The Lean StartUp, Identify Your Niche, Finding Your Audience Quiz, Finding Your Passion
An engine of growth can be defined quantitatively. Select one: True False
True
As you consider building your own minimum viable product, let this simple rule suffice: remove any feature, process, or effort that does not contribute directly to the learning you seek. Select one: True False
True
Startups are too unpredictable for forecasts and milestones to be accurate. True False
True
The goal of a minimum viable product is to begin the process of learning, not end it. Select one: True False
True
Younger Americans are more likely than older Americans to be on ________. Select one: a. Facebook b. social media c. Twitter d. Instagram
30 to 60 year-olds are spending the most money in our economy today and are best reached via all the following EXCEPT Select one: a. Affiliate Marketing b. Reviews c. All of these are correct d. Influencer marketing
Influencer marketing
__________ are good for polls and communications with your Audience. Select one: a. Q&A posts b. Social media polls c. Facebook ads d. Instagram posts
Q&A posts
Upon completing the Build-Measure-Learn loop, startups confront the most difficult question any entrepreneur faces: Select one: a. whether to allocate additional resources b. to pivot or persevere c. All of these are correct. d. whether to abandon the project
to pivot or persevere
The critical first question for any lean transformation is: Select one: a. which activities create value and which are a form of waste? b. All of these are correct. c. how will the research be done for the development of the marketing plan? d. who will be responsible for the planning & implementation of the strategic plan?
which activities create value and which are a form of waste?
Engaging in conversations through social media interactions, calls to action through your email campaigns, or simple in-person conversations with __________, are all fantastic methods. Select one: a. your target audience b. existing customers c. new customers d. All of these are correct
your target audience
It is often easier to raise money or acquire other resources when you have ____ revenue. Select one: a. zero b. growing c. negative d. large
zero
In the past when someone has clearly identified an opportunity, they often leave a secure job, use their life savings, seek funding from friends and family, and then launch their new companies. This approach is defined by Dr. Cheek as the ___________________. Select one: a. budding entrepreneur approach b. high risk approach c. minimizing risk approach d. zero sum approach
zero sum approach
He felt individuals, as they make important decisions went through a comparison process that pitted Anticipated Pain against Anticipated Pleasure. Who was this person? Select one: a. Sigmund Freud b. Frederick Taylor c. Dr. Ron Cheek d. Peter Drucker
Sigmund Freud
When looking for your Passion you should follow the ______________ approach. a. Simple b. most popular c. most likely to succeed d. most acceptable
Simple
___________ is all about knowing your audience and finding the best online strategies for reaching them. Select one: a. Digital marketing b. A sound social media strategy c. A social media campaign d. All of these are correct
Digital marketing
For the online Entrepreneur, once you find your "perfect" Niche, you are set for life and can't just expanding on it. Select one: True False
False
If you are building the wrong thing, optimizing the product or its marketing will yield significant results. Select one: True False
False
If you are causing (or missing) quality problems now, the resulting defects won't slow you down later. Select one: True False
False
Innovation accounting will still work even if a startup is being misled by vanity metrics such as gross number of customers and so on. True False
False
______________ is the best tool to "Kill" competition! Select one: a. All of these are correct b. Passion c. Money d. Hard Work
Passion
Regardless of marketing, you must know your _________ well to make an impact in your current market. Select one: a. products and services b. customer feedback c. competitors d. social media strengths
competitors
The prevailing management paradigm is inadequate to handle the problems of continuous innovation in the modern economy. Select one: True False
True
The theory of the Lean Startup is an organization designed to create new products and services under conditions of extreme uncertainty. True False
True
A solid process lays the foundation for a healthy culture, one where ideas are evaluated by merit and not by job title. Select one: True False
True
A startup is a human institution designed to create a new product or service under conditions of extreme uncertainty. Select one: True False
True
After you are aware of the opportunity which your niche is able to give to your startup it is the time to think about the uniqueness of your niche. Select one: True False
True
Eric Rees says their organization IMVU does everything wrong: instead of spending years perfecting their technology, they build a minimum viable product (MVP), an early product that is terrible, full of bugs with stability problems. Then they ship it to their customers way before it's ready and expect the customers to pay for it. Select one: True False
True
Everything a startup does is understood to be an experiment designed to achieve validated learning. Select one: True False
True
Lean thinking defines value as providing benefit to the customer; anything else is waste. Select one: True False
True
Ries believes that entrepreneurship requires a managerial discipline to harness the entrepreneurial opportunity we have been given. Select one: True False
True
Small batches normally allow new versions of products to be released to customers on a monthly, quarterly, or yearly cycle. Select one: True False
True
Startup organizations must attempt to tune the engine from the baseline toward the ideal. Select one: True False
True
We must learn what customers really want, not what they say they want or what we think they should want. Select one: True False
True
Within _______________ advertising platform, you can focus on getting more followers, driving people to your website or squeeze page or engaging them with other actions. Select one: a. Facebook's b. Twitter's c. LinkedIn's d. Instagram's
Twitter's
A dedicated business owner is always ___________ because the success of their business starts with knowing its customer base. Select one: a. Internet savvy b. social media focused c. customer-centric d. All of these are correct
customer-centric
The Lean Startup Model often works because _______________. Select one: a. customers often don't know what they want. b. cost are so inexpensive c. it is less expensive to set up d. All of these are correct
customers often don't know what they want.
