Deck 3: Opportunity Recognition, Shaping, and Reshaping

Question 1

If an entrepreneur is going to fail, they should do so quickly.

Answer 1

True

Question 2

One of the best ways to look for new venture ideas is to think up a solution first before looking
or a problem you want to solve.

Answer 2

False

Question 3

Double dipping is the ability to generate multiple revenue streams from one product.

Answer 3

True

Question 4

A viable opportunity contains a favourable set of circumstances that are attractive (financially),
durable (long-lasting), timely (the market is ready for it), and creates and/or adds value for the end-user.

Question 5

A company's attention should focus equally on primary, secondary and tertiary customers.

Question 6

The millennial generation's prolific use of the Internet coupled with a sense of digital mastery
will be the driving force for social transformation

Question 7

Scalability refers to a company's ability to generate exponential revenue growth while
maintaining a stagnant fixed and variable cost.

Question 8

The Business Development Bank of Canada is the only Canadian bank exclusively dedicated to
entrepreneurs.

Question 9

With the mass use of the Internet, the world is no longer a level playing field.

Question 10

Another beneficial tool to cross-reference your idea opportunity is the step-by-step stage-gate
process.

Question 11

What is the concept of double dipping?

A) Having another income source while starting a new venture
B) Generating multiple revenue streams from one product
C) Launching two products simultaneously
D) Partnering with another company to launch a product
E) None of the above

Question 12

What is considered the minimum viable product?

A) The finished product that is ready to go to market
B) The first prototype of a product that is not able to be sold
C) The minimum feature set that a customer is willing to pay for
D) The product with enhanced features and functionality.
E) None of the above

Question 13

How is TAM calculated?

A) Size of the customer pain point multiplied by the number of customers
B) Size of customer pain point multiplied by profit margin
C) Number of customers multiplied by number of products available
D) Profit margin multiplied by number of products available
E) None of the above

Question 14

When analyzing an opportunity which trends should you focus on?

A) Historical micro trends
B) Current Macro trends
C) Present micro trends
D) Future Macro trends
E) A & B
F) C & D
G) None of the above

Question 15

What is the approximate number of baby boomers in Canada?

A) 1.7 million
B) 3.0 million
C) 4.9 million
D) 8.5 million
E) 9.6 million

Question 16

According to studies, Millennials are how much more likely to use smartphones to go online?

A) 20%
B) 42%
C) 15%
D) 18%
E) 37%

Question 17

To replace $70,000 of forgone salary and benefits, an entrepreneur will need the new venture to generate approximately how much in annual revenue?

A) $70,000
B) $200,000
C) $400,000
D) $600,000
E) $800,000

Question 18

Generally speaking, what is the minimum annual growth rate needed for interest from venture capitalists?

A) 15%
B) 25%
C) 30%
D) 50%
E) 75%

Question 19

How does the Canadian Government support entrepreneurship?

A) Offering a bank exclusively for entrepreneurs
B) Offering a number of programs to help entrepreneurs with financing options
C) Lower tax rates for incorporated companies and sole proprietorships
D) All of the above
E) None of the above

Question 20

According to the text, who is the market leader for Canadian technology trends and news?

A) TechCrunch
B) SBA Canada
C) ESAC
D) CanSIA
E) ITbusiness

Question 21

What is a factors make up a viable opportunity?

Question 22

Who are the millennial generation and what is the important difference between them and baby boomer generation?

Question 23

What is scalable business model and what is an example?

Question 24

How does the Canadian Government support the process of enterprise creation?