Overview Guide Flashcards
7 cards from real Entrepreneurship practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Overview Guide flashcards as text
What is the main purpose of an elevator pitch in entrepreneurship?
Answer: To concisely communicate a business idea's value proposition in 60–90 seconds
An elevator pitch is a brief, compelling summary of a business idea designed to spark interest in the time it takes to ride an elevator.
When an entrepreneur conducts a 'feasibility study,' what is she primarily determining?
Answer: Whether the business concept is viable and can realistically succeed
A feasibility study evaluates technical, financial, market, and operational factors to determine if a proposed business idea has a reasonable chance of success.
Which of the following is an example of a 'first-mover advantage'?
Answer: A company that enters a market first and gains brand recognition before rivals exist
First-mover advantage occurs when being the initial entrant in a market allows a company to establish brand loyalty, set industry standards, and control key resources before competitors arrive.
What does 'scalability' mean for a startup business model?
Answer: The capacity to grow revenue significantly without a proportional increase in costs
A scalable business model can handle rapid growth in customers or revenue while keeping cost increases minimal, making it attractive to investors.
In a partnership agreement, what does 'dissolution clause' typically address?
Answer: The conditions and process for ending the partnership
A dissolution clause specifies the circumstances—such as a partner's death, bankruptcy, or mutual agreement—that trigger the formal wind-down of the partnership.
What is the primary function of a 'go-to-market strategy' for a new product?
Answer: Planning how to launch and deliver the product to the target market to drive adoption
A go-to-market strategy outlines the target customer, value proposition, distribution channels, pricing, and marketing tactics needed to successfully launch a product.
Which metric measures the total revenue a business can expect from a customer over their entire relationship?
Answer: Customer lifetime value (CLV)
Customer Lifetime Value (CLV) estimates the total net profit a company earns from a single customer across all their purchases over time.