ENTRE TRIVIA

The easiest part of launching a business is coming up with an idea for a new business.

• TRUE

• FALSE

Business success requires much more than just a great new idea.

• TRUE

• FALSE

The idea assessment is the process of examining a particular need in the market, developing a solution for that need and determining the entrepreneur's ability to successfully turn the idea into a market.

• TRUE

• FALSE

The best business ideas start with a group of customers with a common problem.

• TRUE

• FALSE

A feasibility analysis is a process of determining whether entrepreneurs' ideas are a viable foundation for creating a successful business.

• TRUE

• FALSE

Providing that a profitable market exists involves two steps

• Show customer interest Proves that target customers actually need or want the product or service.

• Document market claims

  Supports market size and growth rates with facts

• Both

• None

A feature is a descriptive fact about a product or service (e.g. ergonomically designed, more comfortable to handle)

• TRUE

• FALSE

Benefit is what the customer gains from the product or service feature (e.g. lower energy bills, faster access to the internet)

• TRUE

• FALSE

Industry is more attractive to new entrants when quality substitutes are readily available.

• TRUE

• FALSE

The business plan include operational and financial details.

• TRUE

• FALSE