ENTR 2030 Questions Exam And
100% Correct Answers
Evidence-based entrepreneurship - ANSWER the practice of hypothesizing, testing, and
validating to create a business model
Business model - ANSWER describes the rationale of how a new venture creates,
delivers, and captures value
4 types of business models - ANSWER Innovation, disruption, differentiation, and
imitation
Imitation - ANSWER existing customers and existing products and services
Differentiation - ANSWER New customers but existing products and services
Disruption - ANSWER Existing customers but new products and services
Innovation - ANSWER New customers and new products and services
4 parts of the business model - ANSWER 1. The offering
2. The customer
3. The infrastructure
4. Financial viability
Offering - ANSWER what you are offering to a particular customer segment, the value
generated for those customers, and how you will reach and communicate with them
Customer value proposition (CVP) - ANSWER a statement that describes why a
customer should buy and use your product or service
Customers - ANSWER people who populate the segments of a market served by the
offering
Infrastructure - ANSWER the resources (people, technology, products, suppliers,
partners, facilities) that an entrepreneur must have in order to deliver the CVP
Financial viability - ANSWER defines the revenue and cost structures a business needs
to meet its operating expenses and financial obligations
True or False: all 4 parts of the business model can be a source of innovation and
competitive advantage - ANSWER True
, 3 qualities of an effective CVP - ANSWER 1. Must offer better value than the competitors
2. Must be measurable in monetary terms
3. Must be sustainable
3 main approaches to creating CVPs - ANSWER All-benefits, points-of-difference,
resonating-focus
All-benefits - ANSWER a type of value proposition that involves identifying and
promoting the benefits of a product or service to customer segments, with little regard
for competition or any real insight into what the customer really wants or needs
Points-of-difference - ANSWER a type of value proposition that focuses on the product
or service relative to the competition and how the offering is different from others on the
market
Resonating-focus - ANSWER a type of value proposition that describes why people will
really like your product and focuses on the customers and what they really need and
value
Product-market fit - ANSWER an offering that meets the needs of customers
Alternative names for resonating-focus - ANSWER "just what the customer wants" or
product-market fit
Good value proposition - ANSWER All-benefits (focus is on the product)
Better value proposition - ANSWER points-of-difference (focus is on the competition)
Best value proposition - ANSWER resonating-focus (focus is on the customer)
3 questions businesses answer - ANSWER 1. What's in it for me?
2. Why should I believe you?
3. Why should I care?
3 Laws of Marketing Physics - ANSWER Overt benefit, real reason to believe, dramatic
difference
Overt benefit - ANSWER the one big benefit for your customer
Real reason to believe - ANSWER provides evidence to the customer that you will do as
you promise
Dramatic difference - ANSWER the uniqueness of your product or service in relation to
other available options
4 problems experienced by customers - ANSWER lack of time, lack of money, lack of
skills, lack of access
100% Correct Answers
Evidence-based entrepreneurship - ANSWER the practice of hypothesizing, testing, and
validating to create a business model
Business model - ANSWER describes the rationale of how a new venture creates,
delivers, and captures value
4 types of business models - ANSWER Innovation, disruption, differentiation, and
imitation
Imitation - ANSWER existing customers and existing products and services
Differentiation - ANSWER New customers but existing products and services
Disruption - ANSWER Existing customers but new products and services
Innovation - ANSWER New customers and new products and services
4 parts of the business model - ANSWER 1. The offering
2. The customer
3. The infrastructure
4. Financial viability
Offering - ANSWER what you are offering to a particular customer segment, the value
generated for those customers, and how you will reach and communicate with them
Customer value proposition (CVP) - ANSWER a statement that describes why a
customer should buy and use your product or service
Customers - ANSWER people who populate the segments of a market served by the
offering
Infrastructure - ANSWER the resources (people, technology, products, suppliers,
partners, facilities) that an entrepreneur must have in order to deliver the CVP
Financial viability - ANSWER defines the revenue and cost structures a business needs
to meet its operating expenses and financial obligations
True or False: all 4 parts of the business model can be a source of innovation and
competitive advantage - ANSWER True
, 3 qualities of an effective CVP - ANSWER 1. Must offer better value than the competitors
2. Must be measurable in monetary terms
3. Must be sustainable
3 main approaches to creating CVPs - ANSWER All-benefits, points-of-difference,
resonating-focus
All-benefits - ANSWER a type of value proposition that involves identifying and
promoting the benefits of a product or service to customer segments, with little regard
for competition or any real insight into what the customer really wants or needs
Points-of-difference - ANSWER a type of value proposition that focuses on the product
or service relative to the competition and how the offering is different from others on the
market
Resonating-focus - ANSWER a type of value proposition that describes why people will
really like your product and focuses on the customers and what they really need and
value
Product-market fit - ANSWER an offering that meets the needs of customers
Alternative names for resonating-focus - ANSWER "just what the customer wants" or
product-market fit
Good value proposition - ANSWER All-benefits (focus is on the product)
Better value proposition - ANSWER points-of-difference (focus is on the competition)
Best value proposition - ANSWER resonating-focus (focus is on the customer)
3 questions businesses answer - ANSWER 1. What's in it for me?
2. Why should I believe you?
3. Why should I care?
3 Laws of Marketing Physics - ANSWER Overt benefit, real reason to believe, dramatic
difference
Overt benefit - ANSWER the one big benefit for your customer
Real reason to believe - ANSWER provides evidence to the customer that you will do as
you promise
Dramatic difference - ANSWER the uniqueness of your product or service in relation to
other available options
4 problems experienced by customers - ANSWER lack of time, lack of money, lack of
skills, lack of access
