Chapter 4: Lean Canvas Model/Chapter 5: Management Principles

Match the term with the correct definition

• Competitive Advantage

• Factors that put a company in a favorable position in comparison to its rivals

• Unique Value Proposition (UVP)

• Statement that describes the benefit of your offer, how you solve customer's needs and why you are different than your competition

• Minimum Viable Product (MVP)

• Version of a product with just enough features to be usable by early customers that can provide feedback

Fundamentally changing the direction of a business when you realize the current products or services aren't meeting the needs of the market

• Minimum Viable Product (UVP)

• Pivot/Pivoting

• Trending

• Exporting

Emerging technologies, social entrepreneurship and green entrepreneurship are all types of

• pivoting

• trends

• psychographics

• pivoting

What is this a picture of?

• Lean Canvas Model

• Innovation Plan

• Business Plan

• Financial Statement

Why do businesses pivot?

• To solve entrepreneurial problems

• To make less money

• To make things harder

• To show they are concerned about sports

Basic activities that can help you plan, organize and control operations related to material, people, machines, methods, money and markets

• Management Principles

• Marketing

• Entrepreneurship

• Selling

A definition of the company's business, who it serves, what it does, its objectives, and its approach to reaching those objectives.

• Mission Statement

• Vision Statement

• Company Statement

• Marketing Statement

A description of the desired future state of the company

• Mission Statement

• Vision Statement

• Company Statement

• Marketing Statement