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University of Iowa Exam Review Question and answers correctly solved 2024

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University of Iowa Exam Review Question and answers correctly solved 2024 University of Iowa Exam Review Entrepreneur - correct answer an individual who creates a new business, bearing most of the risks and enjoying most of the rewards Startup - correct answer a temporary organization th...

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  • August 30, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • university of iowa exam review question and answer

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University of Iowa Exam Review
Entrepreneur - correct answer ✔an individual who creates a new business,
bearing most of the risks and enjoying most of the rewards


Startup - correct answer ✔a temporary organization that searches for a
repeatable and scalable business model


Small Business - correct answer ✔Started to fill a gap or provide a service,
be your own boss


Essential characteristics of successful entrepreneurs - correct answer
✔Passionate and Determined


Social Entrepreneur - correct answer ✔goals or vision includes expanding
their product lines and customer segments as well as the magnitude of their
social improvements


Climate/Green Entrepreneur - correct answer ✔their goals or vision includes
expanding to other products sourced from reclaimed natural resources and
sustainable methods of production


The Business Plan and Business Model Canvas (are/are not) static
documents that are written early in the planning phase; they should be
updated frequently as the business grows - correct answer ✔are not


The Business Plan (is/is not)a visual summary of the business model, often on
one page - correct answer ✔is not
(That would be the (BMC) Business Model Canvas)

, The Business Plan (is/is not) often required by potential investors, lenders,
and other financial stakeholders prior to investing money or other assets into
the new business venture - correct answer ✔is


The following are not part of a Business Model Canvas: - correct answer
✔Executive Summary, Advertising Strategy, Profit Analysis


The following are part of the Business Model Canvas: - correct answer
✔Value Proposition, Customer Relationships


The following are not part of a formal business plan: - correct answer
✔Owner Resume, Individual Credit Report


The following is the primary objective of the early stage entrepreneurial pitch: -
correct answer ✔Information sharing, To measure interest, To gather
feedback (all of the above)


Early stage startups spend significant time doing the following: - correct
answer ✔Finding the customer/s, Understanding the problem


Entrepreneurial opportunities can be described as: - correct answer
✔Customer-driven solutions to a problem or need, Could turn into a profitable
venture, An idea with a plan


Evaluating an entrepreneurial opportunity requires an analysis of the capital
needed to start, projected profit and breakeven points, and the return on
investment potential. This analysis is described as: - correct answer
✔Economics & Profitability

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