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Semester Exam Part 2
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Crowdsourcing campaigns will cost the entrepreneur
time and resources
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If you use a focus group, what stage of the development process are you in?
Product development
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Why would a company choose a fulfillment center for distribution rather than a direct distribution channel?
Inventory control and lower cost
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What are 3 characteristics of the entrepreneurial spirit?
Choose from- Self-reliance, flexible, forward-thinking, resilience, tolerate risks, growth mindsets, critical thinking creative, innovative, collaborative
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Direct distribution has some advantages over fulfillment centers, but the main advantage is:
Relationship with the customers
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For data that you collect, which type comes from journals or newsletters?
Secondary data
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People who might have equity in a company
could be owner, stockholder, partner
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Steps for finding product/market fit
Idea, prototype, launch, traction, monetization, growth
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What information is on an income statement?
Revenue, expenses, profit
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The design thinking process in order
empathize, define, ideate, prototype, test
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Stages in business life cycle
existence, survival, success, take-off, resource maturity, pivot or persist, and exit plan
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What describes how a business idea solves customer's problems in a new and better way?
Value proposition
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A difference between wholesale and retail might be:
Wholesale is B2B and retail is B2C
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The person with the business who finds and invests resources to form the company
Founder
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The official in the company who manages daily operations
COO
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When you build a product how will you decide on performance criteria for the product?
Testing an interactive prototype
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For data that you collect, which type comes from sources that used your product?
Primary data
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Disadvantage/disadvantages of debt financing?
Owners have to guarantee the debt and pay it back
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The top employee in the company, who also reports to the board of directors
CEO
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Correct order of the sales process is:
prospecting, preparation, approach, presentation, objection, closing, and follow-up
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The person in a company who creates budgets and financial strategies is the:
CFO
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