Deck 7: Lean Entrepreneurship and Identifying Customer Needs

Question 1

What is tacit knowledge?

A)Knowledge that is difficult to transfer to another person through books or talking; it must be shown
B)Formal knowledge that is easy to transfer to another person through books or talking
C)New knowledge to be transferred
D)Informal knowledge

Answer 1

A

Question 2

What is lean entrepreneurship?

A)A methodology for developing businesses and products through hypothesis-driven experimentation,iterative product releases and validated learning
B)A plan for developing businesses and products through experimentation
C)A methodology for developing products driven through experimentation
D)An iterative process for validated learning

Answer 2

A

Question 3

What is a live product test?

A)The highest level of pretotype testing,where you let your customers eat,feel,touch,smell,play with and use your product
B)The lowest level of prototype testing,where your customer can look but not touch
C)The level at which you ask your customers to provide ideas for products
D)The level at which you release the final product to paying customers

Answer 3

A

Question 4

What is the difference between low and high fidelity?

A)High fidelity is quite close to being the final product or service,and low fidelity is usually an illustrated design or concept sketched on paper or created as a flat image
B)High fidelity is an event for a product launch,and low fidelity is a soft launch
C)High fidelity is a new product or service,and low fidelity is usually an old product
D)High fidelity is quite close to being the best idea,and low fidelity is the worst idea

Question 5

What is the pitch method?

A)A method of experimental validation whereby you essentially 'sell' your value proposition to see if it will 'earn' some form of currency,such as email addresses or tweets
B)A method of experimental validation whereby you sell an idea to see if it will earn cash
C)A method of experimental validation to gain revenue
D)A method of experimenting on staff to validate your value proposition

Question 6

Which of the following are virtual MVPs?

A)Infographics and explainer videos
B)Landing pages
C)Crowd-funding
D)All of these choices

Question 7

What is a wireframe?

A)A visual representation of the skeletal framework of a website to help designers in arranging elements
B)A virtual representation of the human skeleton for designers
C)A visual representation of the website for managers to use internally
D)A virtual representation of the website to help staff understand the business

Question 8

Which of the following are experimental methods of evaluation?

A)Concierge method,A/B testing,pre-ordering,pop-up or one-night-stand test
B)Exploitation method,concerning method,Z/M testing
C)Hypothesis-driven,impersonator/patriot test
D)Product or service testing

Question 9

What is an MVP?

A)Minimum viable product,which is a temporary product with just enough functionality to satisfy early adopters
B)Minimum variable product,which is an intermediate product with just enough functionality to satisfy later adopters
C)Maximum viable product,which is a final product with just enough functionality to satisfy customers
D)Minimum viable person,which is a temporary staff member

Question 10

What is a Pinocchio test?

A)A method of experimental validation whereby you create a non-working version of your service or product so that your customers can imagine that it is actually functional
B)A method of creating a working version of your idea so that your customers can use it in real time
C)A method of exploiting your customer by selling a test version
D)A method of lying to your customers

Question 11

In this chapter,the authors suggest you memorise which words to avoid business failure?

A)Fail fast,pretotype often,validate relentlessly and pivot quickly
B)Fail slow,pretotype often,validate relentlessly and pivot quickly
C)Do not fail,still validate relentlessly and pivot quickly
D)Validate relentlessly and pivot often

Question 12

Which of the following are pretotyping tools?

A)Paper prototyping and 3D image generation
B)IFITT and DIY usability tools
C)Customer feedback tools
D)All of these choices

Question 13

What is a smoke test?

A)A method of experimental validation whereby there is no real product there
B)A method of experimenting with smoking
C)A method of experimental validation for new real products
D)A marketing test with hidden content

Question 14

Which of the following are types of pivots that can be applied after validation of your idea?

A)Negative customer reaction and inability to compete
B)Technological change and investor/mentor/partner discussion
C)Flawed business model and unscaleable business
D)All of these choices

Question 15

What is discovery-driven planning?

A)Envisioning the unknown and uncertain future to learn as much as possible as cheaply as possible
B)Planning to discover new ideas
C)A visionary technique for developing new ideas
D)A learning technique

Question 16

What is a zoom-in pivot?

A)The discovery that a single feature of the product is so successful that it becomes the whole product
B)The discovery that multiple features of the product are not successful
C)The discovery that a product is dangerous,and so is discontinued
D)The discovery that all features of the product are successful and there is no need to re-launch

Question 17

Select the option that best explains the term 'agile development'.

A)A method of product development in which the product is developed iteratively and incrementally while seeking customer feedback using successive minimum viable product
B)A method of product development in which the product is developed immediately
C)A method of seeking customer feedback
D)A method of quick product development

Question 18

Which of the following best describes commercialisation?

A)The process of introducing a new product into the market with a sequence of actions necessary to achieve market entry and general market competitiveness of new innovative technologies,processes and products
B)The process of introducing a new product into the market with no market competitiveness
C)The process of introducing a new product cycle into the market
D)Putting an old product into the market with a new sequence of actions

Question 19

The lean method involves which of the following steps?

A)Opportunity identification and value proposition
B)Design thinking and prototype
C)Validation,business model and lean business plan
D)All of these choices

Question 20

What is the importance of validated learning?

A)To learn whether you have satisfied the customer's need or not by testing your idea and measuring it to validate its affect
B)To learn whether you have identified customers' need or not
C)To learn whether you have tested your idea on staff and measured it to validate its effect
D)To learn whether you have satisfied management's needs or not