In-Depth Knowledge of the Business
What is the key to making informed decisions as an entrepreneur?
Answer: Industry and market knowledge.
What does a business model define?
Answer: Value creation and delivery.
What is a key feature of lean start-up principles?
Answer: Efficient resource use.
What does it mean for an entrepreneur to "pivot"?
Answer: Change business strategy.
What is the first step in managing business finances effectively?
Answer: Budgeting.
Why is understanding the market important for an entrepreneur?
Answer: Identifies opportunities and challenges.
Why is a strong business model important for revenue generation?
Answer: Drives consistent revenue flow.
How do lean start-up principles help entrepreneurs?
Answer: Minimize waste, validate ideas.
Why is pivoting important for a business?
Answer: Adapts to market changes.
Why is controlling costs important in financial management?
Answer: Prevents overspending and losses.
What does in-depth business knowledge enable entrepreneurs to do?
Answer: Make informed decisions.
How can a business model contribute to business sustainability?
Answer: Aligns with market needs.
Why is customer feedback important in the lean start-up approach?
Answer: Refines product/service for users.
When should an entrepreneur consider pivoting their business idea?
Answer: When it’s not working.
What does optimizing cash flow help with?
Answer: Maintains liquidity and growth.
How can an entrepreneur gain in-depth knowledge of their market?
Answer: Market research and trends.
What is the relationship between a business model and market needs?
Answer: Business model should meet needs.
What is a primary goal of using lean principles in entrepreneurship?
Answer: Meet customer demand quickly.
What role does market feedback play in pivoting decisions?
Answer: Guides the pivot decision.
How can financial mismanagement affect an entrepreneur’s business?
Answer: Leads to cash shortages.
What is the impact of lacking industry knowledge on an entrepreneur’s success?
Answer: Poor decisions and failure.
What might happen if a business model is not well-designed?
Answer: Revenue struggles and failure.
How can lean start-up principles help a business adapt to market conditions?
Answer: Enables rapid iteration and adjustments.
What is the risk of not pivoting when needed?
Answer: Business stagnation or failure.
What is the importance of financial planning for long-term business success?
Answer: Ensures scalability and stability.