As much as your product or service may appeal to a large group of people, it _____ make sense to market to everyone. Select one: a. does not b. does c. All of these are true d. should
does not
In the article 10 Ways to Find Your Audience on Social Media, author Alla Bogdan recommends you to narrow your audience and search for ________, which your potential buyers are interested in. Select one: a. exact niches b. general areas c. markets d. social media circles
exact niches
The goal of the 48 Hour Startup is to make your journey ___________________. Select one: a. exciting, rewarding, and life changing b. exciting and fame and fortune above even your wildest expectations c. extremely profitable d. to freedom from bosses and in control of your own life
exciting, rewarding, and life changing
The _______________ about how to build a sustainable business is the outcome of experiments. a. learning b. All of these are correct Incorrect c. strategy d. vision
learning
might lead to more significant growth. a. formal growth model b. sound strategic strategy c. strict measurement tools in place d. vision statement
formal growth model
A ________________ helps entrepreneurs start the process of learning as quickly as possible. Select one: a. sound business plan b. All of these are correct. c. minimum viable product d. strategic plan
minimum viable product
You must choose who the _____________ is for your product — otherwise, you won't be able to measure success, let alone obtain it. Select one: a. best customer b. focus market c. primary consumer or customer d. market
primary consumer or customer
The ___________ a startup builds are really experiments. Select one: a. management strategies b. vision plans c. products d. organizational strategies
products
If there is something you love doing, you should _____________. Select one: a. just do it b. discuss it with family and friends and then make your decision c. None of these are correct d. research the possibilities of making money from it
research the possibilities of making money from it
The author in 10 ways to find your Audience suggests you can also narrow your audience by looking at _______________. Select one: a. Facebook ads b. Instagram postings c. similar, competitor pages
similar, competitor pages
Start by identifying your ideal customer through ___________. Select one: a. guest blogging b. All of these are correct c. surveys and research d. valuing other sites
surveys and research
Author Larry Kim says it blows my mind how many companies fail to understand their ______ market. Select one: a. All of these are true b. target c. social media d. Google
target
Establishing a ________ is a critical step in making sure the correct tone and messaging techniques are being used during your campaigns. Select one: a. online presence b. Facebook Avatar c. social media campaign d. target audience
target audience
The Cheek Model suggests that you should approach challenges __________________. Select one: a. with all the resources you have available b. head on c. in an all or nothing manner d. the same way you eat an elephant, one bite at a time
the same way you eat an elephant, one bite at a time
Startups have a true north, a destination in mind: creating a thriving and world-changing business. Ries calls this the startup's _________. Select one: a. measurement plan b. vision c. strategic plan d. marketing plan
vision
When you are identifying your target audience, it is important also to determine the features of __________. Select one: a. your product or service b. promotional plan c. All of these are true d. campaign projections
your product or service
People don't read text on its own. They see a picture and decide within ________ to read or not to read the text associated with it. Select one: a. Social media polls b. ⅕ of a second c. a few seconds d. 10-15 seconds
⅕ of a second
If we do not know who the customer is, we do not know what quality is. True False
True
In the Lean Startup model, an experiment is more than just a theoretical inquiry; it is also a first product. True False
True
The higher-quality of the existing playbook is, the easier it will be for it to evolve over time. Select one: True False
True
_________ can allow entrepreneurs to form false conclusions and live in their own private reality. Select one: a. Poor record keeping b. Using the wrong metrics c. Incorrect sales figures d. Vanity metrics
Vanity metrics
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. Select one: a. feedback loop b. implementation of the strategic plan c. introduction of new products
feedback loop
The "growth hypothesis" _______ how new customers will discover a product or service. Select one: a. measures b. surveys c. tests d. validates
tests
In the Five Steps to Finding Your Passion the author Susan Biali discusses Inventory Your Talents. She thinks you should find the things you have a knack for that _____________. Select one: a. you are good at b. you feel has great potential for profits c. have a natural aptitude for d. delight or happily occupy you
delight or happily occupy you
Like it or not, social media is here to stay, and, as we speak, it is shaping the way local businesses ____________. Select one: a. develop and interact with their customers b. determine what products and services they will provide c. find their customers online d. All of these are correct
develop and interact with their customers
The Cheek Model allows the first time Entrepreneur to __________________. Select one: a. dip your toe into the water of your true Passion b. jump in right away and get started c. become profitable immediately d. guarantee success
dip your toe into the water of your true Passion
