MGMT 340 Lean Startup part 1

Once IMVU's efforts were aligned with what customers really wanted, their experiments were much more likely to change their behavior for the better.

True

Startup success can be engineered by following the right process, which means it can be learned, which means it can be taught.

True

The first step in understanding a new product or service is to figure out if it is fundamentally value-creating or value-destroying.

True

The goal of a startup is to figure out the right thing to build - the thing customers want and will pay for - as quickly as possible.

True

We must learn the truth about which elements of our strategy are working to realize our vision and which are just crazy.

True

If you are building the wrong thing, optimizing the product or its marketing will yield significant results.

False

Most tools from general management are designed to flourish in the harsh soil of extreme uncertainty in which startups thrive.

False

There are formulas available to decide exactly how complex you want to make your mvp.

False

___________ enables startups to prove objectively that they are learning how to grow a sustainable business.

Innovation accounting

A ________ experiment is one in which different versions of a product are offered to customers at the same time. By observing the changes in behavior between the two groups, one can make inferences about the impact of the different variations.

split-test

Upon completing the Build-Measure-Learn loop, startups confront the most difficult question any entrepreneur faces:

to pivot or persevere

A startup is a human institution designed to create a new product or service under ____________________.

conditions of extreme uncertainty.

One of the most important lessons of the scientific method: if you cannot ____, you cannot learn.

fail

When an organization starts making cuts that result in a slowdown of the ___________, all they have accomplished is to help the startup go out of business more slowly.

feedback loop

Without a ____________ many companies get caught in the trap of being satisfied with a small profitable business when a pivot might lead to more significant growth.

formal growth model

There is a way to remove the human element - vision, intuition, judgment - from the practice of entrepreneurship.

False

The decision to pivot requires a clear-eyed and objective mind-st.

True

The Lean Startup model offers a way to test an organization's hypotheses __________.

All of these are correct

___________________ defines value as providing benefit to the customer; anything else is waste.

Lean thinking

The author adopted the view that their job was to find ________________ between their vision and what customers would accept.

Synthesis

Entrepreneurs should humbly test their theories and approach to see what the market thinks. Listen to the feedback honestly. And continue to innovate in the directions they think will create meaning in the world.

True

Lean Startup is a principled approach to new product development.

True

One of the most important things to note about MVP is its ____________.

acceleration

Entrepreneurship requires a ______________ to harness an entrepreneurial opportunity.

managerial discipline

When a company _______, it starts the process all over again, reestablishing a new baseline and then tuning the engine from there.

pivot

Without a formal growth model, many companies get caught in the trap of being satisfied with a small profitable business when a ______ might lead to more significant growth.

pivot

If the numbers for early experiments don't look promising, there is clearly a problem with the _________.

strategy

The MVP's ultimate goal is to ________________.

to test fundamental business hypothesis

Startups have a true north, a destination in mind: creating a thriving and world-changing business. This is called a startup's _____.

vision

The goal of every startup experiment is to discover how to build a sustainable business around the entrepreneur's ______________.

vision