ENT Foundations
What is the term for an individual who identifies a business opportunity, starts or develops a business, and takes on risks?
Entrepreneur
What is an early model of a product used for testing and improvement?
Prototype
Which factor asks whether customers want or need a product?
Desirability
What is the specific group of customers a business intends to reach?
Target Market
What do we call businesses that offer similar products or services to similar customers?
Direct Competitions
What type of entrepreneur starts a business to address a social or environmental problem?
Social Entrepreneur
What is the term for a basic, usable version of a product that includes enough features to collect customer feedback?
Minimum Viable Product
Which factor asks whether a business has the resources and ability to create and deliver a product?
Feasibility
A clothing company groups customers based on their values, interests, and lifestyles. Which type of segmentation is this?
Psychographic Segmentation
What is the term for something that helps a business stand out from competitors or offer greater customer value?
Competitive Advantage
What is the term for a way of thinking that includes creativity, adaptability, resilience, and learning from mistakes?
Entrepreneurial Mindset
A company improves the battery life and camera quality of an existing smartphone. What type of innovation is this?
Incremental Innovation
Which factor asks whether a business can financially sustain its idea?
Viability
A coffee shop groups customers according to how frequently they visit and whether they use its rewards program. Which type of segmentation is this?
Behavioral Segmentation
What is a customer's interaction with a business, such as visiting its website or speaking with an employee, called?
Customer Touchpoint
An individual operates a business using an established company's brand and business model. What type of entrepreneur are they?
Franchise Entrepreneur
A company repeatedly redesigns a product based on testing and customer feedback. What is this process called?
Product Iteration
An entrepreneur believes customers will pay $30 per month for a service but has not tested this belief. What is this called?
Business Assumption
A restaurant interviews customers directly to learn what they think about a new menu. Is this primary or secondary research?
Primary Research
An online store loses customers because its checkout process is confusing and frustrating. What aspect of the business should it improve?
Customer Experience
An entrepreneur launches several businesses over the course of their career. What type of entrepreneur does this represent?
Serial Entrepreneur
A company develops an exciting new product, but customers do not believe it is worth the price. What important factor is the company struggling with?
Perceived Value
A student can spend $500 on either advertising or equipment. They choose equipment and give up the benefits of advertising. What economic concept does this demonstrate?
Opportunity Cost
A company surveys only its most loyal customers and assumes their opinions represent the entire market. What research problem might occur?
Sampling Bias
At a career fair, a student gives a 45-second introduction about their strengths, experiences, and future goals. What professional skill are they demonstrating?
Personal Elevator Pitching