Are You Ready to Launch Your Business?

What is a common misconception that can interfere with developing an entrepreneurial mindset?

That learning from failure is a part of the process.

To think that one has nothing valuable to offer.

To recognize the importance of remaining flexible and open to change.

To understand the value of setting goals.

All of the above.

What is an essential characteristic of a powerful vision statement?

It should focus on financial goals.

It should be written in the future tense, outlining long-term plans.

It should include business strategies and tactics.

It should inspire & motivate you, containing feelings and emotions.

All of the above.

What should be your first step in clarifying your business idea?

Start a large scale marketing campaign to test the idea.

Focus on financial aspects of the business, ignoring personal interests.

Detail out your business idea, and ensure it aligns with your strengths and talents.

Use a competitor's idea if you like it.

All of the above.

To create your target customer profile, which types of information should you consider?

Demographics, such as age, gender, and location.

Psychographics, such as behavior and motivations.

Major concerns that keep your target customer awake at night.

Preferences and interests of your target customer.

All of the above.

What is a MVP?

A high-cost version of a product aimed at premium markets.

The most basic version of a product that can still provide value.

A prototype that is used for internal testing.

A comprehensive service offer that includes all customer needs.

Your favorite sports player.

Which of the following is considered essential when setting up a business?

To understand and comply with tax laws.

To have insurance to cover various liabilities.

To protect your product or service through patents or copyrights.

To keep clear and regular financial records.

All of the above.

Your brand's UVP should communicate your business's current financial position.

True.

False.

What is the main difference between cost-plus pricing and value-based pricing?

Cost-plus pricing is based on the competition's prices, while value-based pricing considers the customer's perspective of value.

Cost-plus pricing includes all costs plus a profit margin, while value based pricing sets prices on the perceived value to the customer.

There is no difference; both strategies aim to minimize costs.

Cost-plus pricing is only used for services, while value-based pricing is used for products.

None of the above.

Which of the following is not a key benefit of digital marketing?

It requires a large budget to get started.

It allows real-time customer engagement.

It enables global reach.

It creates a level playing field for companies of any size.

It is cheaper than traditional marketing methods.

What is the primary purpose of a pre-launch phase?

To finalize the product or service development.

To tell people about your product or service and generate interest before it goes on sale.

To collect customer feedback on pricing.

To reduce marketing costs.

To finalize the legal paperwork for your business.

What does the CAC metric tell you?

The total revenue generated by a customer.

The effectiveness of your product development team.

How much it costs to attract each new customer.

The number of products sold in a month.

All of the above.

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