Dr. Susan Biali believes its critically important to ___________ in things that light you up. Select one: a. seem b. None of these are correct c. frequently d. discover and engage
discover and engage
Because the Japanese car market after the war was so small and capital was not available, they were unable to do mass production and take advantage of ______________. a. All of these are correct. b. economies of scale c. large machines in the factories d. discounts for large purchases
economies of scale
The goal of every startup experiment is to discover how to build a sustainable business around the entrepreneur's ______________. Select one: a. vision b. desired level of profitability c. level of investment d. investors' demands
vision
Several common reasons people use for NOT starting a new business are all the following EXCEPT? Select one: a. Leave a secure job b. Fear of Failure c. Money d. All of these are correct
All of these are correct
The Funnel Approach includes all the following the means to EXCEPT Select one: a. All of these are correct b. nurture it c. means to capture a market d. convert it e. qualify it
All of these are correct
___________________ is good if it brings value to your brand and your followers. Select one: a. Facebook b. Blog posts c. Curated content d. Social media
Curated content
Most tools from general management are designed to flourish in the harsh soil of extreme uncertainty in which startups thrive. Select one: True False
False
Planning and forecasting are only accurate when based on a long, stable operating history and a relatively static environment. This is why they work so well for start-up companies. Select one: True False
False
Ries believes the mantra of successful entrepreneurs: through determination, brilliance, great timing, and above all, a great product, they can achieve fame and fortune. True False
False
In 3 Simple Ways to Discover Your Passion the recommended way to find your Passion is to Select one: a. Get curious and explore and then notice your reaction b. Find the Idea with the greatest potential for profits and pursue it c. Find the Idea with the greatest potential for growth and pursue it d. Find the most talked about new products and offer these for sale
Get curious and explore and then notice your reaction
______________ is a free tool that allows you to find out both local and global search volumes for certain keywords, related keywords, as well as the competitiveness of those keywords. a. Facebook's Key Word Search Tool b. LinkedIn Keyword Finder c. Google's External Keyword Tool d. Survey Monkey Keyword Locator
Google's External Keyword Tool
______________ , a quantitative approach that allows us to see whether our engine-tuning efforts are bearing fruits. a. Innovation Accounting b. Yahoo analytics c. Online Measurement tools d. Google analytics
Innovation Accounting
If you're targeting middle aged suburban men, don't invest all your efforts on _________. Select one: a. Facebook b. Twitter c. Instagram d. LinkedIn
_____________ is the essential unit of progress for startups. a. Profitability b. The volume of sales c. Learning d. The number of customers
Learning
While there is an advertising platform on _______, the real power is in the prospecting tools and making one-on-one connections with your audience. Select one: a. LinkedIn b. Twitter c. Facebook d. Instagram
_______________ is a key component of research when choosing a Niche. Select one: a. Finding those things popular with your friends b. Listening c. All of these are correct d. Affordable domain names
Listening
_________________ are similar to your most valuable audiences. That means Facebook can put you in front of more people who are like your current audience. Select one: a. New customers b. All of these are correct c. Lookalike audiences d. Existing customers
Lookalike audiences
In the 5 Ways to Break Through the Clutter their mythological man and woman have three main avenues of exploration to satisfy their curiosity. These include all the follow EXCEPT Select one: a. Profitability b. Situations c. People d. Information
Profitability
_________ is a massively important tool for growing your company Select one: a. Technology b. Facebook ads c. Social media
Technology
Companies are able to design, develop, and ship out new features one at a time, taking advantage of the power of small batches. Select one: True False
True
Customers reveal the truth in what they want by their action or inaction to your products or services. Select one: True False
True
Early adopters use their imagination to fill in what a product is missing. Select one: True False
True
Startup success can be engineered by following the right process, which means it can be learned, which means it can be taught. Select one: True False
True
Startups need to conduct experiments that help determine what techniques will work in their unique circumstances. Select one: True False
True
The first step in understanding a new product or service is to figure out if it is fundamentally value-creating or value-destroying. Select one: True False
True
The importance of small-batch approach produces a finished product every few seconds, whereas the large-batch approach must deliver all the products at once, at the end. Select one: True False
True
As part of your survey, ask your current customers the following questions EXCEPT Select one: a. What is your favorite social media site? b. All of these questions should be in your survey
All of these questions should be in your survey
Once you have found your Niche market keywords you want to work with, including the one you will work on, you should immediately check on how __________ it is. Select one: a. Available b. Expensive c. Competitive d. All of these are true.
