Tips for Starting and Validating a Business Idea
Interactive Video
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Business, Other
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University
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Medium
Wayground Content
Used 5+ times
FREE Resource
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7 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the two critical questions to ask before pursuing a business idea?
Why is this idea unique and who will buy it?
Why now and why me?
What is the cost and who are the competitors?
How will it be marketed and what is the profit margin?
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to involve customers early in the product development process?
To test the durability of the product
To secure early sales and revenue
To validate the demand and avoid developing in isolation
To ensure the product is priced correctly
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the concept of 'fail fast' in product testing?
Reducing production costs to increase profit margins
Launching a product quickly to beat competitors
Failing to meet sales targets in the first quarter
Testing a product quickly and cheaply to learn and iterate
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What strategy did Honest Tea use to manage initial costs?
They hired a large team to increase production speed
They invested heavily in marketing from the start
They outsourced production to a cheaper location
They used manual labeling to avoid buying expensive equipment
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is customer acquisition crucial for entrepreneurs?
It helps in reducing production costs
It ensures a steady flow of revenue and business growth
It allows for better product design
It helps in securing investment
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key reason many entrepreneurs fail?
Lack of innovative ideas
Inability to manage finances
Failure to understand customer acquisition
Poor product quality
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should be integrated into the core DNA of a business process?
Employee training
Product design
Financial planning
Sales and customer acquisition
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