Venture Concept & Planning

What does MVP stand for?

• Most Valuable Product
  

• Minimum Viable Product
  

• Maximum Value Prototype
  

• Market Validation Pitch

Why is an MVP useful for a startup?

• It shows off your branding early
  

• It helps you make the final version perfect
  

• It lets you test an idea quickly with low risk

• It reduces your marketing costs completely

Which of these best describes a prototype?

• A finished product you sell right away
  

• A fully working version of your service

• A draft version used to test an idea
  

• A customer feedback form

What is a key goal of using a prototype?

• To attract investors before testing

• To impress your competitors

• To explore and test design ideas with real users

• To launch immediately

Which tool is best for creating a visual prototype of a skincare app or booking platform?

• Excel

• Canva or Figma

• TikTok

• Microsoft Word

What made Glossier’s MVP successful?

• They sold limited edition lipstick through celebrities

• They launched with over 20 skincare products

• They started with a blog, used customer input, and launched with only 4 products

• They copied formulas from other brands

Why did Juicero's MVP fail?

• The machine caught fire during testing

• It was priced too low

• The machine wasn’t needed—you could squeeze the juice by hand

• They didn’t use social media for promotion

What is technical feasibility about?

• Knowing your legal responsibilities

• Deciding your business name

• Checking if you have the tools, skills, and tech to build your MVP

• Hiring influencers to test your prototype

What does UX stand for?

• User Excellence

• Ultra Experience

• User Experience

• Unique Experience

Which beauty brand successfully used diverse prototyping to test foundation shades before launch?

• Charlotte Tilbury

• Fenty Beauty

• L’Oréal

• Kylie Cosmetics