BizInnovator Startup - Firm Up Your Value Proposition

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True or False: Changes to product or service design should be made based on observable, timely data.

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true

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The Lean Startup Method aims to help startups by focusing on: Mitigating risks and increasing the liklihood of success, Maximizing profitability and company growth, Manufacturing deficiently and at maximum potential, Using the leanest staffing to run the new small business.

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Mitigating risks and increasing the liklihood of success

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The purpose of the Minimum Viable Product is to:

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Devote the least amount of resources to develop the product and gauge potential customer interest and validate the product idea, thereby minimizing risk in moving forward.

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Why is the word "Lean" critical in the Lean Startup Methodology of starting your startup?

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Lean means to minimize the effort, resources, and time it takes to test the product and decide whether or not to move forward.

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Select the definition that best describes: Persevere

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Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved correct and you should move forward with your product and startup model.

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Select the definition that best describes: Pivot

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Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved materially flawed ct and you should redesign the product and startup model and repeat the process.

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Select the definition that best describes: Iterate

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Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved only partially correct and you should refine the product and startup model before moving forward.

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Select all the possible methods of pivoting in the list below:
i. Zoom in/out to focus on product details
ii. Assess supporting technology
iii. Adjust sales channels
iv. Reevaluate customer segments/target market
v. Analyze pricing for profit margins and market tolerance

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All of the above.

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When determining whether to persevere, pivot, or iterate, which sections of the Business Model Canvas might be revised?

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All of them

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After deciding to pivot with your product or business idea you will be revising your business pitch. What will your audience be especially interested in seeing as part of your new pitch?

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The process for gathering data driving the pivot decision.