Topic 2 Quick Check - Taking Inventory of Your Skills, Knowledge, and Experience

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Apr 3, 2024

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Submission Score 10 / 10 (100.00%) 1. Knowing your industry well will be very important to which group of people? o Your mentors and advisers o Members of your management team o Investors and strategic partners o All of the above will want you to understand your industry FEEDBACK 1 / 1 (100.0%) 2. The company Stio, founded by Steve Sullivan, has become very successful because: o The founder knew the industry well from building the company Cloudveil o All of the company’s team members are active users of the products they create o The founder is able to tell his own brand story directly to customers o All of the above have contributed to the success of Stio FEEDBACK 1 / 1 (100.0%) 3. The main reason Allen Lim started Skratch Labs was: o He had loved making money ever since he was a young boy o He wanted to live in Boulder, Colorado, and he had to think of something to do o He was passionate about solving a hydration and nutrition problem in the sports industry o He just wanted to start a business and didn’t care what the products would be FEEDBACK 1 / 1 (100.0%) 4. Shelia Kemper Dietrich, her husband, and her daughter all lost a significant amount of weight because: o They joined Weight Watchers and were diligent in following the program o They started walking and exercising every morning o They started right-sizing the portions of the food they ate o They actually tried lots of programs but didn’t lose any weight

FEEDBACK 1 / 1 (100.0%) 5. If you have no experience in your industry from either working in it or using the products regularly: o You still have an excellent probability of building a very successful business o You can learn the industry from reading books about it o Your probability for failure will be high without any type of industry experience o The first two answers are both correct FEEDBACK 1 / 1 (100.0%) 6. A “user entrepreneur” is someone who: o Has completed a college degree in a business-related field o Has worked in an industry for at least five years o Uses the products regularly and understands the industry from the customers' perspective o Has a lot of friends and family members who work in the industry FEEDBACK 1 / 1 (100.0%) 7. What is one of the most valuable ways you can gain knowledge of your industry? o By working at a job in the industry for several years o By taking classes at your local community college o By talking to people who have worked in your industry o By taking career tours of businesses in your industry FEEDBACK 1 / 1 (100.0%) 8. Having worked in the industry in which you start your business is helpful because: o You most likely have a college degree in that particular field o You have made a lot of money and have adequate savings o You know the customers, competitors, suppliers, and missing pieces o You know how hard it is to succeed in that industry

FEEDBACK 1 / 1 (100.0%) 9. One of the key reasons Nicole DeBoom was successful building Skirt Sports was that: o She had been a professional athlete for many years and knew what women wanted o She won a major triathlon wearing one of her new skirts and got lots of publicity o She created fun and fashionable athletic clothing that strongly appealed to women o All of the above are key factors in the success of Skirt Sports FEEDBACK 1 / 1 (100.0%) 10. Which statement below about knowing your industry is NOT correct? o Being lucky during a business launch is as important as knowing your industry. o The more you know about your industry, the greater your chance for success. o Being in the right place at the right time is more important than industry knowledge. o The first and third answers are both incorrect FEEDBACK 1 / 1 (100.0%)

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