NPTEL Entrepreneurship Essentials Week 4 Assignment Answers 2024

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NPTEL Entrepreneurship Essentials Week 4 Assignment Answers 2024

1. Each of the following statements may define the ‘business model canvas’. Which of the following provides the best meaningful definition of the business model canvas?

a. The business model canvas contains the vision and value statement on a canvas containing 9 building blocks.
b. Business model canvas explains the value proposition, pricing power, entry barrier, cost structure, market structure, revenue model.
c. Business model canvas explains the value proposition of a venture, how the value proposition is made, how is it dispensed to the market segment and some idea on costing and profitability thereof.
d. Business model canvas explains the value proposition, requirement of financial capital, profitability, operational management capability.

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2. In the early 1900s, General Electric (GE) founded by Thomas Edison disciplined the chaotic process of scientific discovery into a systematic process of innovation. Results: over the next 70 years, GE won more patents than any other company in the US. Much of GE’s competitive prowess during the century following it can be traced to that extraordinary accomplishment. In relation to the above text, identify the correct statement from the following:

a. This is a technology invention that gave General Electric many patents.
b. This is an innovation that gave the end-beneficiary enormous advantages and thus GE enjoyed competitive advantages for many years to come.
c. This is an example of management innovation.
d. This is a business process management strategy giving GE huge competitive advantages.

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3. Business model innovation is not possible through which of the following?

a. Changing the value proposition
b. Changing business system architecture
c. Through innovation in corporate social responsibility to improve the scheme’s effectiveness.
d. Through management innovation

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4. Uber could really identify and define chronic pains in a large group of people. It could apply the latest technologies to ameliorate it in urban places of high mobility. Hitherto, it was very difficult to get a taxi. Uber introduced the taxi that would come and pick you up. It brings many added advantages such as identity of the driver for reliability and safety, scheduling a trip, ease of payment for the trip. They innovated the solution based on the pains.

The above text is related to which block in the business model canvas?

a. Customer segment
b. Value proposition
c. Key activities
d. Key partners

Answer :- 

5. Which of the following statements is the MOST appropriate?

a. A business model is mostly a written document or slide deck delineating the process of execution, marketing and growth plan and the projected financial performance.
b. A business plan describes the team of co-founders, competitive advantages, marketing strategies, financial performance, and business process management.
c. A business model is primarily the vision of an enterprise that describes where it wants to see itself in the long run.
d. A business model documents the rationale of how an organization builds team, identifies opportunities, and goes-to-market.

Answer :- 

6. Which of the following is an example of Freemium pricing?

a. Amazon
b. Flipkart
c. Dropbox
d. Nykaa

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7. Which of the following is NOT part of innovation lessons espoused by Steve Jobs?

a. Explore the customer experience and work backwards to technology.
b. Know the competitors’ value proposition and offer superior value.
c. Follow the waterfall model of innovative product development.
d. Obtain feedback and simplify constantly.

Answer :- 

8. Choose the right chronology in terms of importance of the factors (starting with the most important) for success of a business as espoused by Bill Gross?

a. The timing, the idea, the team & execution, the business model, the funding
b. The idea, the timing, the team & execution, the business model, the funding
c. The timing, the team & execution, the idea, the business model, the funding
d. The team & execution, the idea, the timing, the business model, the funding

Answer :- 

9. Dynamic capability may be gained by following some archetypical frameworks common across industry types. Which of the following is NOT one of it?

a. Irrespective of industries, investing in intellectual properties to build barriers to entry is highly effective.
b. Market research to understand the actual market size
c. Cross-functional teams for product development.
d. Increased democratic access to information.

Answer :- 

10. Which of the following is not among the advantages of Business Model Canvas (BMC)

a. Almost the whole business model is demonstrated in one page or canvas.
b. The chances of missing any point are less.
c. Provides a single framework for assessing external and internal perspectives of the business.
d. It saves time for angels and other investors to have a glimpse or birds eye view on the business model.

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