Scientific Method
How many formal steps comprise the Scientific Method process?
Six (6) steps.
What is the core objective of the Lean Startup methodology regarding resources?
To minimize waste (time, effort, and money) while launching a product.
Which gaming giant started as a simple version called 'Dynablocks' to test block-building fun?
Roblox
What are the 6 main domains of an Entrepreneurial Ecosystem?
Policy, Markets, Finance, Human Capital, Culture, and Support.
In the context of research, what is the primary purpose of 'Formulating a Hypothesis'?
To create a testable prediction or explanation for an observed phenomenon.
Name the three key concepts involved in the Lean Startup framework.
Validated Learning, MVP Experiments, and Minimizing Waste.
Describe the 'Wizard of Oz' MVP approach used by companies like Zappos.
The front-end looks functional/automated to the customer, but the back-end tasks are performed manually by humans.
Which domain involves the availability of venture capital, angel investors, and banking systems?
Finance
When validating a currency's value based on physical size, why might results vary between countries?
Because currency design is subjective to each nation; size does not always correlate with value globally.
Define 'Validated Learning' in a business context.
Knowledge proven true through actual testing in the real world, rather than assumptions.
How did Dropbox use an 'Explainer Video' as their MVP?
They created a simple video demonstrating software that didn't exist yet to collect potential customer contacts.
The 'Human Capital' domain primarily focuses on which two factors?
Labor/Talent and Educational institutions/Training.
What specific action is required in the 'Share Results' step to ensure scientific integrity?
Reporting results and providing a detailed description of the methods used.
The Lean Startup visual model suggests a cycle of 'Learn, Adjust, and Fine-tune'. What is being redefined in this phase?
The Ideal Hypotheses.
What is the difference between a 'Concierge MVP' and a 'Minimum Lovable Product'?
Concierge focuses on manual personalized service to cover needs; MLP focuses on high-quality design and features to gain immediate user love.
Why is 'Policy' considered a critical domain for a startup's survival?
It dictates the regulatory framework, tax incentives, and government support for new businesses.