Lean Startup
What does MVP stand for?
Minimum viable product
What is "affordable loss"?
Entrepreneurs invest only what they can afford to lose, minimizing risk
How does Creation Theory differ from Discovery Theory?
Creation Theory suggests opportunities are formed through actions, not discovered
You find old materials to create a product. What approach is this?
Bricolage
What does the term "pivot" mean in Lean Startup?
Changing the business strategy or product based on feedback
Name one key difference between Effectuation & Lean Startup
Effectuation focuses on flexibility & using available resources, while Lean Startup follows a structured experiment-driven process
How do entrepreneurs "co-create" opportunities?
Through conversations, partnerships, and experimenting with different ideas.
Your product idea gets rejected. What should a Lean Startup entrepreneur do?
Gather feedback, pivot, or iterate on the idea.
What is the Build-Measure-Learn cycle?
A process where startups build a product, measure customer feedback, and learn to improve.
Give a real-world example of Effectuation in entrepreneurship
Airbnb - "Start with what you have"
Why might Lean Startup not work under Creation Theory conditions?
Lean Startup relies on testing existing hypotheses, but in Creation Theory, the opportunity has not yet formed.
You have no money—how would an Effectual entrepreneur respond?
Use existing skills, partnerships, and bootstrap operations