Competitive
You have chosen your Niche and your keywords, based on the _________________ you'll be able to figure out if you are going to move forward with your niche idea. Select one: a. Cost b. Availability c. All of these are correct d. Competitive test
Competitive test
The stories in the magazines are true: hard work and perseverance does lead to success. True False
False
____________ enables startups to prove objectively that they are learning how to grow a sustainable business. Select one: a. Minimum viable product b. All of these are correct c. Innovation accounting d. A sound business plan
Innovation accounting
____________, where they are, what they are doing and how they are implementing strategies can benefit you. Select one: a. Looking for the right social media outlets b. Knowing your competitors c. Knowing how to find your customers d. All of these are correct
Knowing your competitors
__________ to share customer testimonials, stories, lifestyle tips and business advice. Select one: a. Produce customer stories b. Create interviews c. Create blog posts d. Produce short videos
Produce short videos
The amount of time a company can count on holding on to market leadership to exploit its earlier innovations is shrinking, and this creates an imperative for even the most entrenched companies to invest in innovation. True False
True
The challenge of entrepreneurs is to find ways to achieve the same amount of validated learning at lower cost or in a shorter time. Select one: True False
True
Though 60+ are the least active consumers online, seniors are using the internet more frequently every day. They also have the most disposable income of anyone in the United States. Placement is the key to reaching this audience group. They can be reached by all the following EXCEPT Select one: a. Facebook Advertising b. Videos c. Email Marketing d. All of these are correct
Videos
One of the most important things to note about MVP is its ____________. a. decelaration b. potential for overall strategic influence c. value for investment d. acceleration
acceleration
When experiments produce a negative result, they ______________. Select one: a. are a total waste of organizational resources and should not be repeated b. reflect poorly on management c. are instructive and can influence the organization's stratgey d. All of these are correct
are instructive and can influence the organization's stratgey
John Lee Dumas has famously talked about identifying your ________. This means you'll want to create a fictional persona of your ideal customer, to the point of naming it, knowing how many kids it has or what it does on the weekends. Select one: a. perfect customer b. business avatar c. social media customer d. Google profile
business avatar
Identifying the target market is the first step in making a ___________. Select one: a. marketing plan b. business plan c. social media campaign d. All of these are correct
business plan
Finding your brilliant idea is more about ____________ than _______________. Select one: a. Inspiration, innovation b. innovation, inspiration c. observation, innovation d. inspiration, observation
observation, innovation
Try to be more more personal. Show them your ________________. Select one: a. office or the place where you work b. your Facebook page c. your Instagram posts d. LinkedIn postings
office or the place where you work
The best way to understand the value of your target audiences is to compare them ____________. Select one: a. on Facebook b. on Google c. on Instagram d. on an even playing field
on an even playing field
The Cheek Model is not just for those people who hate their jobs, but also for those of us who want ______________________. Select one: a. to reach financial stability b. to get out of the job they currently have c. to achieve fame and fortune d. to bring their careers and lives to levels beyond ever their wildest expectations
to bring their careers and lives to levels beyond ever their wildest expectations
The MVP's ultimate goal is to ________________. Select one: a. find the greatest number of users b. cut the cost of developing the product c. achieve the vision of management d. to test fundamental business hypothesis
to test fundamental business hypothesis
Think of _____ that your audience might be interested in. You can ask them before with the help of visual Q&A post, remember? Select one: a. promotions b. topics c. blogs d. topics
topics
The entire of the Identifying Your Passion by Dr. Cheek is to _____________. a. find the Right Business for you b. find the opportunities with the greatest potential for profitability c. show you how to make money d. eliminate those type of things that will not work for you
find the Right Business for you
Before understanding your customers, you have to __________. Select one: a. find them first b. develop your Business plan c. create a social media campaign d. All of these are correct
find them first
A startup is _________ the sum of its parts. Select one: a. less than b. none of these are correct c. equal to d. greater than
