FME FINAL EXAM STUDY GUIDE
3 M's - Answers - Marker Demand: Need? qualitative data on opportunity
Market Size and Demand: Enough People?how many people in that space
Marginal Analysis: Is it feasible? costs and expenses
Phases in Entrepreneurship Process - Answers - Explore: Opportunity
Pursue: Feasibility; Request for Funding; Market
Launch (and grow): Sell to Customers
4 P's - Answers - Price; Product; Placement(where are you launching your product,
online store, bookstore) ; Promotion
3 Laws od Marketing Physics - Answers - Overt Benefit: What's in it for me? Why should
I care? more data on opportunity
Real Reason To Believe: Why is product needed? How will you deliver on the overt-
benefit promise? investors point of view- employees, experience, skill
Dramatic Difference: Why should I choose you over the competitors? more unique?
connections?
Market Research - Answers - Primary Quantitive: Surveys
Primary Qualitive: Focus Groups; In-Depth Interviews
Secondary Quantitive: Financial Reports; Library Research
Secondary Qualitive: Corporate Websites; Annual Reports
Design Thinking (Hear, Create, Test) - Answers - Inspiration: Thinking of idea based on
challenges
Ideation: Creating Products in opportunity spaces; brainstorming
Implementation: Prototypes, Feedback from Customers; Learn
Prediction Logic - Answers - Uses history from the past to make assumptions about the
future; deductive logic; rule of thumb; mathematical and analytical methods
Creaction Logic - Answers - Future cannot be predicted by the past; favors what is real
and confirmable over predictions and assumptions; smart action trumps analysis
Prediction Logic v. Creaction Logic - Answers - Depends on context
Trend - Answers - Do nort just develop a product based on what customers want today,
think about what will customers need tomorrow; product that meets tomorrows
demands.
, GRPIR "finger shoot" - Answers - Goals- clarity of shared objectives, set expectations
clearly
Responsibilities- who owns each task or process
Processes- clarity about the nature and timing of critical processes (agendas, meetings,
deadlines)
Interpersonal Relations- how we relate to each other
Tasks - Answers - Accomplishing Work
Process - Answers - Managing Those Tasks and the team's dynamics: attitudes,
personalities, communication, team's progress
New Trends - Answers - Population; Rebalancing of economies; Energy; Green;
Communications; Social awareness; Learning & education; Diversity; One world
New Markets - Answers - Different segments; Global/local opportunities; Customers
value efficiency; Customers relate to environment; Connect to customers; Relate to
customers; New capability to realize; Share across groups; Distribution methods and
routes
DISC - Answers - Observes behavior, not personality; Depends on the situation; No one
style is better than the other; Consistent across cultures
Dominance - Answers - Accomplish tasks by focusing on goals and overcoming
challenges
Results, goal oriented, makes quick decisions, risk taking, self-confident
Lack of concern for others, impatient, oversteps authority, doesn't listen well
Influencing - Answers - Accomplishes tasks by persuading and influencing others,
focusing on big picture; Emphasizes vision, big picture, enthusiastic, emotional, involved
with people; Disorganized, lack of follow through, oversells and underinstructs
Steadiness - Answers - Accomplishes tasks by working with others
Calm, patient, loyal, good listener, good team player
Overly willing to give in, takes criticism personally, limits negative feedback, resistant to
change
Conscientious - Answers - Accomplishes tasks by working within existing structure and
ensuring quality and accuracy; Attention to standards and details, analytic thinking,
accuracy, diplomacy; Overly critical, indecision, hampers creativity
Feedback - Answers - Grounded in data, not emotions; Specific good and bad behavior;
Describe impact of behavior; Give Advice
Emotional Intelligence - Answers - Self awareness- knowing your strengths,
weaknesses, interests
3 M's - Answers - Marker Demand: Need? qualitative data on opportunity
Market Size and Demand: Enough People?how many people in that space
Marginal Analysis: Is it feasible? costs and expenses
Phases in Entrepreneurship Process - Answers - Explore: Opportunity
Pursue: Feasibility; Request for Funding; Market
Launch (and grow): Sell to Customers
4 P's - Answers - Price; Product; Placement(where are you launching your product,
online store, bookstore) ; Promotion
3 Laws od Marketing Physics - Answers - Overt Benefit: What's in it for me? Why should
I care? more data on opportunity
Real Reason To Believe: Why is product needed? How will you deliver on the overt-
benefit promise? investors point of view- employees, experience, skill
Dramatic Difference: Why should I choose you over the competitors? more unique?
connections?
Market Research - Answers - Primary Quantitive: Surveys
Primary Qualitive: Focus Groups; In-Depth Interviews
Secondary Quantitive: Financial Reports; Library Research
Secondary Qualitive: Corporate Websites; Annual Reports
Design Thinking (Hear, Create, Test) - Answers - Inspiration: Thinking of idea based on
challenges
Ideation: Creating Products in opportunity spaces; brainstorming
Implementation: Prototypes, Feedback from Customers; Learn
Prediction Logic - Answers - Uses history from the past to make assumptions about the
future; deductive logic; rule of thumb; mathematical and analytical methods
Creaction Logic - Answers - Future cannot be predicted by the past; favors what is real
and confirmable over predictions and assumptions; smart action trumps analysis
Prediction Logic v. Creaction Logic - Answers - Depends on context
Trend - Answers - Do nort just develop a product based on what customers want today,
think about what will customers need tomorrow; product that meets tomorrows
demands.
, GRPIR "finger shoot" - Answers - Goals- clarity of shared objectives, set expectations
clearly
Responsibilities- who owns each task or process
Processes- clarity about the nature and timing of critical processes (agendas, meetings,
deadlines)
Interpersonal Relations- how we relate to each other
Tasks - Answers - Accomplishing Work
Process - Answers - Managing Those Tasks and the team's dynamics: attitudes,
personalities, communication, team's progress
New Trends - Answers - Population; Rebalancing of economies; Energy; Green;
Communications; Social awareness; Learning & education; Diversity; One world
New Markets - Answers - Different segments; Global/local opportunities; Customers
value efficiency; Customers relate to environment; Connect to customers; Relate to
customers; New capability to realize; Share across groups; Distribution methods and
routes
DISC - Answers - Observes behavior, not personality; Depends on the situation; No one
style is better than the other; Consistent across cultures
Dominance - Answers - Accomplish tasks by focusing on goals and overcoming
challenges
Results, goal oriented, makes quick decisions, risk taking, self-confident
Lack of concern for others, impatient, oversteps authority, doesn't listen well
Influencing - Answers - Accomplishes tasks by persuading and influencing others,
focusing on big picture; Emphasizes vision, big picture, enthusiastic, emotional, involved
with people; Disorganized, lack of follow through, oversells and underinstructs
Steadiness - Answers - Accomplishes tasks by working with others
Calm, patient, loyal, good listener, good team player
Overly willing to give in, takes criticism personally, limits negative feedback, resistant to
change
Conscientious - Answers - Accomplishes tasks by working within existing structure and
ensuring quality and accuracy; Attention to standards and details, analytic thinking,
accuracy, diplomacy; Overly critical, indecision, hampers creativity
Feedback - Answers - Grounded in data, not emotions; Specific good and bad behavior;
Describe impact of behavior; Give Advice
Emotional Intelligence - Answers - Self awareness- knowing your strengths,
weaknesses, interests
