Slides
What is the main goal of innovation in business?
A) To maintain the status quo
B) To develop new or improved products, services, or processes
C) To improve company profits
D) To replicate competitors' products
B) To develop new or improved products, services, or processes
What is a key principle of the lean start-up methodology?
A) Relying heavily on traditional market research before product development
B) Launching a fully developed product without any testing or iteration
C) Adopting a flexible approach to product development based on continuous experimentation
D) Following a rigid, linear process from ideation to product launch
C) Adopting a flexible approach to product development based on continuous experimentation
What are the three major stages outlined by David M Kelley and Tim Brown of IDEO?
A) Design, Develop, Deliver
B) Invent, Observe, Test
C) Create, Innovate, Iterate
D) Invent, Observe, Prototype
D) Invent, Observe, Prototype
What is the first stage of the entrepreneurial process according to the information provided?
A) Market Analysis
B) Opportunity Identification
C) Business Plan Development
D) Product Development
B) Opportunity Identification
Entrepreneurship is best described as:
A) The process of managing a multinational corporation
B) The activity of setting up a business, taking on financial risks in the hope of profit
C) The practice of investing in stock markets
D) The routine operation of an established business
B) The activity of setting up a business, taking on financial risks in the hope of profit
Which of the following is considered a key component of entrepreneurship?
A) Risk aversion
B) Resource allocation
C) Vision and innovation
D) Satisfaction with the current market condition
C) Vision and innovation
According to the article, what does the lean start-up methodology emphasize?
A) Scaling up quickly without considering customer feedback
B) Minimizing risk by avoiding experimentation
C) Validating assumptions through rapid prototyping and testing
D) Ignoring customer needs and preferences during product development
C) Validating assumptions through rapid prototyping and testing
Which stage involves creating theories about what customers might want but don’t have?
A) Invent
B) Observe
C) Test
D) Prototype
A) Invent
Which stage involves evaluating the feasibility and potential profitability of a business idea?
A) Opportunity Identification
B) Market Entry
C) Resource Acquisition
D) Business Model Design
D) Business Model Design
A 'business model canvas' is used by entrepreneurs to:
A) Calculate exact financial outcomes for the next ten years
B) Outline and plan the various aspects of their business model
C) Paint a portrait of potential investors
D) Draft the legal documents required for business registration
B) Outline and plan the various aspects of their business model
Which term describes the financial support for new and potentially high-risk ventures?
A) Debt management
B) Venture capital
C) Traditional banking
D) Frugal innovation
B) Venture capital
How does the lean start-up approach differ from traditional business models?
A) It focuses on lengthy development cycles and extensive planning.
B) It prioritizes perfection over speed to market.
C) It encourages small, incremental changes based on customer feedback.
D) It relies solely on intuition rather than data-driven decision-making.
C) It encourages small, incremental changes based on customer feedback.
What is the main focus of the skill "Fail wisely"?
A) Spotting opportunities
B) Taking calculated risks
C) Learning from failures quickly
D) Networking effectively
C) Learning from failures quickly
What is the primary focus of the Market Entry stage?
A) Developing a prototype
B) Conducting market research
C) Securing funding
D) Hiring key personnel
B) Conducting market research
The process of taking a new idea to the market is known as:
A) Cost-cutting
B) Product stagnation
C) Commercialization
D) Downsizing
C) Commercialization
What is a 'minimum viable product' (MVP) in the context of innovation?
A) A product with the highest number of features possible
B) A product with just enough features to satisfy early customers and provide feedback for future development
C) A product that has been fully developed and tested
D) A low-quality product that is not expected to generate profit
B) A product with just enough features to satisfy early customers and provide feedback for future development
What role does the concept of "validated learning" play in the lean start-up methodology?
A) It emphasizes relying on assumptions without testing them.
B) It involves conducting extensive market research before product development.
C) It prioritizes learning from real-world experiments and customer feedback.
D) It discourages iteration and adaptation based on user insights.
C) It prioritizes learning from real-world experiments and customer feedback.
Which skill involves continuously updating strategies and making rapid decisions?
A) Spot the gaps
B) Drive for daylight
C) Fly the OODA LOOP
D) Fail wisely
C) Fly the OODA LOOP
During which stage does the entrepreneur seek external financing and resources?
A) Market Entry
B) Business Model Design
C) Resource Acquisition
D) Business Launch
C) Resource Acquisition
a) desirability
b) feasibility
c) adaptability
d) viability
c) adaptability
What are the 5 steps of the Entrepreneurial Process?
1. Idea Generation
2. Opportunity Evaluation
3. Planning
4. Company Formation/Launch
5. Growth
According to the article, what is one of the main benefits of the lean start-up approach?
A) Increased likelihood of product failure due to lack of planning
B) Slower time to market compared to traditional development methods
C) Ability to quickly adapt to changing market conditions and customer needs
D) Reduced need for customer input during product development
C) Ability to quickly adapt to changing market conditions and customer needs
According to Wilkinson, what does "Network minds" primarily entail?
A) Sharing knowledge with colleagues
B) Surrounding oneself with diverse thinkers
C) Building strong personal relationships
D) Promoting teamwork within an organization
B) Surrounding oneself with diverse thinkers
What is the final stage of the entrepreneurial process?
A) Opportunity Identification
B) Business Model Design
C) Market Entry
D) Business Launch
D) Business Launch
What are the 2 critical tests associated with the entrepreneurial test?
The Narrative Test and the Numbers Test