Entrepreneurship Basics
What do entrepreneurs look for in the market?
Needs, problems, and gaps in the market
What method uses drawings or images to visualize an idea?
Storyboarding
What is one way to learn about customer wants?
Surveys/interviews/focus groups
What analysis determines if an opportunity is viable?
Feasibility analysis
120 carts were created and 12 abandoned. What is the abandonment rate?
10%
What is the process of recognizing problems and finding business solutions?
Opportunity recognition/problem-solving
What method allows everyone to silently write ideas?
Brainwriting
Name one way to conduct market research
Surveys, interviews, focus groups, etc.
What is the first step of a feasibility analysis?
Preliminary analysis
A company starts with 300,000 customers, gains 50,000, and ends with 320,000. What is its retention rate?
90%
What is a minimum viable product?
A basic version of a product with essential features used to gather feedback
What technique connects ideas from a central concept?
Mind mapping
What research method involves watching customers in natural settings?
Observing customer behavior
What financial statement forecasts revenue and expenses
Projected income statement
20,000 carts were created and 4,000 abandoned. What is the abandonment rate?
20%
What is churn?
Customers who stop using a service
Who invented Velcro after observing burrs sticking to clothing and fur?
George de Mestral
Name two online tools used to identify trends.
Social media monitoring and website analytics
What does an opening day balance sheet show?
Assets and liabilities on day one
A company starts with 14,000 customers, gains 7,000, and ends with 17,000. What is the approximate retention rate?
71%
What three things should a good business opportunity have besides skills and passion?
Scalability, profitability, and competitive advantage
What are the three main steps of the creative process?
Inspiration, ideation, evaluation
Why is market research important to entrepreneurs?
It helps identify customer needs, wants, problems, trends, and opportunities
What is the final step of a feasibility analysis?
Review and analyze all data gathered
What is the formula for cart abandonment rate?
Abandoned carts ÷ total carts created × 100