Business Resources
Which of the following is NOT considered a human resource?
A) Employees
B) Company patents
C) Management team
D) Contractors
What are company patents?
What is the main purpose of the Business Model Canvas?
What is a visual outline that describes a company’s key components like value proposition, customers, operations, and revenue?
Define entrepreneurship in your own words.
What is entrepreneurship is the process of starting, organizing, and running a new business to solve a problem or meet a need?
What does the term "market segmentation" mean?
What is dividing a broad market into smaller groups based on characteristics like age, behavior, or needs?
Spanx became a successful business with limited funding. Who is the founder of the successful business?
Who is Sarah Blakely?
Intellectual resources include:
A) Machinery and equipment
B) Trademarks and patents
C) Cash and credit
D) Raw materials
What are trademarks and patents?
What types of relationships are described in the “Key Partners” section of the Business Model Canvas?
What are relationships with suppliers, strategic alliances, or collaborators that help the business function?
What is one major risk that entrepreneurs typically face?
What are financial loss, market failure, or uncertainty in customer demand.
Name a pricing strategy and define it.
What is penetration pricing (setting low prices to gain market share)?
Name three variable costs you might include in your business’s cost structure.
What is hourly wages, ingredients, and electricity?
Financial resources refer to:
A) Human capital
B) Money and funds available for use
C) Company ideas
D) Strategic partnerships
What is money and funds available for use?
Define "cost structure".
What are the major costs involved in running a business?
List one characteristic of a successful entrepreneur and explain why it's important.
What is willingness to take risks – it allows entrepreneurs to try new ideas and innovate.
What is “price skimming”?
What is setting a high initial price for a new or innovative product, then lowering it over time?
Apple often launches its new products at high prices and gradually lowers them over time. What pricing strategy is Apple using?
What is a price skimming strategy?
Human resources are __________ who work for the company.
What are 'people'?
What are revenue streams?
What are the sources of income a business generates?
___________ helps entrepreneurs stand out by offering new or improved products, services, or processes.
What is innovation?
Describe how a value proposition can influence a customer’s decision to buy.
What is a value proposition clearly shows how the product solves a problem or adds value, convincing the customer it's worth buying?
____________ – it helps ensure the product solves a real problem and meets customer needs.
What is value proposition?
Explain how physical resources differ from financial resources in supporting a business.
What is physical resources are tangible tools and equipment used in production, while financial resources are monetary assets used to acquire physical and other resources?
Describe how “value propositions” connect to customer satisfaction in the Business Model Canvas.
What is a value proposition explains how a product or service solves a customer’s problem or improves their situation, which leads to higher satisfaction and loyalty?
Explain the role of failure in the entrepreneurial journey and what can be learned from it.
What is failure can teach valuable lessons about strategy, the market, or execution? It helps entrepreneurs improve and try again more effectively.
What is branding, and why is it important for a business’s success?
What is the process of creating a unique identity for a product or company through elements like name, logo, messaging, and design?
How did Spanx use branding to differentiate itself in the market and build a strong connection with customers?
What is focusing on body positivity, humor, and solving a personal problem?