greater than
Before _________ get to us with their ideas, most of us know exactly who we are and what would make us happiest. Select one: a. grown ups b. friends c. family d. fellow employees
grown ups
Most digital marketers recognize the benefits of blogging for SEO and social media. However, you can also find more of your ideal customers through ______________. Select one: a. guest blogging b. continually posting c. following others d. searching new venues
guest blogging
For the purposes of optimizing your social media campaigns, wisely spending your ad dollars and targeting guest blogging opportunities, you need to know where your audience _________. Select one: a. seeks information b. goes for questions c. goes for answers d. hangs out online
hangs out online
Before you can seek out your audience, you must ____________. Select one: a. identify them b. narrow down the alternatives c. All of these are true d. seek input from your selection of products and services
identify them
The goal of creating learning milestones is ______________; to make sure that there is relevant data in the room when it comes time to decide. Select one: a. make decisions easy to make b. assist in making the decisions easy c. is not to make the decision easy d. None of these are correct.
is not to make the decision easy
Startups have to focus on the big experiments that lead to _________________. a. the greatest profits b. validated learning c. the most traffic d. the greatest potential
validated learning
The __________ hypothesis tests whether a product or service really delivers value to customers once they are using it. Select one: a. growth b. value
value
Select one: a. Financial resources b. Overall goals and expectations c. Keyword (s)
Keyword (s)
The lesson of the minimum viable product is that any additional work beyond what was required to start learning is ___________, no matter how important it might have seemed at the time. Select one: a. efficient b. cost effective c. valuable d. waste
waste
To optimize your social media marketing efforts, it's important to know who your customers are and _________ they spend their time on. Select one: a. sections of Facebook b. Google sites c. which social networks d. sections of Instagram
which social networks
In traditional Entrepreneurship One Time Setup Costs and Expenses. These include all the following EXCEPT? Select one: a. Build Out b. Furniture, Fixture, and Equipment (FFE) c. All of these are One Time Setup Costs and Expenses d. Location
All of these are One Time Setup Costs and Expenses
Innovation is a _______________. Select one: a. All of these are correct b. unpredictable c. bottoms up d. decentralized
All of these are correct
The successful Entrepreneur should do all the following EXCEPT Select one: a. Potential business opportunities b. Market trends c. All of these are correct d. Keen eye for recognizing unmet needs
All of these are correct
The youngest consumers are also the most active online should be reached by all the following EXCEPT Select one: a. Influencer marketing b. Loyalty programs c. Social Media d. All of these are correct
All of these are correct
There are several rules for you to remember when tailoring content for your Audience, taken right from the best social media marketing guides. They include all the following EXCEPT Select one: a. No more than 2 promotions a week b. All of these are correct c. No more than 1 post of curated content a week d. At least 1 engaging content a day
All of these are correct
To help to identify and understand the broader market you are after, the process includes all the following EXCEPT Select one: a. Look at existing marketing strategies b. Consider the overall market you are accommodating c. Analyze any data and information you have, especially performance details d. All of these are correct
All of these are correct
The Lean Startup model offers a way to test an organization's hypotheses __________. a. thoroughly b. immediately c. rigorously d. All of these are correct.
All of these are correct.
The Cheek Model uses the three distinct phases of your life to identify your Passion. They are all the following EXCEPT. a. All of these are distinct phases of your life b. life as a young adult c. your current life d. early childhood
All of these are distinct phases of your life
When choosing a Niche market you should choose a type of market. Which of these are NOT a market for online companies? Select one: a. New Market b. All of these are markets available for your Niche c. Resegmented d. Existing
All of these are markets available for your Niche
Select one: a. advisors b. employees c. organizations you work with d. All of these are required for success
All of these are required for success
Your niche market you are aiming for must have some kind of bound with your own __________________. a. personal vision b. business understanding c. All of these are required. d. goals
All of these are required.
