Module 9

Question 1

The process by which entrepreneurs evaluate innovative product ideas, strategies, and marketing trends.

Answer 1

Opportunity screening

Question 2

What aspects should be focused on during opportunity screening?

Answer 2

Viability of financial resources, skills of the entrepreneurial team, and competition.

Question 3

What are common sources of research data for entrepreneurs?

Answer 3

Government agency recommendations, customer research, surveys, and focus groups.

Question 4

The process of taking reasonable steps to verify that your decisions are based on well-researched and accurate information.

Answer 4

Due Diligence

Question 5

Start opportunity screening by learning about the demographics of your target market

Governments collect census data demographics, including breakdown of the population by age, gender, race, and income; and some other useful data.

You may find free information on the internet

Answer 5

Market Demographics

Question 6

What are the ten common reasons why small businesses fail?

Answer 6

Low sales,
lack of experience,
insufficient capital,
poor location,
poor inventory management,
overinvestment in fixed assets,
poor credit management,
personal use of business funds,
unexpected growth,
and competition.

Question 7

considers unused assets that can be utilized by others, like Airbnb and Lyft.

Answer 7

Shared economy

Question 8

consists of temporary positions filled by independent short-term workers. E.g., Uber, Lyft, DoorDash, and Postmates

Answer 8

Gig economy