BizInnovator Startup - What's Your Problem 9th - 12th Grade Quiz

BizInnovator Startup - What's Your Problem

9th - 12th Grade

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10 Qs

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Quiz

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Jacobson Institute

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Business

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9th - 12th Grade

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2K plays

•

Medium

10 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Select all that apply: Entrepreneurial opportunities can be described as:

i. Customer-driven solutions to a problem or need

ii. A product in search of a market

iii. Could turn into a profitable venture

iv. An idea with a plan

v. An existing product with low market reach

i, iii, iv

i, iii, v

i, ii, iv

All of the options

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Evaluating an entrepreneurial opportunity requires an analysis of the capital needed to start, projected profit and breakeven points, and the return on investment potential. This analysis is described as:

Economics & Profitability

Industry & Market Evaluation

Competitive Advantage Analysis

Managerial Strategy

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Evaluating an entrepreneurial opportunity requires an analysis of the benefits the product/service offers potential customers, streamlined processes/efficiency, value of intellectual property, and strategic partnerships. This analysis is described as:

Competitive Advantage Analysis

Managerial Strategy

Self & Investor Analysis

Economics & Profitability

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Evaluating an entrepreneurial opportunity requires an analysis of the business's potential management style, team structure and composition, and their backgrounds and integrity. This analysis is described as:

Management & Team

Self & Investor Analysis

Economics & Profitability

Competitive Advantage Analysis

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following options best describes the contrast between creativity and innovation in entrepreneurship?

Creativity is the potential for the mind to conceive new ideas while innovation is the process of translating an idea into a product or service that provides value to a potential customer.

Innovation is the process of coming up with ideas no one has thought of before while creativity is adding branding, logos, and customer-oriented aesthetics.

Creativity and innovation are the same.

Creativity you are born with and innovation you are taught.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Select the best definition for Design Thinking.

The process of combining empathy for potential customers' needs and problems with innovation of an entrepreneur and the entrepreneur's ability to iterate numerous prototypes to discover what best meets the customers' needs and creates value.

The entrepreneur's abilit to continuously design new products and processes to create value for customers and profitability for the entrepreneur.

The ability to serial-design new products or services for new businesses and create prototypes that prove value to customers while simulataneously generating profit.

Creating an art portfolio showing your design abilities.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the Problem Statement, as included on the Business Model Canvas?

The identified problem or need of potential customers in the market that an entrepreneur might be able to address with their product or service concept.

The customer's problem and a description of the product or service that will solve that customer problem.

List of customer segments

Costs identified to solve the problem

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Select the key components of the Value Proposition, as included on the Business Model Canvas:

i. identify customer benefits

ii. Differentiation and positioning

iii. Link benefits to product/service value

iv. Problem description

v. Measure of profitability

i, ii, iii

i, iii, v

i, iv, v

i, ii, iv

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Select the best strategy for starting off the entrepreneurial pitch from the available options:

Acknowledge that the pitch is interactive and aim to engage, or hook, the audience right away.

Grab the audience's attention and give them your contact information for later contact

Get your product or prototype into the audience's hands as step one

Be upfront about your intentions for earning the audience's investment or purchase of your new product/service

10.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

The potential customer

The entrepreneur

The investor

The employees

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