successful garbage company He started buying, refurbishing, and selling used garbage trucks He started and built a new construction company He started a commercial painting company None of the above answers are correct Bookmark question for later What new business did the founders of DownEast Outfitters pivot to after they built their successful off price clothing company They opened a chain of dollar stores to sell their left over products They sold their company and started developing real estate They switch to low price high volume specialty food stores They used their same business model to create an off price furniture company What was the impact of President Kennedys We Choose to Go to the Moon speech Not many people heard it, so it had little impact in the country NASA, its partners, and the whole country rallied behind his vision It ended up costing far more money than anyone expected It offended groups who wanted to cut the federal budget Bookmark question for later Why is it hard for some organizations to focus on key priorities a They hire a lot of unmotivated people b The vision for the company is not well defined or communicated in the first place c Cultural practices develop that have nothing to do with accomplishing key objectives d B and C Bookmark question for later What three categories do most activities fall into in organizations Fun, boring, and neutral for employees Directly linked, indirectly linked, and not link to key objectives Strongly linked, directly linked, and somewhat linked to key objectives None of the above are correct Bookmark question for later What should you do with activities in your company that are not linked at all to any of your key initiatives a Let them continue as part of the company culture b Let them continue to celebrate the companys history c Eliminate them if they are not adding any value d A and B Bookmark question for later In what industry did Bill Kilburg create a successful new business model The food services industry The hospitality, convention, and events industry The professional education industry The property management industry Bookmark question for later What is the impact of focusing on peoples strengths rather than their weaknesses a They become better performers on the job b They become more satisfied with their work c Their performance often declines d A and B

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Question: Why is creating a business model important? It requires you to answer key questions about a potential business opportunity It helps you know if a

Why is creating a business model important?

It requires you to answer key questions about a potential business opportunity
It helps you know if a new business you are contemplating is viable
It is an excellent preliminary practice to writing a full business plan
All of the above are correct

Bookmark question for later

What is the purpose of the value proposition section of a business model?

It outlines how you will make money selling your product or service to your customers
It clarifies the need, problem or pain point that you are solving for your customers
It clearly identifies the main customer groups you are targeting with your product or service
It specifies how you will reach potential customers and attract them to your business

Bookmark question for later

What is an important question to ask while creating the customer acquisition section of your business model?

Who are the specific customers or groups for whom you are creating value?
What types of traditional media and social media will you use to market your business?
What assumptions are you making about early sales and revenue for your company?
How do you know the need, problem or pain point really exists?

Bookmark question for later

What is the purpose of the distribution channels section of a business model?

It clarifies the main costs you will incur while executing your business model
It outlines the way or ways you will get your product or service to your customers
It outlines how you will make money selling your product or service to your customers
It specifies how you will reach potential customers and attract them to your business

Bookmark question for later

What is the purpose of the revenue streams section of a business model?

It clarifies the main costs you will incur while executing your business model
It outlines the way or ways you will get your product or service to your customers
It specifies how you will reach potential customers and attract them to your business
It outlines how you will make money selling your product or service to your customers

Bookmark question for later

What are Duplication business models?

Companies that manufacture large batches of the same types of products
Companies that sell a based product and then generate revenue from disposables
Companies that allow you to copy their proven business model
Companies that sell products that they duplicate every selling cycle

Bookmark question for later

Which of the following is a difference between a product business and a service business?

A product business has no Cost of Goods Sold, while a service business does.
A product business sells tangible items, while a service business sells intangible things.
A product business is easier to start because it requires less capital, while a service business is more complicated and takes more capital.
A product business sells goods for profit, while a service business raises money for a social cause.

Bookmark question for later

What is a Subscription business model?

When customer pay a monthly or annual fee to continue to receive products or services
When companies offer different prices based on the number of customers who use the services
When you get to use a companys brand, logo, slogan, trademarks, and patents
When you get thousands of eyeballs viewing your site and then sell advertising space to companies that want access to your community of viewers.

Bookmark question for later

Which of the following are Traditional Business Models?

Licensing and franchising
Manufacturer and wholesaler
Party plan and multi-level marketing
Aggregator and brick and click

Bookmark question for later

What is a Base Product and Disposables business model?

