Deck 2: The Entrepreneurial Process

Question 1

One definition of an entrepreneur is someone who shifts economic resources out of an area of higher productivity into an area of lower productivity.

Answer 1

False

Question 2

Canada has twice the percentage of people self-employed compared to the United States.

Answer 2

True

Question 3

Financial literacy and management is not an important factor contributing to new venture success.

Answer 3

False

Question 4

Pivoting refers to startups making the required course corrections during the development process to dramatically improve their odds for success.

Question 5

The cost to finance a startup ranges between $25,000 and $30,000 depending on the size of the startup.

Question 6

Which of the following is not a critical component of the talent triangle of a successful management team except for:

A) Business acumen
B) Financial investment
C) Domain knowledge
D) Operational Experience

Question 7

Which of the following is not a critical favor attributed to lack of success of a new venture in Canada?

A) Market entry in unfavorable conditions
B) Overemphasis on market trends
C) Lack of financial literacy
D) Lack of financial management
E) Inadequate business acumen.

Question 8

A successful new business needs to provide a solution that is how much better than what is currently available?

A) Equally as good
B) Slightly better
C) Twice as good
D) 10 times better
E) Not a factor in determining success

Question 9

On average, small and medium-sized businesses in Canada make about what % net income.?

A) 1%
B) 12%
C) 25%
D) 50%
E) 90%

Question 10

What are some characteristics of Canada's fastest growing startup CEOs?

Question 11

What are some examples and ways that organizations in Canada help fledgling entrepreneurs?

Question 12

How did the Pita Pit founders address the gap in their management team?

Question 13

Discuss some of the reasons why customers are so important.