Quiz Page 30 of 99 (PART TWO)
- Posted by Michael C. Fanning
- Date April 27, 2023
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Question 1 of 10
1. Question
1. According to the presenter, “For many people, at many companies, innovation means one thing, and that one thing is cool, or new, or interesting ideas. But that’s actually a really dangerous and very simple an actually wrong way to think of innovation.” Why is it dangerous, and ultimately wrong, to think of innovation as an idea that is ‘cool’ or ‘interesting’?
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Question 2 of 10
2. Question
2. Innovation is in fact, a combination of the following three factors:
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Question 3 of 10
3. Question
3. In the video, Apple’s iPhone 11 Pro is considered a ‘weak’ innovative idea because…
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Question 4 of 10
4. Question
4. However, that same model was still able to draw $1 billion revenue because…
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Question 5 of 10
5. Question
5. When it comes to an innovative idea, the execution is more vital than the concept itself in driving revenue increase and acquiring market value.
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Question 6 of 10
6. Question
6. Apple’s approach to innovation seems to involve waiting and watching how the market, in general, reacts to and interacts with competitor’s offerings. Only then do they enter the market with what appears on the surface to be a mediocre idea. But the idea is executed exceptionally well.
Why is this an effective approach to take when looking to launch a product or service in a crowded market?
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Question 7 of 10
7. Question
7. A startup should not focus as much on generating the next out-there idea, especially if they do not have the resources to execute it well. Rather, the focus should like on an interesting and quality-based execution.
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Question 8 of 10
8. Question
8. What is one way for an entrepreneur can capture and execute ideas that will best the competition and stick out in the minds of the target market?
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Question 9 of 10
9. Question
9. Which of the following best explains why the execution of an idea is more invaluable for long-term success than the idea itself?
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Question 10 of 10
10. Question
10. What is a real-life example of a product that began as a great concept but the execution was poor, resulting in market failure?
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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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