When a company sells a base product and then makes money on the disposable or residual products that are required to use the base product
When a company buys damaged or out-of-date products, sells the least damaged, and disposes of the rest
When a company buys large quantities of goods at fire-sale prices and liquidates them in foreign countries
When a company sells computer hardware in addition to software that needs to be updated regularly

What are some of the pivots you may need to make after you launch a new business?

Your product may need further development
You may need to adjust your packaging and pricing
You may need to reconsider channels of distribution
All of the above could occur after you launch a new business

Bookmark question for later

What is one of the ways successful entrepreneurs pivot to additional revenue streams?

They find new products for their growing customer base
The find new market niches for their growing product line
They use their growing resources to develop related business opportunities
All of the above answers are correct

Bookmark question for later

Why did Jacque Butler start her second company, the nanny agency?

Her father thought it was an excellent opportunity and encouraged her to do it
She was a single mother of six and couldnt find an acceptable agency to help her find a nanny for her children while she was in school
She sold her first real estate company and had capital to start a new business
She was a nanny as a teenager and always wanted to start her own agency

Bookmark question for later

What need prompted Jacque Butler to start her compounding pharmacy?

She had money from selling her nanny agency and really liked the supplement industry
She went to school and became a pharmacist and needed a job to support her family
Her father was diagnosed with Parkinsons disease and she couldnt find any solutions that would help with his illness
None of the above are correct

Bookmark question for later

What is an important question to ask when you are trying to add new products for your base market?

What is the least expensive product I can add to my product line?
What is the broader problem people are trying to solve when they purchase my product?
What new products is our team capable of creating?
What is the most expensive product I can add to my product line?

Bookmark question for later

What unique business model did Jon and Jason Araghi create to get coffee to military troops in remote and dangerous locations?

They raised money and donated it to the military so troops could buy coffee in the cities where they were stationed
They built brick and mortar coffee shops within 30 miles of each military base
They built complete coffee shops in sea containers that could easily be transported
They air dropped coffee mixes from military planes

Bookmark question for later

When your business is stable and you have a variety of valuable resources, what is another move you can make to generate additional revenue?

You can use your growing resources to develop new and related business opportunities
You can sell your business while it has the greatest value
You can start selling off the resources you dont need to generate additional cash
You can use your resources to keep what you have stable

Bookmark question for later

What are some of the new business opportunities Joe Brandl created after building his tannery business?

He started making clothing and props for mountain man rendezvous, sportsmens shows, and movies
He started making lodge-pole beds, tables, chairs, and rawhide lamp shades
He opened a show room to display and sell all of his western products
Joe pivoted to all the above opportunities

Bookmark question for later

What valuable pivot did Dave Burbidge make after he built a very successful garbage company?

He started buying, refurbishing, and selling used garbage trucks
He started and built a new construction company
He started a commercial painting company
None of the above answers are correct

Bookmark question for later

What new business did the founders of DownEast Outfitters pivot to after they built their successful off-price clothing company?

They opened a chain of dollar stores to sell their left over products
They sold their company and started developing real estate
They switch to low-price high volume specialty food stores
They used their same business model to create an off- price furniture company

What was the impact of President Kennedys We Choose to Go to the Moon speech?

Not many people heard it, so it had little impact in the country
NASA, its partners, and the whole country rallied behind his vision
It ended up costing far more money than anyone expected
It offended groups who wanted to cut the federal budget

Bookmark question for later

Why is it hard for some organizations to focus on key priorities?

a. They hire a lot of unmotivated people
b. The vision for the company is not well defined or communicated in the first place
c. Cultural practices develop that have nothing to do with accomplishing key objectives
d. B and C

Bookmark question for later

What three categories do most activities fall into in organizations?

Fun, boring, and neutral for employees
Directly linked, indirectly linked, and not link to key objectives
Strongly linked, directly linked, and somewhat linked to key objectives
None of the above are correct

Bookmark question for later

What should you do with activities in your company that are not linked at all to any of your key initiatives?

a. Let them continue as part of the company culture
b. Let them continue to celebrate the companys history
c. Eliminate them if they are not adding any value
d. A and B

Bookmark question for later

In what industry did Bill Kilburg create a successful new business model?

The food services industry
The hospitality, convention, and events industry
The professional education industry
The property management industry

Bookmark question for later

What is the impact of focusing on peoples strengths rather than their weaknesses?

a. They become better performers on the job
b. They become more satisfied with their work
c. Their performance often declines
d. A and B

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