MHR 322 Exam Take 1 2025

In many cases, a "customer" includes both a primary customer who uses the product and a separate, secondary customer who pays for the product. - Correct Ans-true To narrow your market segmentation effort, you should consider all of the following EXCEPT: - Correct Ans-Whether you have enough capital (money) now to reach that segment. The best market targeting advice for a start-up is: - Correct Ans-Apply your limited resources to a narrow, carefully defined new market that you can dominate. The "China Syndrome" is a common mistake of entrepreneurs who: - Correct Ans-Think that success is getting a small share of an extremely large market. When identifying your target market segment the vast majority of your primary market research should come from: - Correct Ans-Direct interaction with real potential customers about their situations, pain points, and opportunities. A good time frame for market segmentation research is a few weeks, or maybe a bit longer if your situation permits. - Correct Ans-true Choosing a beachhead market effectively ends your market segmentation activities. - Correct Ans-False You should choose a single, beachhead market because: - Correct Ans-You can more easily establish a strong market position and hopefully a positive cash flow Your first beachhead market will likely be a learning experience, so it is generally better to pick a smaller market where you can get high exposure among customers. - Correct Ans-true Choosing a single, beachhead market is important because it means that you will have the most options available in case you mis-analyze your customer need. - Correct Ans false In the Five Forces, rivalry tends to be high when: - Correct Ans-There are many competitors of similar size In the Five Forces, a substitute refers to: - Correct Ans-A different product or service that meets the customer need in the same way MHR 322 MHR 322 In the Dynamic Capitalism Typology Framework a franchise-based firm such as Noodles & Co. would have the following attributes: - Correct Ans-Growth Rate - High; Innovation - Low The Five Forces are: - Correct Ans-Buyer power, supplier power, threat of new entry, rivalry, and substitutes For entrepreneurs, an industry is: - Correct Ans-A group of current or potential companies that can produce a product or service For entrepreneurs, a market is: - Correct Ans-A group of current or potential customers that want to buy a product or service The Matthew Sacks video on Opportunity Recognition demonstrates the importance of a clear career path, constantly keeping in mind where you plan to go next. - Correct Ans-false At the most basic level, an attractive market is: - Correct Ans-Large and growing The right place to start when you want to build a business is: - Correct Ans-Finding an unmet need. The single necessary and sufficient condition for a business is a paying customer. - Correct Ans-true Market segmentation should continue to identify smaller and smaller segments until you have a welldefined opportunity in which you are confident that the customers in your market are very similar. - Correct Ans-True Factors that improve technology diffusion/new product acceptance include: - Correct Ans-Compatibility with current practices All else being equal, an opportunity is more attractive when: - Correct Ans-It targets a big market in a high-profit industry According the New Business Road Test, the question that the very best entrepreneurs keep asking is: - Correct Ans-What's wrong with my business and how can I fix it? When looking at the classic technology adoption (diffusion) S-curve chart, the slope of the line in any given S-curve represents - Correct Ans-How quickly the technologies were adopted, which will be correlated with the growth rate of the companies commercializing those technologies Which of the following is the best explanation for why an innovation would be likely to succeed in the market? - Correct Ans-The entrepreneur is a good communicator and has access to key resources MHR 322 MHR 322 Porter's Five-Forces model is an important business tool for figuring how: - Correct Ans Industry attractiveness (profitability) The Matthew Sacks video on Opportunity Recognition shows that building a skill set in the corporateworld can give you insight into entrepreneurial opportunities. - Correct Ans-True The starting point for being an entrepreneur is answering the following question: "What can I do well that I would love to do for an extended period of time?" (t/f) - Correct Ans false A good, sustainable business requires having: - Correct Ans-enough customers paying enough money for the company to be profitable Choosing a beachhead market effectively ends your market segmentation activities (t/f) - Correct Ans-false An end-user profile is a description of a narrowly defined subset of end users with similar characteristics and with similar needs (t/f) - Correct Ans-true Calculating Total Addressable Market requires multiplying the number of possible customers (in the world) by the revenue each customer would generate per year (t/f) - Correct Ans-true It is generally a good idea to interview 3-5 potential Persona candidates before you generate your fact sheet so that you can select one of them as the best option (t/f) - Correct Ans-false During a life cycle use case analysis you must try to see the product through the customer's eyes rather than your own (t/f) - Correct Ans-true A high-level specification of your product is a visual representation of your current best guess of what the product will be (t/f) - Correct Ans-true A quantified value proposition identifies a tangible metric that aligns with the Persona's top priorities (t/f) - Correct Ans-true While interviewing 10 high-potential customers, you should address negative feedback by trying to convince the potential customer of the value the product will provide (t/f) - Correct Ans-false In "Where Is The Best Place To Learn How To Become A Successful Entrepreneur?" author Kimberly Whitler notes that it is generally easier to - Correct Ans-start at a big company and then work for a smaller company or start your own venture MHR 322 MHR 322 According to the Kauffman Foundation, new businesses account for nearly all net new job creation in the United States (t/f) - Correct Ans-true An attractive market segment is characterized by: - Correct Ans-Customers who perceive that our product or service will be clearly better than what they can purchase from others In Disciplined Entrepreneurship the author recommends that when selecting a Beachhead Market you should go for the largest one available to you (t/f) - Correct Ans false All of the following are forms of intellectual property protection EXCEPT - Correct Ans Eminent domain Ventures founded by individuals tend to be more successful than those founded by teams (t/f) - Correct Ans-false In many cases, a "customer" includes both a primary customer who uses the product and a separate, secondary customer who pays for the product (t/f) - Correct Ans-true All of the following conditions are needed to define a market (e.g., a group of customers) EXCEPT - Correct Ans-the customers are located in the same geographical area An end-user profile should be relatively narrow because you do not want to spend your time and resources trying to be everything to everyone (t/f) - Correct Ans-true When calculating Total Addressable Market, you should take the time to get it to be as accurate as possible, because you do not want to have to revisit it later (t/f) - Correct Ans-false The Persona can be a powerful decision-making tool by helping the venture distinguish between potential customers that should be served now and potential customers that should be targeted at a later time (t/f) - Correct Ans-true Once you have completed your high-level product specification, the next step is to: - Correct Ans-make a brochure for the product that targets the persona To formulate your quantified value proposition, compare the "possible" state (customer uses you product) to the "as-is" state (current customer use/behavior) to show a difference in measurable value (t/f) - Correct Ans-true In "What Entrepreneurs Can Teach Us All About Life," author Stephen Hicks suggests that entrepreneurship is like life in general because: - Correct Ans-Both require challenging basic rules and assumptions