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Exam 4: Conducting a Feasibility Analysis and Designing a Business Model

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Question 21

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Asking the question, "Is this idea right for me?" is part of the process of assessing ________ feasibility.

A) business
B) financial
C) entrepreneur
D) All of the above

E) C) and D)
F) A) and B)

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Question 22

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An idea assessment answers the question, "Should we proceed with this business idea?"

A) True
B) False

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Question 23

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Mini-Case 4-1: The Need For A Plan Andrew Sycamore has spent more than ten years in the human resources department of a large management consulting company. During his tenure, he was often put in charge of training new recruits, where he arranged for various company managers to address the recruits and teach them skills important in the workplace. What Andy had noticed was the one skill that was often the hardest to teach involved problem identification and problem solving. Even the best recruits from well-known universities found it hard to assess a situation to determine what the problem was and how to develop solutions for it. In his heart, Andy was an entrepreneur and he was dying to quit his corporate job and be his own boss. He was convinced there was a business opportunity in developing an interactive, online problem identification and problem solving tool. Andy's idea, which he titled "Nested Learning," involved software that included a screen where a scenario was presented to the user and the user was asked to first identify the problem and then develop solutions for it. What was unique about "Nested Learning" was that the initial scenario was specifically written so as not to be sufficient enough to generate a problem. In other words, the user (or the trainee) had to ask the software questions that would be responded with additional facts about the situation. Andy argued that problem solvers don't get all the facts handed to them at the very beginning and that they had to "tease" more out of the situation to identify the problem. Andy's idea was to develop a prototype of the software with a small number of generic scenarios. He then hoped to meet with training managers of different companies and "sell" them the idea of using "Nested Learning" as a better training tool. Once a client agreed to use it, Andy would then work with the client to develop client-specific scenarios. -How important is a prototype for Andy Sycamore to succeed with his "Nested Learning?"

A good advice to follow in customer surveys is ________.

One form of primary research is ________.

More women entering the workforce is an example of a ________ change.

The Business Model Canvas is a dynamic framework to guide entrepreneurs through the process of developing, testing, and refining their business models.

Primary research is information that has already been complied and is available for use, often at very reasonable costs or sometimes at no cost to the entrepreneur.

Time out of cash is one of the four major elements included in a financial feasibility analysis.

Getting traffic counts at local competitor outlets is an example of ________ research.

Capital required to compete in an industry determines ________

An effective tool used to help assess ideas is the ________.

Having access to capital is called entrepreneurial readiness.

A venture must produce an attractive rate of return relative to the level of risk it requires.

The primary purpose of the five forces matrix is to ________.

How does Porter's five forces model help analyze an industry?

New entrants to an industry can erode existing companies' market share and profits.

Bootstrapping is the process of finding creative ways to exploit opportunities to launch and grow businesses with the limited resources available for most start-up ventures.

The final aspect of the financial feasibility analysis combines the estimated earnings and the capital requirements to determine the ________.

Generally, an industry is more attractive when the items suppliers provide the industry account for a relatively high portion of the cost of the industry's finished product.