QUIZ Page 20 of 54
- Posted by Michael C. Fanning
- Date April 19, 2023
The following quiz will test your understanding of the concepts and their application from Lecture 1.2 “Counter-intuitive thinking to generate a unique business model”
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Question 1 of 10
1. Question
1. Having too many options to choose from can leave a potential customer feeling frustrated and unhappy with the whole purchasing experiencing. This is known as the “paradox of choice.”
How does it relate to decision-making in business?
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Question 2 of 10
2. Question
2. Google remains an innovative industry leader by following an interesting work model. The company encourages employees to spend 20% of their time on unrelated projects of interest.
How does this benefit Google’s employees and how could it benefit you in applying business creativity to your work model?
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Question 3 of 10
3. Question
3. Why do some successful businesses intentionally limit their customer base instead of trying to appeal to as many people as possible?
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Question 4 of 10
4. Question
4. Elon Musk is quoted as saying, “If things are not failing, you are not innovating enough.” In what way does failure sometimes lead to success in business?
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Question 5 of 10
5. Question
5. Which is more important for long-term business success?
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Question 6 of 10
6. Question
6. Why might a business choose to offer a product for free, rather than charging for it?
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Question 7 of 10
7. Question
7. What is one reason you might choose to prioritize long-term growth and sustainability over short-term profits?
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Question 8 of 10
8. Question
8. Which is more important for decision-making: relying on data and analysis or trusting your gut instinct?
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Question 9 of 10
9. Question
9. What are some ways you can research future market trends in your industry?
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Question 10 of 10
10. Question
10. The following is an effective way to attain absolute focus when developing your business model: set goals, establish a routine, eliminate distractions, take breaks, collaborate with others, and prioritise self-care.
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Entrepreneurship
I am a serial entrepreneur and I have been vegetarian for 14 years now. In a nutshell, I start businesses, grow them and retain some ownership before decelerating from all the operational duties involved.
In addition, I am a complete lover of nature. I turned vegetarian at 18 years old. And my mother introduced me to hiking in my teenage years. So, I take random walks in the bushes every now and then. It definitely helps with decision-making in business, too. But it is not all that I am. I am also an aspiring father, husband and Vegan. Did I mention I am Christian?
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