Finding and Testing Your Business Idea

Finding and Testing Your Business Idea Answers

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Finding and Testing Your Business Idea Answers Chapter Quiz

Question 1 of 3

What is not a step in the original process of narrowing down your list to the best five business ideas?

  1. Make sure the business idea is very exciting to you.
  2. Make sure the business idea is logical.
  3. Make sure the business idea is ranking high on the list.
  4. Make sure the business idea hasn’t been done before.

Question 2 of 3

  1. Which discovery will help you with your new business idea?
  2. Discover people’s pain.
  3. Discover what other people are wanting and needing.
  4. Discover business annoyances.
  5. all of these answers

Question 3 of 3

What is not the best starting point when it comes to finding your new business idea?

  1. Find the gifts you were born with.
  2. Find the things that you love and enjoy doing.
  3. Find the skills and the knowledge you acquired over time.
  4. Find lists online of the businesses that you can create.

Finding and Testing Your Business Idea Answers Quiz 2

Question 1 of 4

A _____ advantage, like a patent or a trademark, can add a tremendous amount of value to your business idea.

  1. monopoly
  2. proprietary
  3. proprietor
  4. monarchy

Question 2 of 4

The _____ number is overhead divided by the contribution margin. This is what you need to double every month to make sure your business is highly profitable.

  1. sale
  2. profit
  3. break-even
  4. expense

Question 3 of 4

Think twice before immediately seeking out a _____ who has a skill that you lack.

  1. employee
  2. freelancer
  3. contractor
  4. partner

Question 4 of 4

Which opportunity factor is referred to as market size?

  1. resources
  2. profitability
  3. demand
  4. geographic region
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Finding and Testing Your Business Idea Answers quiz 3

Question 1 of 2

In order to test the business opportunity you have chosen, you need to create a _____ before you invest any money.

  1. micro business plan
  2. business card
  3. company name
  4. company website

Question 2 of 2

What should the Business Validation Micro Plan list?

  1. all of these answers
  2. budget for test
  3. test period
  4. most likely customers

Finding and Testing Your Business Idea Answers quiz 4

Question 1 of 4

If you run your test, and all results are successful, what should you do next?

  1. Go find an investor to give you a loan.
  2. Run a new test, this time focusing on price.
  3. Stop dreaming and get back to work in a real job.
  4. Start selling your product or service.

Question 2 of 4

What has been found to work best for testing a business opportunity that offers services, and can be customized geographically?

  1. none of these
  2. a listing on Craigslist
  3. a website that explains what the business offers
  4. a phone number for people to call and get information about the business

Question 3 of 4

When testing your business idea, who should not be a source to ask for feedback?

  1. sites that run surveys
  2. neighbors in your area that fit you business demographic
  3. people who are in your target audience
  4. your friends and family

Question 4 of 4

The micro-message that you need to set for your business ideas should not _____.

  1. leave people guessing what the business offers
  2. leave people with a clear message about the business
  3. use the most enticing concepts behind the business offer
  4. explain the benefit of the business to the people
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Finding and Testing Your Business Idea Answers Final Exam

Question 1 of 7
When making your list of ideas for a new business, what is something you should avoid?

erasing and editing ideas
writing down business ideas you’ve had in the past
writing down ideas that aren’t thought out all the way through
writing down existing business ideas

Question 2 of 7
In order to finalize your single best business idea out of your top five ideas, you need to take each idea through all of the _ factors to test it.

opportunity
distribution
profitability
marketability

Question 3 of 7
The process of figuring out if you need to sell the product over the internet, in stores, or face-to-face helps you discover your _ model.

profit
distribution
resource
expense

These are Finding and Testing Your Business Idea Answers

Question 4 of 7
What is an effective way to cheaply test the viability of your business idea?

all of these answers
have a special phone number for tracking inbound calls
have an add run on a local Craigstlist page
have a simple website landing page so you can measure opt-ins

Question 5 of 7
_ like materials, equipment, and money are what you need to assess carefully before you start your business.

Skills
Resources
Profits
Services

Question 6 of 7
What is not a recommended testing option?

billboard
online ads
pay per click
in-person survey

Question 7 of 7
What is not an opportunity factor that leads to a successful business?

demand on products and services
Attempted incorrect option
resources like equipment and materials
expertise in the industry
a clever business idea

These are Finding and Testing Your Business Idea Answers

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Finding and Testing Your Business Idea Answers

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