Foods 2 Obj. 4.02

Kim's passion for gardening has led her to sell her vegetables and flowers at the local farmers market. She already recognizes she has a competitive advantage over the other vendors, but she is stuck trying to figure out how to use that advantage in starting her own business. Applying the Lean Canvas Business Model, where is Kim in her plan presently?

• solution

• cost structure

• channels

• key metrics

Planning to start a Vietnamese food truck, Jim is in the cost structure step of the Lean Canvas Business Model. He can make Vietnamese donuts for $1.50 per dozen. He plans to sell them for $9.00 per dozen. How much profit will he make in one day if he sells 60 dozen donuts?

• $90

• $450

• $540

• $810

Mary sells pasture-raised hen eggs. She was recently approached by a large corporate food business about becoming a supplier for it, but Mary would have to compromise her standards to keep up with the demand. Referring back to the Lean Canvas Business Model (LCM) for her business, Mary has decided to turn down the offer. What part of the LCM has influenced her decision?

• cost structure

• channels

• unique value proposition

• revenue streams

Luis has an idea for a food truck. He has studied the needs of his community and the types of people that can become potential customers, and he has even developed a business slogan. Applying the Lean Canvas Business Model, what is Luis's next step?

• revenue streams

• channels

• key metrics

• competitive advantage

Max is finishing his monthly budget for his new business. Rent is $1,500, utilities range from $350 to $525, Internet is $150, and linens range from $125 to $275 per month. How much are his monthly fixed expenses?

• $500-$800

• $1500

• $1650

• $2490

Josh met with a lending service to acquire funds for his new business. After discussing his fixed and variable expenses, he feels the need to rethink his financial plan. What part of the Lean Canvas Business Model will he need to reassess to increase his finances?

• solution

• channels

• competitive advantage

• revenue streams

After completing the Lean Canvas Business Model for his new Peruvian chicken restaurant, Jeff is preparing for the next step. What does Jeff need to do next?

• order all of his equipment

• hire employees

• pitch his idea to financiers

• connect to the Internet

Linda is starting a nonprofit that grows vegetables in a food desert in her community. She has identified the problems and her target customers, and she has researched ways to grow food in large amounts with a fairly inexpensive method. Applying the Lean Canvas Business Model, what is her next step?

• revenue streams

• competitive advantage

• unique value proposition

• cost structure

Reggie wants to start a sports nutrition clinic. He has been told about the Lean Canvas Business Model and is ready to try it. Which will his first step most likely be?

• price supplements at the grocery stores

• decide what services and products his sports nutrition clinic will provide

• call the banks to see whether he can get a loan

• figure out how to advertise

A health center and spa just opened. Business is great because the owners have planned well and thought thoroughly about their business concept. They have developed a catchy mission statement and have launched a successful advertising campaign. Which step of the Lean Canvas Business Model did the owners execute well?

• cost structure and key metrics

• problem and competitive advantage

• unique value proposition and channels

• channels and revenue streams