Business final Flashcards
(24 cards)
Which of the following best describes the entrepreneurial mindset?
A way of thinking that is opportunity-obsessed, innovative, and growth oriented.
A key characteristic of successful entrepreneurs is:
High tolerance for ambiguity and uncertainty
The term “intrapreneurship” refers to:
Entrepreneurial activity within an existing organization
Which of the following is not typically considered a benefit of entrepreneurship?
High job security
What is often cited as “fuel” for entrepreneurship?
Innovation
An opportunity is best defined as:
A favorable set of circumstances that creates a need for a new product, service, or business idea.
Which of the following is a common approach to identifying business opportunities?
Analyzing trends and changes in society.
“Problem-solution fit” in entrepreneurship refers to:
How well a product or service addresses a market need or pain point
Feasibility analysis primarily helps entrepreneurs to:
Determine if an idea is siable and worth pursuing
A “window of opportunity” refers to:
The limited time period during which a business idea can be successfully launched
Brainstorming is a technique used for:
Generating a large number of creative ideas
What is the primary purpose of a “lean startup” approach to idea development?
To quickly test and validate assumptions about a business idea with minimal resources
A “minimum viable product” (MVP) is:
A product with just enough features to satisfy early customers and provide feedback for future development
The “SCAMPER” method is a tool used for:
Generating new product or service ideas
What role does creativity play in the idea generation process?
It is essential for developing novel and unique solutions
A business model describes :
How a company creates, delivers, and captures value
The “value proposition” component of a business model defines:
The unique benefits a company offers to its customers
In a Business Model Canvas “customers segments” refers to:
The specific groups of people or organizations an enterprise aims to reach and serve
“Revenue streams” in a business model outline
How a company makes money from each customer segment
What is the primary benefit of developing a strong business model?
It provides a clear roadmap for how the business will operate and succeed
The purpose of industry analysis is to:
Understand the overall attractiveness and dynamics of the industry the business will operate in
What are “barriers to entry” in an industry?
Obstacles that make it difficult for new companies to enter a market
Porters five forces model helps analyze:
The competitive intensity and attractiveness of an industry
