Question 1

What does the mindset 'Yes, we can' emphasize for entrepreneurs?

Accepted Answer

Embracing opportunities outside of core competencies.

Answer

Sticking to established products

Answer

Avoiding risks so that opportunities will eventually arise.

Answer

Focusing on large markets so that smaller ones will become available.

Question 2

According to the video, what is a common flaw in big companies' approach to innovation?

Accepted Answer

Focusing too much on products rather than problems.

Answer

Emphasizing research and development

Answer

Listening to customer feedback and then changing each time it's suggested.

Answer

Developing a strong marketing strategy

Question 3

What is the significance of having a narrow target market in entrepreneurship?

Accepted Answer

It allows for focused problem-solving specific to that market.

Answer

It reduces brand loyalty

Answer

It limits potential sales

Answer

It increases competition which makes the job more difficult but more satisfying

Question 4

How did Tesla manage to secure funding before launching their first car?

Accepted Answer

By selling roadsters for cash upfront.

Answer

By taking loans from banks

Answer

By creating a crowdfunding campaign

Answer

Through government grants

Question 5

What does the phrase 'beg, borrow, but please, please don’t steal' suggest for entrepreneurs?

Accepted Answer

Utilizing available resources creatively without unethical practices.

Answer

Acquiring as much debt as possible then filing for bankruptcy.

Answer

Securing exclusive deals from Poly high School and beating them.

Answer

Stealing ideas from competitors is okay as long as you don't get caught.

Question 6

In the context of the video, what should entrepreneurs do instead of asking for permission?

Accepted Answer

Take initiative and act on their ideas.

Answer

Follow industry regulations strictly

Answer

Wait for approval from higher-ups

Answer

Consult with legal teams

Question 7

What drove John Thorne to pivot his business towards neurosurgeons?

Accepted Answer

He identified a bigger problem to solve within a different market.

Answer

He faced competition in plastic surgery

Answer

He wanted to target more affluent customers

Answer

He was looking for a new product line

Question 8

Which mindset is illustrated by Arnold Correia's response to customer requests?

Accepted Answer

Flexibility to reinvent the business based on customer needs.

Answer

Sticking to initial plans even when the customer's needs change.

Answer

Resisting changes in services and products as much as possible

Answer

Avoiding new technologies like AI and ChatGPT

Question 9

What is a critical aspect of the 'counterconventional mindsets' discussed in the video?

Accepted Answer

Challenging traditional business norms and thinking differently.

Answer

Avoiding innovation to minimize risk

Answer

Following competitors' strategies closely

Answer

Adhering to established industry standards

Question 10

What lesson can be drawn from the example of Nike's founding regarding entrepreneurship?

Accepted Answer

Identifying and solving a specific problem can lead to significant success.

Answer

Focusing on mass marketing is essential

Answer

Products should always be improved

Answer

Only big companies can innovate effectively

Question 11

What was the target market for Nike when it was founded?

Accepted Answer

Distance runners

Answer

Basketball players

Answer

Soccer players

Answer

Sprinters

Question 12

Why is asking for permission problematic for entrepreneurs?

Accepted Answer

It often results in delays and rejections

Answer

It helps build relationships

Answer

It is always necessary

Answer

It makes their ideas better

Question 13

What is suggested as a potential benefit of the entrepreneurial mindsets discussed?

Accepted Answer

They can help overcome challenges and create opportunities

Answer

They are only useful in tech industries

Answer

They guarantee success

Answer

They require a lot of capital

Question 14

What is a core belief of entrepreneurs regarding target markets?

Accepted Answer

Think narrow, not broad.

Answer

Cater to all demographics equally

Answer

Avoid niche markets

Answer

Focus on the largest market possible

Question 15

Which company did Philip Knight and Bill Bowerman found?

Accepted Answer

Nike

Answer

Adidas

Answer

Reebok

Answer

Puma

Question 16

What strategy did Elon Musk employ when joining Tesla?

Accepted Answer

Sell high-end cars to generate cash for future models.

Answer

Launch a mass-market car first

Answer

Seek external investments only

Answer

Focus solely on electric technology

Question 17

What is the key difference between big companies and entrepreneurs regarding focus areas?

Accepted Answer

Entrepreneurs focus on solving problems, not just products.

Answer

Big companies are more innovative

Answer

Entrepreneurs focus on products and avoid taking risks

Answer

Large companies don't prioritize customer service but they charge more because they sell more.

Question 18

In the game Monopoly&#44; players often trade properties in order to gain a monopoly&#44; which allows them to eventually add houses. Which business strategy does this process best illustrate?

Accepted Answer

Negotiation and strategic asset positioning to maximize return on investment.

Answer

Hostile takeovers and the elimination of all competition through litigation.

Answer

The practice of price fixing to ensure all consumers pay the same amount.

Answer

Vertical integration where a company owns its entire supply chain.

Question 19

In Monopoly, a player may choose to mortgage a property to raise quick capital, even though it stops the property from generating rent. What business principle does this action represent?

Accepted Answer

Debt financing and the trade-off between immediate cash flow and long-term revenue.

Answer

The use of equity dilution to attract new venture capital investors.

Answer

The implementation of a predatory pricing strategy to undercut competitors.

Answer

The total liquidation of assets to exit a failing market.

Question 20

In Monopoly, a player who accumulates properties but fails to develop them with houses often loses to those who use their cash to build and generate income.

What business principle does this reflect?

Accepted Answer

The strategy of maximizing 'return on investment'  rather than just playing it safe and holding on to your cash.

Answer

The theory that cash is king  and cash on hand is the only metric that determines success.

Answer

The importance of inventory diversification to minimize market risk.

Answer

The 'Wait and See' approach to capital gains taxation. If you spend all your money on investments (houses)&#44; you'll go broke!

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