ENT 3003 Exam 2 Questions Answered Correctly Latest Update 2026/2027
Evidence-Based Entrepreneurship - Answers The practice of hypothesizing, testing, and
validating to create a business model.
Business Model - Answers Describes the rationale of how a new venture creates, delivers, and
captures value.
Innovations - Answers New customers, new products and services.
Disruptions - Answers Existing customers, new products and services.
Differentiation - Answers New customers, existing products and services.
Imitation - Answers Existing customers, existing products and services.
What are the parts of a business model? - Answers The offering, The customers, The
infrastructure, and The financial viability.
The Offering - Answers What you are offering to a particular customer segment, the value for
those customers, and how you will reach and communicate with them.
The Customer Value Proposition (CVP) - Answers A statement that describes why a customer
should buy and use your product or service.
The Customer - Answers People or businesses who populate the segments of a market that
your offering is serving.
The Infrastructure - Answers Includes all the resources (people, technology, products, suppliers,
partners, facilities) that an entrepreneur must have in order to deliver the CVP.
The Financial Viability - Answers Defines the revenue and cost structures a business needs to
meet its operating expenses and financial obligations.
What does an effective CVP need? - Answers It must offer better value than the competition,
measurable in monetary terms and sustainable.
Overt Benefits - Answers The one big benefit for the customer.
Real Reason to Believe - Answers Provides evidence to customers that you will do as you
promise.
Dramatic Difference - Answers The uniqueness of your product or service in relation to other
options available.
What are the problems that customers face? - Answers Lack of Time, Money, Skills, and Access.
All-Benefits - Answers Focus is on YOUR product; A type of value proposition that involves
, identifying and promoting all the benefits of your product or service to customer segments, with
little regard for the competition or any real insight into what the customer really wants or needs.
Points-of-Difference - Answers Focus is on COMPETITION; A type of value proposition that
focuses on your product or service relative to the competition and recognizes that your offering
is unique and different from others on the market.
Resonating Focus - Answers Focus is on CUSTOMER; "Gold Standard", describes why people
will buy your product and focuses on the customers and what they really need and value.
Mass Market - Answers A large group of customers with very similar needs and problems.
Niche Market - Answers A small market segment consisting of customers with specific needs
and requirements.
Segmented Markets - Answers A market divided into groups according to customers' different
needs and problems.
Diversified Market - Answers Offers a variety of services to serve two or more customer
segments with different needs and problems that bear no relationship to each other.
Multisided Markets - Answers Markets with two or more customer segments that are linked but
are independent of each other.
Business Model Canvas (BMC) - Answers A one page plan that divides the business model into
nine components in order to provide a more thorough overview.
What are the components of the Business Model Canvas (BMC)? - Answers Value Proposition,
Customer Segments, Channels, Customer Relationships, Key Activities, Key Resources, Key
Partners, Cost Structure, Revenue Streams.
Lean Canvas - Answers An adapted version of the BMC that was created to better address the
needs of startup entrepreneurs (Key activities, resources & partners and customer relationships
are all eliminated).
Customers - Answers Someone who pays for a product or service.
Consumers - Answers Customer who uses the product or service.
Market - Answers A place where people can sell goods and services to people who wish to buy
those goods and services.
Supply - Answers The sellers who compete for customers in the marketplace.
Demand - Answers Prospective customers desire for the goods and services available.
Market Opportunities - Answers The degree of customer or market demand for a specific
Evidence-Based Entrepreneurship - Answers The practice of hypothesizing, testing, and
validating to create a business model.
Business Model - Answers Describes the rationale of how a new venture creates, delivers, and
captures value.
Innovations - Answers New customers, new products and services.
Disruptions - Answers Existing customers, new products and services.
Differentiation - Answers New customers, existing products and services.
Imitation - Answers Existing customers, existing products and services.
What are the parts of a business model? - Answers The offering, The customers, The
infrastructure, and The financial viability.
The Offering - Answers What you are offering to a particular customer segment, the value for
those customers, and how you will reach and communicate with them.
The Customer Value Proposition (CVP) - Answers A statement that describes why a customer
should buy and use your product or service.
The Customer - Answers People or businesses who populate the segments of a market that
your offering is serving.
The Infrastructure - Answers Includes all the resources (people, technology, products, suppliers,
partners, facilities) that an entrepreneur must have in order to deliver the CVP.
The Financial Viability - Answers Defines the revenue and cost structures a business needs to
meet its operating expenses and financial obligations.
What does an effective CVP need? - Answers It must offer better value than the competition,
measurable in monetary terms and sustainable.
Overt Benefits - Answers The one big benefit for the customer.
Real Reason to Believe - Answers Provides evidence to customers that you will do as you
promise.
Dramatic Difference - Answers The uniqueness of your product or service in relation to other
options available.
What are the problems that customers face? - Answers Lack of Time, Money, Skills, and Access.
All-Benefits - Answers Focus is on YOUR product; A type of value proposition that involves
, identifying and promoting all the benefits of your product or service to customer segments, with
little regard for the competition or any real insight into what the customer really wants or needs.
Points-of-Difference - Answers Focus is on COMPETITION; A type of value proposition that
focuses on your product or service relative to the competition and recognizes that your offering
is unique and different from others on the market.
Resonating Focus - Answers Focus is on CUSTOMER; "Gold Standard", describes why people
will buy your product and focuses on the customers and what they really need and value.
Mass Market - Answers A large group of customers with very similar needs and problems.
Niche Market - Answers A small market segment consisting of customers with specific needs
and requirements.
Segmented Markets - Answers A market divided into groups according to customers' different
needs and problems.
Diversified Market - Answers Offers a variety of services to serve two or more customer
segments with different needs and problems that bear no relationship to each other.
Multisided Markets - Answers Markets with two or more customer segments that are linked but
are independent of each other.
Business Model Canvas (BMC) - Answers A one page plan that divides the business model into
nine components in order to provide a more thorough overview.
What are the components of the Business Model Canvas (BMC)? - Answers Value Proposition,
Customer Segments, Channels, Customer Relationships, Key Activities, Key Resources, Key
Partners, Cost Structure, Revenue Streams.
Lean Canvas - Answers An adapted version of the BMC that was created to better address the
needs of startup entrepreneurs (Key activities, resources & partners and customer relationships
are all eliminated).
Customers - Answers Someone who pays for a product or service.
Consumers - Answers Customer who uses the product or service.
Market - Answers A place where people can sell goods and services to people who wish to buy
those goods and services.
Supply - Answers The sellers who compete for customers in the marketplace.
Demand - Answers Prospective customers desire for the goods and services available.
Market Opportunities - Answers The degree of customer or market demand for a specific
