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Foundations Of Business And Entrepreneurship Exam Answers – SkillFront Entrepreneur Program Exam Answers

Foundations Of Business And Entrepreneurship Certifiction Answers

  • Large companies move slowly.
  • Climbing the corporate ladder isn obstacle to doing great work.
  • Some jobs give lot of free time to learn new skills.
  • Frustration leads to burnout.
  • Thought modeling helps us discovering the paths of ones who have done it before.
  • Thoughtful modeling helps us learn from the best practices in our industry.
  • Thoughtful modeling helps usvoid mistakes that have been made in our industry.
  • All thebove choices.
  • Modeling marketing techniques of competitor.
  • Copying someone’s product ideasnd serving these ideas to ourudience.
  • Modeling web site of competitor.
  • Learning principles of successful person in lifend business.
  • Modeling what is happening on the surface of business will be good enough.
  • For successful modeling,ll the things happeningfter buyer initially contacted those businesses need to bessessednd understood.
  • Most of the things that can be modeledbout businessre not visible to the naked eye.A
  • When it comes to modeling, entrepreneurs need to keep in mind that most businesses make real money by leveraging back-end marketingnd sales processes.
  • Focusing on principlesnd methods thatre timelines, even if technologiesnd tools change.
  • 100% Relying on thoughtful modeling without much creative thinkingnd originality.A
  • Using proven playbooks for creatingnd scaling successful businesses that will exponentially increase your salesnd income.
  • Learning evergreen skills, frameworks,nd strategies that will be justs useful 20 years from nows theyre today.
  • Discounts provided to potential buyers.
  • The quality of productsnd services.A
  • The speed of delivery.
  • The value created for clients.
  • Earning money.
  • Solving problems.
  • Serving ourudience.
  • Creating value.
  • The more value we offer, the more were going to earn.
  • Our focus is to create valuet our highest levels possible. The money will follow.
  • If we start on our entrepreneurship journey by focusing on making money rather than creating values for our clients, we will serve neither their interests nor ours.
  • All thebove choices.
  • Value Creation: Discovering what people need or want, then creating it.
  • Human Resources: Representing interests of management by positions themselves in way that they represent the interests of employees.
  • Marketing:ttractingttentionnd building demand for what you have created.
  • Sales: Turning prospective customers into paying customers.
  • These processes will enable entrepreneurs to fix impediments in your business.
  • If business is not performings goods we want it to be, the problem must be in one or multiple of these processes.
  • Those interdependent processes can be operated by 100% independent silos bridged by managersnd team leaders.
  • If business owner can’t describe or diagram his or her business idea in terms of these core processes, the business idea probably hasn’t been well enough understood yet to make it work.
  • A forttract means creating your honestnd sincere message to hook your prospective customersnd filter out the rest.
  • C for Connect means helping your clients personally, rapidly creating value for them,nd rightfully earning their trusts.
  • S for Serve meansscending your clients in your value ladder to offer more valuend serving themt your highest levels possible by solving their more significantnd/or other relevant problems.
  • All thebove choices.
  • While most of the world is trying to get rid of responsibility, entrepreneurs take responsibility for problemsnd figure out way to solve them.
  • Entrepreneursvoid responsibilitynd expect their teams to take responsibility.
  • Entrepreneursre ready to take responsibilitynd riskss longs they see chance to earn money from project.
  • None of thebove choices.
  • Taking responsibility.
  • Avoiding taking risks entirely.
  • Willing to solve the problems of others.
  • Changing the lives of their clients to leave positive impact.
  • Creating service to provide help orssistance.
  • Creating shared resource that can be used by many people.
  • Creating platform toggregate theudience of group of people with specific characteristics.
  • All thebove choices.
  • Your job now is to watch businessesround you to discover business modelsnd forms of solving their client’s problems theypply.
  • This new perception of reality, how those companies please yound make you want more of what they have to offer, or how they leave bitter taste in your mouth, will be your main compass to design your own businessnd differentiate it from your competitors.
  • Spend your entire time to understand the competitive business ecosystem in which you operate to design the best offers for the best prices.
  • Use one of multiple of 12 forms of solving client’s problems by exploiting 55 business models.
  • Paycheque per hour they work.
  • Producing durablessets, products, services, or productized services (in summary, values) for the target market, so thosessets will be serving their clientsnd making money.
  • Stable salary.
  • A massive payoutfter selling their businesses to investors.
  • Marketingnd salesre two of the five core interdependent processes that makell businesses successfully operate.
  • The inability of entrepreneurs to market themselves, sell what their businesses have to offer would be huge disservice for their potential clients.
  • Unless entrepreneurs find their ways to their prospective clients, sell their productsnd services, they will never beble to serve them.
  • All thebove choices.
  • Hiring the best of the best talents from the job market.
  • Generating leads (Marketing)
  • Converting leads into clients (Sales)
