New Venture Development - Final Exam Prep

Front

Which of the following is NOT a trait of an entrepreneurial mindset? Adaptability, Resourcefulness, Risk Avoidance, Long-Term Vision

Back

Risk Avoidance

Front

Entrepreneurs primarily focus on maintaining the status quo rather than creating change.

Back

False

Front

Opportunity recognition is the process of:

Back

Identifying a potential business idea or market need that can be turned into a viable venture.

Front

What best defines a customer-centric approach in entrepreneurship?

Back

Prioritizing the needs and experiences of the target customer

Front

Which company identified a gap in affordable and unique lodging options and filled it by creating a platform for people to rent out their homes to travelers?

Back

Airbnb

Front

What is the purpose of market research?

Back

To support business decisions with data

Front

A market trend refers to the average price of goods in the market.

Back

False

Front

What is a buyer persona?

Back

A detailed representation of an ideal customer.

Front

Which of the following are risks involved in entering a new market? Uncertain customer demand and regulatory challenges, High profits and easy entry, Guaranteed customer loyalty and low costs, Stable regulations and no competition

Back

Uncertain customer demand and regulatory challenges

Front

A highly saturated market likely indicates:

Back

Many providers of similar products/services