Question 1

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

Accepted Answer

Failing quickly allows entrepreneurs to learn from their mistakes, pivot, and allocate resources more effectively, increasing their chances of future success.

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.

Accepted Answer

Typically, successful venture ideas start by identifying a problem or need and then developing a solution, rather than creating a solution first and then searching for a problem.

Question 3

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

Accepted Answer

Double dipping refers to the practice of generating multiple revenue streams from a single product or service.

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.

Accepted Answer

A viable opportunity is defined by its attractiveness, durability, timeliness, and value creation, which are essential factors for its success and sustainability in the market.

Question 5

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

Accepted Answer

A company's attention should prioritize primary customers, as they are the main source of revenue and business sustainability. Secondary and tertiary customers are important but typically have less impact on the company's success.

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

Accepted Answer

Millennials, having grown up with the internet, are adept at using digital tools, which positions them to influence social change through technology and online platforms.

Question 7

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

Accepted Answer

The answer of Scalability refers to a company's ability to...

Question 8

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

Accepted Answer

The Business Development Bank of Canada (BDC) is a financial institution that focuses solely on supporting Canadian entrepreneurs and small businesses.

Question 9

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

Accepted Answer

The mass use of the Internet has democratized access to information and opportunities, potentially leveling the playing field by providing resources and connectivity to a broader audience. However, disparities in access and digital literacy can still create inequalities.

Question 10

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

Accepted Answer

The stage-gate process is a project management technique that involves evaluating an idea at various stages or "gates" to determine its viability, making it a useful tool for cross-referencing and refining ideas.

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

Accepted Answer

Double dipping refers to generating multiple revenue streams from one product, often by selling it in different formats or markets.

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

Accepted Answer

A minimum viable product (MVP) is a version of a product with just enough features to satisfy early customers and provide feedback for future product development.

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

Accepted Answer

Size of the customer pain point multiplied by the number of customers is the formula for TAM (Total Addressable Market).

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

Accepted Answer

Present micro trends help understand the current market dynamics, while future macro trends provide insights into potential long-term opportunities and risks.

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

Accepted Answer

The answer of What is the approximate number of baby...

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%

Accepted Answer

Millennials are 42% more likely to use smartphones to go online than other generations.

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

Accepted Answer

The answer of To replace $70,000 of forgone salary and...

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%

Accepted Answer

The answer of Generally speaking, what is the minimum annual...

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

Accepted Answer

The Canadian Government supports entrepreneurship through a number of programs, including offering financing options, lowering tax rates for incorporated companies and sole proprietorships, and offering a bank exclusively for entrepreneurs.

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

Accepted Answer

The answer of According to the text, who is the...

Quiz 3: Opportunity Recognition, Shaping, and Reshaping

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

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.

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

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.

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

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

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

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

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

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

What is the concept of double dipping?

What is considered the minimum viable product?

How is TAM calculated?

When analyzing an opportunity which trends should you focus on?

What is the approximate number of baby boomers in Canada?

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

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

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

How does the Canadian Government support entrepreneurship?

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