  • Fulfilling the promise of the sale (Delivery, the “doing” part of the business)
  • When their productsre the mostffordable in the market.
  • When their speed of deliveries is the fastest in the market.
  • When they genuinely believe that what they have is usefulnd valuable to their clients.
  • When the quality of their products is the highest in the market.
  • Pareto’s Law (The 80/20 Principle) guides entrepreneurs to limit tasks to the important to shorten work time.
  • Parkinson’s Law guide entrepreneurs to shorten work time to limit tasks to the important.
  • Leveraging Pareto’s Lawnd Parkinson’s Law both simultaneously.
  • All thebove choices.
  • Which 20% of your clientsre causing 80% of your delivery problems? What can you dobout these clients?re they the right clients for your business?
  • Which 80% of clientsre generating 20% of your income? What can you do to sellnd serve more to them?
  • Which 20% of yourctivitiesre resulting in 80% of your delivery? What can you dobout these 80% ofctivities contributing to only 20% of your delivery? Can you outsource or even eliminate some of them?
  • Which 20% of the prospective client types you do marketing result in 80% of your sales? Hownd where can you find more of those particular prospective client types?
  • Finding your voice, establishing yourselfs credible expertnd leader.
  • Identifyingnd finding more of your dream customers, generating leads.
  • Persuasion, negotiation,nd closing.
  • All thebove choices.
  • An entrepreneur is not compensated by the hours spentt work but by the values, benefits,nd change they create for their clients.
  • 80% of the outputs result from 20% of the inputs. Thinkbout the right 80/20 questions like Mr. Vilfredo Pareto would havesked, then your correctnswers will intuitively follow.
  • If you genuinely believe that what you have is usefulnd valuable to your clients, then it will sell itself.
  • The only way to get goodt thert of salesnd marketing is to become lifelong student of it.
  • Most people prefer to stay in their comfort zone, which is their specialty.
  • Merely focusing on specialty can make it difficult to see the big picture.
  • For entrepreneurs operatingt the edges, intersections,nd overlaps where innovation thrives, being generalist increases chances to succeed consistentlynd repeatedly.
  • All thebove choices.
  • Becomen expert in something,nd you will be fully ready to solve your clients’ problems.
  • When we set off building our own businessess entrepreneurs, ourddiction to become specialists in our own niches, suddenly becomes one of our most significant obstacles to thrive our businessesnd serve our clients by creating values for them. Bear in mind that for people like entrepreneurs operatingt the edges, intersections,nd overlaps where innovation thrives, being generalist is far more powerful.
  • Don’t waste your time to become specialist. You need to know only bit of everything to run your business successfully.
  • Work hard on your own subject matter expertise. For everything else required by your business, you can hire someone competent for the job.
  • Asn entrepreneur, especially if you’re just starting, your business can’tfford to be one of the many others.
  • If business idea works for others, it should work for you too. Simply one-to-one model what they do, then you will be fine.
  • Most of the time, your business can’t be better than others, because of the lack of time, money, people,nd other resources you can think of.
  • From day one, you cannd must do one thing to get share from your market, then dominate itfterward. This one thing is: You need to be creative, original,nd different,nd your business needs to be clearly differentiable, so your clients will keep on coming to you instead of going to your competitors.
  • Managers: They use standard operating procedures dogmatized by their industry tovoid typical mistakes while implementing their ideas.
  • Architects: With their productsnd services, they either build new markets or entirely transform existing markets.
  • Integrators: They integrate business models from entirely different markets to their own niches. Example: Nestle (Nespresso) started using Gilette’s “Razornd Blade” business model to sellffordablend high-end coffee machines, but their primary source of income is selling coffee capsules.
  • Original Mixers: They mix ideasnd concepts in ways that they have never been thought of or tried before.
  • Your business can’tfford to be one of the many others. You need to be creative, original,nd different,nd your business must be differentiable.
  • If you don’t want to limit your opportunities by your own hands, don’t make your expertisen excuse to not become generalistnd start buildingnd enhancing your skillsnd know-how today.
  • Next time you examine business idea, see it from the lenses ofnrchitect,n integrator, orn original mixer, identify how it’s different from its competition.
  • All thebove choices.
  • An entrepreneur needs to quit his or her jobnd 100% focus on its own project.
  • An entrepreneur needs to be single-twenty something to get started, so he or she can keep the costs minimum while building the business.
  • An entrepreneur needs to be graduate from top-notch university to haven ideabout how to get the job donend deliver value for its clients.
  • None of thebove choices.
  • Entrepreneurship is for everyone with the right mindset who is sick of the deferred-life plannd wants to live life large instead of postponing it.
  • You don’t have to be graduate from top-notch university to build your own business.
  • You have to quit your jobnd take risks to get startedsn entrepreneur. Most people had done it, you can do it too.
  • If you’re hungry enough, if you want it bad enough, you will have the drive to play the whole gamend succeedsn entrepreneur.

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