A startup's job is to Select one: a. Both of these are correct b. rigorously measure where it is right now, confronting the hard truths that assessment reveals c. devise experiments to learn how to move the real numbers closer to the ideal reflected in the business plan
Both of these are correct
The essential lesson the be learned from small batch sizes is that by reducing batch sizes, organizations can get through the _____________ more quickly than competitors. Select one: a. Build-Measure-Learn feedback loop b. manufacturing process c. strategic cycle d. All of these are correct. e. planning process
Build-Measure-Learn feedback loop
__________ or fictional representations of your ideal customers, are notoriously difficult to build and thus are underutilized. Select one: a. Facebook ownership b. social media profiles c. Buyer personas d. Originators of blogs
Buyer personas
_______________ are inventing the future. Select one: a. Skilled computer programmers b. All of these are correct c. Academic programs d. College students
College students
Because _________ has more than a billion users logging in every day they have tons of information about what people buy, what they like, their demographics, and so much more. Select one: a. LinkedIn b. Facebook c. Twitter d. Instagram
Most social media marketers will tell you that the organic reach of businesses on _______ has tanked. Select one: a. Twitter b. LinkedIn c. Facebook d. Instagram
Once you've chosen an audience to analyze, ________ will tell you everything about them. Select one: a. Twitter b. Google c. Facebook d. Instagram
__________ groups are a great place to build — and engage with — a community around your topics of interest. Select one: a. Facebook b. All of these are correct c. Instagram d. Twitter
_____________ continues to be the most widely used social media platform Select one: a. Facebook b. Twitter c. Instagram Feedback
_________ is the oldest excuse in the book for a failure of execution. Select one: a. High competition b. Lack of personnel c. Learning d. Lack of funds
Learning
According to these articles, one of the keys to being a successful Entrepreneur is choosing a ___________________. Select one: a. All of these are correct b. Niche market c. Sound business partner d. Sector that meets the needs of your resources
Niche market
When you are trying to identify your buyer personas or ideal customers, you should look at all the following EXCEPT Select one: a. Demographics b. Technographic c. All of these are correct d. Psychographics
Psychographics
What do entrepreneurs and employees most often mistake as the obvious thing for Passions? Select one: a. Need to be admired by friends and relatives b. Desire for money c. Desire to be self-employed d. Rapid Growth
Rapid Growth
A pivot requires that we keep one foot rooted in what we've learned so far, while making a fundamental change in strategy in order to seek even greater validated learning. True False
True
The decision to privot requires a ___________________. Select one: a. strong strategic plan b. All the above are correct c. excellent vision statement d. a clear-eyed and objective mind-set
a clear-eyed and objective mind-set
If you reach the limits for new customer growth (they are exhausted) and the growth suddenly slows, it provokes ______________. Select one: a. a crisis b. lower profits c. new ideas d. new competition
a crisis
Many viral products do not charge customers directly but rely on indirect sources of revenue such as _________________. Select one: a. new products b. referrals c. advertising d. new services
advertising
A common problem entrepreneurs can fall victim to is _______, endlessly refining their plans. Select one: a. finding the right product or service b. analysis paralysis c. All of these are correct. d. identifying their unique customers
analysis paralysis
The first key to finding your Passion is ____________________. Select one: a. to check with family and friends for their input b. to run the numbers to see if it makes sense c. asking the right questions d. to talk to your banker and see if it is a viable opportunity
asking the right questions
Generalizing your campaign or trying to appeal to a much larger group — also defined as the mainstream masses —will likely turn out to be a _________ when it comes to marketing. Select one: a. option b. success story c. alternative plan d. big mistake
big mistake
Nothing comes to your mind for your Passion and you get out a sheet of paper and start writing down ideas. This is called _____________. Select one: a. groupthink b. strategyizing c. brainstorming d. mind mapping
brainstorming
Once you understand the importance of ___________, you see its value even on a personal level. Select one: a. web based hosting b. branding c. All of these are correct d. building a business online
branding
Suppose and advertisement costs $100 and causes fifty new customers to sign up for the service. This ad has a ____________ of $2.00. Select one: a. cost per acquisition (CPA) b. None of these are correct c. Cost of Goods Sold (COGS) d. average cost (AC)
cost per acquisition (CPA)
The following are all examples of ______________: Vanity metrics Unclear hypothesis Fear Select one: a. strategic alternatives to planning b. entrepreneurial paralysis c. delaying the decision to pivot
delaying the decision to pivot
The point is not to find the average customer but to find ___________: the customers who feel the need for the product most acutely. Select one: a. high volume customers b. late adopters c. mass market customers d. early adopters
early adopters
