Topic 4 Quick Check - Ideas versus True Business Opportunities

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Submission Score 10 / 10 (100.00%) 1. One of the most important things you can do when launching a new business is: o Get a line of credit from a local bank o Take a class in accounting for small businesses o Make sure you launch a true business opportunity, not just an idea o Make sure you have an expanded product line from the beginning FEEDBACK 1 / 1 (100.0%) 2. What is the NERCM model? o An algorithm to help you create sound financial projections o A system for managing customer relationships o A software program for managing your business finances o A process for determining whether you have a true business opportunity FEEDBACK 1 / 1 (100.0%) 3. What are the five components of the NERCM model? o Need, experience, rejuvenation, creativity, business model o Need, experience, resources, customers, business model o Necessities, expertise, resources, creativity, motivation o Nearly everything requires creative management FEEDBACK 1 / 1 (100.0%) 4. What was the need Gary Delp discovered when he launched his new business? o Many individuals and builders wanted reclaimed wood, and there were lots of places to find it in Montana. o There was a strong need for lower-cost modular housing in the state. o There was a limited number of reliable contractors in the area. o He had friends that wanted him to build their houses. FEEDBACK 1 / 1 (100.0%)

5. Why did potential customers want Dave Twombly to start a new garbage business? o The streets were becoming littered with garbage. o There was not a garbage company in his small town. o A big corporation bought the two local companies, and people wanted another choice. o Dave is a very friendly person and a member of the local school board. FEEDBACK 1 / 1 (100.0%) 6. What is the ultimate validation of your business concept? o You get an “A” grade on your executive summary in a business class. o You win a business plan competition before you launch your company. o People will order the product before you create it and continue to buy it after you launch. o A bank is willing to give you a line of credit at a great interest rate. FEEDBACK 1 / 1 (100.0%) 7. What is the best way to determine whether there is a need for your product? o Be actively involved in the marketplace and see what people want. o Be sure you, your family members, friends, and colleagues all need the product. o See if you can sell preorders before you actual build your product. o All of the above are good ways to determine the need for a product. FEEDBACK 1 / 1 (100.0%) 8. What does the “M” stand for in the NERCM model? o Strong motivation o Adequate money to launch o A sound business model o Makeup of your team FEEDBACK 1 / 1 (100.0%)

9. Why did Dave Twombly know his business model would work in the garbage industry? o He took accounting classes in college. o He has good sense for business. o He had managed a garbage company for a number of years. o He asked bankers and investors about his model. FEEDBACK 1 / 1 (100.0%) 10. Why was Mary Delima so successful in launching her new business? o She had 25 years of experience in the equestrian industry. o She had all the resources she needed to get started. o She knew the business model worked from her industry experience. o All of the above helped Mary create successful company. FEEDBACK 1 / 1 (100.0%)

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