BizInnovator Startup - Firm Up Your Value Proposition
Authored by Jacobson Institute
Business
9th - 12th Grade
Used 2K+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True or False: Changes to product or service design should be made based on observable, timely data.
true
false
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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.
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