Venture Entrepreneurial Expedition Quiz 3 Answers – Flashcards
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Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?
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Entrepreneurs use many different creative thinking approaches to come up with business ideas. When brainstorming ideas, it's important to not judge each idea as realistic or not at first to get as many ideas as possible.
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George and Miguel are considering opening up a shoe store but first need to do market research. Which one of these is NOT part of the market research process?
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The market research process includes the following steps: Identify research objectives, Determine methods and sources, Gather secondary research, Conduct primary research, Organize and analyze data, and Draw conclusions.
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Regina is looking to start a knitting business and completes a target market profile to include in her business plan. Identify which item in her target market profile is in the wrong category and where it should be moved.
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In order to appeal to their target customers, entrepreneurs need to know everything about their target market segment, including Demographics (objective social and economic facts about people), Geographics (where customers live and businesses are located), Psychographics (people's attitudes, beliefs, etc.), and Buying Patterns (how they spend their money).
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Regina is creating her competitive analysis. She understands why it's important to know her direct competitors because they are selling a similar product, but she's not sure why indirect competitors matter. She asks you if indirect competitors are important to know about. What should you say?
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As part of their market analysis, entrepreneurs need to understand their competitors - both direct and indirect - because they all fulfill a similar need or want. knowing how their business is better is the competitive advantage that entrepreneurs should be sure to communicate with their target consumers
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Which of the following is a start-up expense for Maria's food truck?
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start-up expenses are usually one-time purchases that entrepreneurs must make before starting their business. things that are paid on an ongoing basis, such as utilities, are considered fixed expenses
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Pete wants to write a business plan for Pete's PB&J Cupcake Cart. He needs to identify all the expenses associated with making his signature peanut butter and jelly cupcake for his Economics of One Unit. What is the most accurate way of determining his expenses?
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while it may seem that estimating is good enough to find a unit of sale, if the initial estimates are off, it can throw off the figures of operations and profits. knowing exactly how much the unit will cost to produce- down to the cent- will allow the business to be more profitable over the long term
