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MIST Entry Exam – Complete Q&A Verified
Version.
When creating a value proposition make sure to focus on the following? - Answer: ✔️ ✔️ Benefits
If you identify in your business model you have multiple customer segments then you also must have multiple? - Answer: ✔️ ✔️ Value Propositions
A Business Model Canvas is simpler and can replace the complex business plan. - Answer: ✔️ ✔️ True
One reason recurring revenue is good in a business model design is because - Answer: ✔️ ✔️ Provides predictable cash flows
Who determines the "right" price? - Answer: ✔️ ✔️ Customers
Factors to consider when determining price as covered in video include: (pick all that apply) - Answer: ✔️ ✔️ Elasticity
Supply-Demand
Credit
What are a few dangers of Cost Plus pricing? (pick all that apply) - Answer: ✔️ ✔️ Too low a price you may leave profit on the table
Too high a price the customer may not buy
If you initially enter a market below "customary price" one danger could be losing customers as you raise price to "customary pricing levels"? - Answer: ✔️ ✔️ True
Which pricing strategy do most business owners utilize to set price? - Answer: ✔️ ✔️ Competition Oriented
Which of the following were kinds of money discussed in the video? Pick all that apply - Answer: ✔️ ✔️ Debt
Equity
A company can have negative equity? - Answer: ✔️ ✔️ True
Understanding the 3 Rules of Money helps you understand how who thinks? - Answer: ✔️ ✔️ Investors
You have an idea to start a landscaping business and you need the following: Tractor: $3000; Other equipment $2500; A/R: $15,000, repair parts in inventory: $2000; Warehouse storage unit: $500/mo.; Insurance $350/mo. You figure you need 4 months to break even. How much Do you need to raise to get the business off the ground? - Answer: ✔️ ✔️ $25,
you perform the salesman's performance review you can hold them? - Answer: ✔️ ✔️ Accountable
The Ted Talk discussed a company that had to save $10M how did they do this - Answer: ✔️ ✔️ Required employees to take 4 weeks unpaid leave
The Ted talk stated that all bosses (authorities) are leaders? - Answer: ✔️ ✔️ False
To be an effective leader you must? (pick all that apply) - Answer: ✔️ ✔️ Know yourself
Have a vision
Know why you lead
What radio station do successful leaders need to turn off in their minds - Answer: ✔️ ✔️ WIIFM (What's in it for me)
Which type of leader would not want to hear the statement "but that is how everyone else does it"? - Answer: ✔️ ✔️ Thought
You are a leader who always provide gifts to employees and have motivational signs around the office. You tend to avoid difficult conversations with employees. - Answer: ✔️ ✔️ People
How does Professor Wilbur typically conclude the majority of his videos (final statement) - Answer: ✔️ ✔️ Have a great day!
Which of the following was NOT an example from the dormant networks video that discussed 3 degrees of influence? - Answer: ✔️ ✔️ Alcoholism
When Networking it is better to make more statements than it is to ask questions? - Answer: ✔️ ✔️ False
Scalable efficiency, in an automobile manufacturing company would be: - Answer: ✔️ ✔️ A worker assembles a specific part of the car and the car moves to the next worker
Who bears the financial risk is the key difference between and entrepreneur and intrapreneur? - Answer: ✔️ ✔️ True
What was the difference discussed between a "Business Owner" and an "Entrepreneur"? - Answer: ✔️ ✔️ Attitude
Core tenants of the "Where Good Ideas Come From" video you watched by Steven Johnson are which of the following (pick all that apply): - Answer: ✔️ ✔️ A "connected" world provides access to piece's of information from others to help develop ideas
Ideas evolve over time
"Scrabble" is the acronym to use each letter to come up with new ideas - Answer: ✔️ ✔️ False
When an idea "Delivers value" as discussed is? - Answer: ✔️ ✔️ When a customer determines what they paid was worth the product/service they received
How did the Tide executive discover that customers really did not like the Tide packaging? - Answer: ✔️ ✔️ Observation/Interviews
Why did New coke marketing research fail (pick all that apply) - Answer: ✔️ ✔️ The sample size for taste tests was too small
They did not ask customers why they drink coke
Whose "hands" had the inventor/owner put the beta version of the software into in the silicon Valley clip? - Answer: ✔️ ✔️ Engineers
When someone asks who is your customer you should be able to? - Answer: ✔️ ✔️ Tell/describe their story
Which of the following is the End User for Voodoo donuts most likely to eat? - Answer: ✔️ ✔️ A restaurant where the food is described as "art"
The persona can be a fictional person if you cannot "find" a real person from your customer interviews. - Answer: ✔️ ✔️ False
Customers consider both logical and emotional aspects when considering which product or service to buy? - Answer: ✔️ ✔️ true
You can build a value proposition without knowing which specific problem of the customer you are solving? - Answer: ✔️ ✔️ false
The Value Proposition should be answering for the customer? - Answer: ✔️ ✔️ Why choose us
