Trait Check
This trait means being okay moving forward without knowing all the answers yet.
Comfort with ambiguity
A "need to have" problem is generally a _______ opportunity than a "nice to have."
Bigger / stronger
Funding your business using your own savings is called _______.
Bootstrapping
Name one of the six sections of a Lean Canvas.
Problem, Customer Segments, Unique Value Proposition, Solution, Revenue Streams, or Funding Ask
Name one entrepreneurial trait AND one funding type that would both suit someone who wants to test a small idea cheaply before committing serious money
A trait like risk tolerance or comfort with ambiguity, paired with bootstrapping
True or False: An intrapreneur takes on the same personal financial risk as an entrepreneur.
False — intrapreneurs use company resources, not personal risk
What's the term for looking at what existing competitors are missing?
Competitive analysis
What do you call the number that an investment offer implies your whole company is worth?
Valuation
In the pitch structure, what section comes right after the Hook?
Solution
A team's Lean Canvas identifies a real problem and a clear customer segment, but their Unique Value Proposition just says "we're the best." What's actually wrong with this, and where would that weakness show up during the pitch itself?
A UVP has to explain specifically why customers would choose this over alternatives — "we're the best" doesn't say why; this weakness would make the Hook/Solution part of the pitch unconvincing
This entrepreneurial trait involves taking action before being asked or forced to by events.
Initiative
Name one way to identify an unmet market need.
Workarounds people already use, common complaints, or a trend creating a new gap
What's the key risk of debt financing, no matter how the business performs?
It must be repaid with interest regardless of whether the business succeeds
What is the term for a short, clear statement that tells customers why they should buy your product or service instead of your competitor's
Unique Value Proposition
An entrepreneur identifies a real, painful problem, but decides to pursue venture capital funding for a small, simple business that only needs $2,000 to get started. What's the mismatch here?
VC funding is built for large amounts and high-growth potential — a small $2,000 need is a much better fit for bootstrapping or a small loan
While successful entrepreneurs are often viewed as reckless gamblers, they actually excel at this trait — the process of identifying, assessing, and mitigating potential losses rather than taking blind chances.
Risk Tolerance
True or False: If lots of competitors already exist in a market, there's no real opportunity left.
False — a "better, cheaper, faster, or different" angle can still win
What's the core difference between reward-based and equity-based crowdfunding?
Reward-based gives backers a product or perk
Equity-based gives backers actual ownership
Why do entrepreneurs use a Lean Canvas instead of a full multi-page business plan for an early-stage idea?
It's faster and more flexible — early ideas change too quickly for a long document to stay useful
Name one entrepreneurial trait that would help a founder recover after an investor says "I'm out," and one specific part of their pitch they should revisit before trying again.
Resilience; they should revisit their riskiest assumption or their funding ask/reasoning — whichever likely caused the "no"
(Scenario): Two founders pitch the same idea to investors. One gives up after the first "no." The other refines the pitch and tries five more investors. Which trait explains the difference, and why does it matter for a founder specifically?
Resilience — founders face rejection constantly, and the ability to keep going after a "no" is often what separates those who eventually succeed from those who quit early
(Scenario): A student notices classmates constantly forget their water bottles and end up buying overpriced ones from vending machines. What's the actual problem here, and what would you need to find out before calling this a real business opportunity?
No reliable way to remember to bring a reusable bottle; need to find out how common and "painful" this is, and whether people would actually pay for a solution rather than just being mildly annoyed
(Scenario): A founder wants to keep 100% control of her business and only needs a small amount of money to get started. Which funding source fits best, and what would she give up by choosing a different one, like venture capital?
Bootstrapping — keeps full ownership and control; choosing VC instead would mean giving up equity and some control in exchange for a much larger amount of money
(Scenario): A team's Lean Canvas has a detailed Solution section but never actually states the Problem. What's wrong with this pitch, and what will investors almost certainly ask?
Without a clear problem, there's no clear reason customers would need the solution — investors will ask "what problem does this actually solve, and for whom?"
(Scenario): A team pitches a strong problem and a clear solution, but never actually states how much money they need or what percentage of the company they're offering. Why would this likely sink their pitch, even though everything else was strong?
Without a specific ask, investors have nothing concrete to say yes or no to — a pitch needs a clear ask no matter how good the idea itself is