midterm 1

Question 1

What is Entrepreneurship?

Answer 1

The act of creating, organizing, and managing a business venture along with its risks to make a profit

Question 2

What are the Key Traits of entrepreneurship?

Answer 2

• Innovation
• Risk-taking
• the ability to seize opportunities

Question 3

What is a Small Business?

Answer 3

• Typically owner-operated
• focuses on local or niche markets
• has limited resources and revenue

Question 4

What is the growth goal of a small business?

Answer 4

steady, sustainable growth

Question 5

What is a Start-up?

Answer 5

• Organizations designed to grow rapidly
• often with scalable and innovative business models
• usually in technology sectors

Question 6

What is the objective of a startup?

Answer 6

Seeks to disrupt existing markets or create new ones

Question 7

What is Opportunity Recognition?

Answer 7

Identifying gaps or opportunities in the market

Question 8

What is Feasibility Analysis?

Answer 8

Assessing the viability of the opportunity through market research and financial analysis

Question 9

What is Business Planning?

Answer 9

Developing a business plan to outline the strategy, market approach, and financial projections

Question 10

What is Resource Acquisition?

Answer 10

Securing funding, talent, and partnerships to support the business

Question 11

What is Scaling and Growth?

Answer 11

• Expanding operations
• entering new markets
• increasing the customer base

Question 12

What is a Business Model?

Answer 12

Outlines how a company creates, delivers, and captures value. It encompasses all aspects of a business, from target customers to revenue streams

Question 13

What is a Business Model Canvas?

Answer 13

A tool to visualize and structure business models, consisting of nine building blocks

Question 14

What are the building blocks of the business model canvas?

Answer 14

1. Customer segments
2. Value propositions
3. Customer relationships
4. Channels
5. Revenue streams
6. Key resources
7. Key activities
8. Key partnerships
9. Cost structure

Question 15

What are Customer Segments?

Answer 15

• Demographic
• Geographic
• Behavioral
• Psychographic
• The question that needs to be answered: Who is your target and what problem do they need fixed?

Question 16

What are Value Propositions?

Answer 16

The question that needs to be answered: What distinctive value does your solution provide?

Question 17

What are Customer Relationships?

Answer 17

How will you get your target?

Question 18

What are Channels?

Answer 18

How will you get to your target?

Question 19

What are Revenue Streams?

Answer 19

How will you generate revenue?

Question 20

What are Key Resources?

Answer 20

What resources do you need to deliver?

Question 21

What are Key Activities?

Answer 21

What will you do?

Question 22

What are Key Partnerships?

Answer 22

What will they do?

Question 23

What is Cost Structure?

Answer 23

What costs are necessary to create value?

Question 24

What is Customer Discovery?

Answer 24

The process of understanding the needs, problems, and behaviors of potential customers before launching a product.

Question 25

What is Validation?

Answer 25

Testing the business model assumptions by gathering customer feedback to refine the product/service offering.

Question 26

What is Innovation?

Answer 26

The process of creating new value through products, services, processes, or business models.

Question 27

What categories are the Ten types of innovation divided into?

Answer 27

• Offering
• Configuration
• experience

Question 28

what is Better World Fashion (BWF)?

Answer 28

• A Danish sustainable fashion company with a mission to disrupt the fashion industry by creating leather products using recycled materials
• sources leather from NGOs like the Red Cross, turning old garments into new jackets and bags
• offers a buy-back program allowing customers to return products for discounts on future purchases

Question 29

what type of business model does BWF use?

Answer 29

Circular Business Model - Emphasizes sustainability and resource efficiency by using second-generation inputs (98%) to create high-quality, environmentally friendly products.

Question 30

what is BWF’s Competitive Advantage?

Answer 30

• combines sustainability, high product quality, and customization
• certifications (B Corporation and the Project Just Seal of Approval) enhancing its credibility

Question 31

what is BWF’s Market and Target Audience?

Answer 31

• The primary market is Denmark, with sales expanding to other countries, including Germany, Norway, Sweden, and the U.S.
• The target demographic includes eco-conscious consumers aged 25 and above who seek premium and sustainable products.

Question 32

what is BFW’s Customer Engagement?

Answer 32

• builds emotional connections with customers through its app, which tracks each jacket’s history and allows users to add their own stories - This feature supports customer loyalty and reinforces the brand’s sustainable mission.

Question 33

what are some of BWF’s challenges?

Answer 33

• Consumer Perceptions:
  
  • Many consumers are not fully aware of the environmental benefits of circular fashion, leading to resistance in paying premium prices for sustainable products
• Market Education:
  
  • BWF must work to educate and convince consumers about the advantages of their products and the importance of sustainability.

Question 34

what are some future opportunities for BWF?

Answer 34

• Product Expansion:
  
  • BWF plans to diversify its product range beyond jackets and bags, possibly including footwear and accessories.
• Geographic Expansion:
  
  • The company plans to tailor marketing strategies and product designs to local preferences to grow its international presence in large markets like the U.S. and Asia
• Marketing and Partnerships:
  
  • BWF is enhancing its marketing efforts, including collaborations with influencers and events to raise brand awareness and connect with a broader audience.