UNL ENTR 421 Review Questions with Correct Answers
What are the 9 components of the business model canvas? Key Partners Key Activities Value Propositions Customer Relations Customer Segments Key Resources Channels Cost Structure Revenue Streams What is the business model canvas? A strategic template tool used by new and existing companies to help design their business plan. It is a visual chart that is broken into 9 different components What are the 5 common traps to avoid large market fallacy better mousetrap fallacy no sustainable business model me-too hubris The large market fallacy other people like large markets too better to get a larger portion of a smaller part of the market The better mousetrap fallacy better technology does not necessarily equal a better solution for the customer who wants it and why success is about identifying the right customers The no sustainable business model trap economic sustainability is a really big deal The me-too trap high level threat of entry and lack of sustainable advantage for new entrants can cause a lot of competitors low barriers to entry and lack of sustainable advantage is a red flag The hubris trap just because you've done it before does not obviate the need for attention to the seven domains Porter's Five Forces Threat of entry Supplier power Buyer power Threat of substitutes Competitive Rivalry
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