Question
Multiple-answer format Identify the correct statements about bootstrapping. a. can be an excellent solution for those who want to stay in complete control and have
Multiple-answer format
Identify the correct statements about bootstrapping.
a. | can be an excellent solution for those who want to stay in complete control and have full ownership of their company | |
b. | cannot include using charge cards | |
c. | means you grow your business relying on your own financial resources without getting money from investors | |
d. | involves raising money from investors | |
e. | is an excellent solution for entrepreneurs who want to grow their business very fast |
When considering a product partnership, which key questions should you ask?
a. | Is the potential partner's product distinct enough to not compete with me, and can the partner help grow my business? | |
b. | Does the potential partner share my vision, and can the partner provide funding for my business? | |
c. | Does the potential partner share the same audience, and can the partner help grow my business? | |
d. | Is the potential partner well-funded, and can the partner provide me with business connections? |
If you are trying to grow your business through bootstrapping, _____________________.
identify the correct statement
a. | You can bootstrap your business by taking VC money as long as the VC shares your vision for the business | |
b. | You can still take outside money by selling some of the business shares to outside investors | |
c. | You should not take cash out of business except for what you need to pay your bills | |
d. | You cannot use charge cards to grow your business |
You are considering seeking funding from friends and family for your startup business. What best practice should you follow?
a. | Understand that they do not need to be kept in the communication loop early on in the investment. | |
b. | Avoid upsetting your friends and family with worst-case scenarios. | |
c. | Rely on verbal commitments to avoid upsetting friends and family. | |
d. | Be clear about your expectations regarding the likelihood that you will be successful. |
Multiple answer format
According to Kim Kaupe, thinking ahead what could go wrong and creating a contingency plan for solving these potential problems -----------------------------------------------.
Select the correct statements:
a. | would make an entrepreneur less willing to take risks and stifle business growth | |
b. | would bring peace of mind to an entrepreneur, and peace of mind is something every entrepreneur needs | |
c. | would make an entrepreneur feel better about moving forward because they would feel more prepared to tackle the challenges if things do not go as planned | |
d. | is not something an entrepreneur should worry about |
Multiple answer format
Identify correct statements about venture capital funding:
a. | VCs want to make their money on their investment, and they're going to do whatever it takes to make that happen, even if it's not your vision | |
b. | VCs may have a great eye for what businesses will need to grow | |
c. | You can bootstrap your business by taking VC money | |
d. | The more money you take from VCs, the more ownership shares you give up, which lessens your control. |
There are a number of myths about venture capital. What is actually true about venture capital and venture capitalists?
a. | Venture capitalists invest because they believe in the startup company's vision | |
b. | Venture capitalists provide both money and advice to a startup business | |
c. | Venture capital guarantees success for a startup business | |
d. | Venture capitalists are celebrities or well-known individuals, such as Mark Zuckerberg of Facebook |
Which type of financing product provides you with an unlimited credit line as long as the balance is paid within 30 days?
a. | debit cards | |
b. | charge cards | |
c. | mutual funds | |
d. | credit cards |
Who is the ideal partner to bring into your new business?
a. | someone who has strengths where you have weaknesses | |
b. | someone with the same skill set as yours | |
c. | someone with a different vision than yours | |
d. | someone who has experience in your industry, but has a different vision than yours |
You implemented a marketing strategy for a product that ended up being costly because customers were not buying it. Which approach would have helped you avoid this situation?
a. | assessing the costs of implementation | |
b. | sticking to your plan for a longer period of time | |
c. | being flexible in the early stages of a marketing plan | |
d. | committing more resources to the marketing plan |
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