10 #1
What is the Lean Startup Method?
Continuous testing and customer feedback to innovate quickly
Which is a PRO of business ownership?
One example is being your own boss
Why do startups launch an imperfect MVP?
Get fast customer feedback and make changes
What's a business plan?
A formal document that is roadmap for the business.
Which of the following are NOT in the three parts of feasibility analysis?
Operations, Organizational, Market, Financial, Advertising, Innovation
Operations, Advertising, Innovation
What does MVP stand for?
Minimum Viable Product
Which is a CON of business ownership?
Cash flow challenges, money problems
What is the purpose of a feasibility analysis?
Test if a business idea can happen.
Executive Summary
Business description
Marketing Strategies/Plan
Competitive Analysis
Operations and Management Plan
Financial Analysis
In a business plan, what's the executive summary?
Summarizes the entire business plan
The Build‑Measure‑Learn Loop is best described as:
Small changes to improve a product for customers
Name one common reason businesses fail.
Marketing, management, finance problems, innovation
Organizational feasibility assesses:
Team, skills, and resources. For example, is the management team good enough.
Where does the “go‑or‑no‑go” decision come from?
Feasibility Analysis
Define break-even point.
The point where sales cover all costs.
Pivoting means:
Making a major change to the product or business model
Iterations are:
Product changes to fit consumer needs
Market feasibility assesses:
If customers exist and will pay.
What's the purpose of a business plan?
Guide operations and attract funding (raise money from investors)
BONUS
Ask your own question about Chapter 10 or 11
According to our books, what is the #1 reason startups fail?
Poor marketing, which means they cannot attract customers.
What is the core goal of Lean Startup?
Reduce waste and test ideas quickly
What does financial feasibility assesses?
If the business can cover costs and break even or make money. Will people buy your product/service?
What are fixed costs?
Costs that normally stay the same, for example, rent.
Why do you think a feasibility analysis done before writing a full business plan?