Discovering New Ideas

What is associating in the context of discovering new ideas?

• A method of linking unrelated concepts to generate new ideas.

• A process of eliminating old ideas.

• A technique for organizing existing ideas.

• A strategy for implementing ideas.

Networking plays a crucial role in discovering new ideas by:

• Facilitating the exchange of information and perspectives

• Limiting access to diverse viewpoints

• Discouraging collaboration among individuals

• Promoting isolation and individual work

What is a falsifiable hypothesis in the context of testing a new business model?

• A hypothesis that can be proven true

• A hypothesis that can be proven false

• A hypothesis that cannot be tested

• A hypothesis that is always true

Rohan is starting a new tech company and wants to launch a product quickly to gather user feedback. Which of the following is a characteristic of a Minimum Viable Product (MVP) that Rohan should consider?

• It includes all possible features.

• It is developed slowly and expensively.

• It contains only essential features to meet basic customer needs.

• It is a final product version.

What is one concern about MVP related to idea theft?

• MVPs can be easily copied by competitors.

• MVPs require a lot of resources to develop.

• MVPs are not effective in testing the market.

• MVPs take too long to launch.

What is a concern about MVP related to reputational risk?

• MVP can lead to negative customer feedback.

• MVP ensures complete product development.

• MVP eliminates all risks.

• MVP guarantees positive reputation.

The concept of 'Pivot' in business strategy can be explained with examples such as PayPal, PalmPilot users, and Ebay.

• A change in business model or strategy to adapt to market demands.

• A financial term related to stock market investments.

• A marketing strategy focused on customer retention.

• A legal strategy for handling business disputes.

Explain the concept of loss aversion as described in the image.

• Loss aversion refers to the tendency to prefer avoiding losses over acquiring equivalent gains.

• Loss aversion is the preference for acquiring gains over avoiding losses.

• Loss aversion is the tendency to take risks to avoid losses.

• Loss aversion is the tendency to ignore losses in decision making.

Anticipating a long process of adoption can help tackle status quo bias by:

• Allowing gradual acceptance and reducing resistance to change.

• Forcing immediate change and overcoming inertia.

• Ignoring the status quo and implementing new policies.

• Focusing on short-term gains rather than long-term benefits.

William is starting a small bakery as a sole proprietorship. In this business structure, the amount of capital available to William's bakery is limited to his personal funds and whatever funds he can borrow.

• True

• False