ENTR 2030 Quiz 3 || Possible Questions Accurately Answered.
Evidence-based entrepreneurship correct answers the practice of hypothesizing, testing, and
validating to create a business model
Business model correct answers describes the rationale of how a new venture creates, delivers,
and captures value
4 types of business models correct answers Innovation, disruption, differentiation, and imitation
Imitation correct answers existing customers and existing products and services
Differentiation correct answers New customers but existing products and services
Disruption correct answers Existing customers but new products and services
Innovation correct answers New customers and new products and services
4 parts of the business model correct answers 1. The offering
2. The customer
3. The infrastructure
4. Financial viability
Offering correct answers 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) correct answers a statement that describes why a customer
should buy and use your product or service
, Customers correct answers people who populate the segments of a market served by the offering
Infrastructure correct answers the resources (people, technology, products, suppliers, partners,
facilities) that an entrepreneur must have in order to deliver the CVP
Financial viability correct answers 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 correct answers True
3 qualities of an effective CVP correct answers 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 correct answers All-benefits, points-of-difference,
resonating-focus
All-benefits correct answers 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 correct answers 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 correct answers 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 correct answers an offering that meets the needs of customers
Evidence-based entrepreneurship correct answers the practice of hypothesizing, testing, and
validating to create a business model
Business model correct answers describes the rationale of how a new venture creates, delivers,
and captures value
4 types of business models correct answers Innovation, disruption, differentiation, and imitation
Imitation correct answers existing customers and existing products and services
Differentiation correct answers New customers but existing products and services
Disruption correct answers Existing customers but new products and services
Innovation correct answers New customers and new products and services
4 parts of the business model correct answers 1. The offering
2. The customer
3. The infrastructure
4. Financial viability
Offering correct answers 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) correct answers a statement that describes why a customer
should buy and use your product or service
, Customers correct answers people who populate the segments of a market served by the offering
Infrastructure correct answers the resources (people, technology, products, suppliers, partners,
facilities) that an entrepreneur must have in order to deliver the CVP
Financial viability correct answers 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 correct answers True
3 qualities of an effective CVP correct answers 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 correct answers All-benefits, points-of-difference,
resonating-focus
All-benefits correct answers 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 correct answers 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 correct answers 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 correct answers an offering that meets the needs of customers
