BizInnovator Startup - Firm Up Your Value Proposition

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

• true
• false

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.

The purpose of the Minimum Viable Product is to:

• Devote the 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
• Design numerous product prototypes to take to a test market in order to ensure the product will be profitable
• Prove the product can be sold and find the right target market for the product and is viable.
• Create a miniature version of your new product in order to use it as a sales aid or in entrepreneurial pitches to potential investors.

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

• Lean means to minimize the effort, resources, and time it takes to test the product and decide whether or not to move forward
• Lean means to minimize the amount of time spent on planning and organizing the startup in order to reach profitability as quickly as possible
• Lean means to scale back operations and minimize expenses in order to reach profitability as quickly as possible
• Lean means to create the smallest paid staff in order to keep the team and expenses minimized and keep your business secrets safe.

Select the definition that best describes: Persevere

• 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
• 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
• 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
• None of the options apply.

Select the definition that best describes: Pivot

• 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
• 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
• 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
• None of the options apply.

Select the definition that best describes: Iterate

• 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
• 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
• 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
• None of the options apply.

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

• All of the above.

• i, ii, iv, v

• i, iv, v

• None of the options apply.

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

• All of them
• Customer-oriented sections only
• Product-oriented sections only
• Both product and customer-oriented sections

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?

• The process for gathering data driving the pivot decision.
• The process for making a gut decision to pivot your product or business idea.
• The process for securing the new funding necessary for redesigning your product or business idea.
• Understanding the new manufacturing and supply process to support the new product design.