One of the most important lessons of the scientific method: if you cannot ____, you cannot learn. a. produce innovative products b. reach your customers c. develop a strategic plan d. fail
fail
Money is not an issue in the Cheek Model because _______________. Select one: a. it is raised from investors b. it costs very little to start the business c. can be raised from friends
it costs very little to start the business
The focus of each team is iterating with customers as rapidly as possible, running experiments, and then using validated learning to make real-time investment decisions about what to work on. No team is _________ than five people. a. larger b. smaller
larger
Marketing doesn't work like a magic wand. Its main purpose is to ____________ with the right customers. Select one: a. offer the right products and services b. find their customers online c. All of these are correct d. match the value your business is creating
match the value your business is creating
The Cheek Model says you can't _____________________ about our Passion and figure it out. Select one: a. solve it through strategic planning b. outsource the process c. All of these are correct d. merely think
merely think
The __________ is that version of the product that enables a full turn of the Build-Measure-Learn loop with a minimum amount of effort and the least amount of development time. Select one: a. first b. last batch c. best d. minimum viable product (MVP)
minimum viable product (MVP)
It is essential that you _________ the campaign performance to keep it competitive. a. monitor b. continually change c. All of these are correct d. continually update
monitor
On an average each person who signs up will bring, on an average _______ than one other person with him or her. a. less b. more c. no one
more
Promotional posts are ___________. This is type of content that represents your brand. Select one: a. All of the above are correct b. extremely cost effective c. discounts or special offers d. not necessarily discounts or special offers
not necessarily discounts or special offers
You should pursue fulfilling work that aligns with your _______________. Select one: a. passion b. Financial resources c. Business knowledge d. All of these are correct
passion
You may have a great product and provide perfect service, but your online content won't have impact unless it is _________________. Select one: a. developed through an audience assessment program b. supported by an ad campaign c. pitched to an appropriate audience d. developed through a sound advertising plan
pitched to an appropriate audience
The more money, time, and creative energy that has been sunk into an idea, the harder it is to _________. a. find additional resources b. all of these are correct. c. pivot d. persevere
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. a. new plan b. old product c. pivot d. new product
pivot
After the startup has made all the micro changes and product optimizations it can to move its baseline toward the ideal, the company reaches a decision point. At this point they _________________. a. use their learning to attract additional resources b. decide whether or not to sell the organization c. pivot or persevere d. revise their business plan
pivot or persevere
The biggest advantage of working in small batches is that ___________________. a. you can take advantage of economies of scale b. quality problems can be identified much sooner c. it has lower human resource requirements d. the money required is not so great
quality problems can be identified much sooner
Zappos' initial experiment provided a clear, _______. a. management strategy b. All of these are correct c. direction by management d. quantifiable outcome
quantifiable outcome
The Cheek Model says the answer to most things begin with ___________. Select one: a. searching on the Internet b. All the above are correct c. sharing your problems with friends d. questions
questions
You can invest in trying the newest trends in marketing, but your money will be wasted if you aren't ___________ on the right platforms. Select one: a. finding new customers b. focusing on social media c. using social media to drive traffic d. reaching your audience
reaching your audience
Startups are in a life-or-death struggle to learn how to build a sustainable business before they ______________________. a. run out of resources and die b. All of these are correct. c. have new competition in the marketplace d. lose focus and motivation
run out of resources and die
Through the use of _______________ as our yardstick, we can discover and eliminate the sources of waste that are plaguing entrepreneurship. a. scientific learning b. management principles c. competitive analysis d. in depth research
scientific learning
It's also important to clarify that it's okay to come up with ________ marketing campaigns for each segment or target audience. Select one: a. duplicate b. separate c. Multiple d. Independent
separate
The amount of time a company can count on holding on to market leadership ot exploit its earlier innovations is _____________. a. irrelevant b. growing c. about the same d. shrinking
shrinking
You have to take a look at the different ____________ and find out where your target audience is spending the most amount of time. Select one: a. alternative opportunities b. social media channels c. products and services d. websites
social media channels
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. Select one: a. split-test b. blind test c. None of these are correct. d. centrally located
split-test
If the numbers for early experiments don't look promising, there is clearly a problem with the _________. Select one: a. product b. numbers c. strategy d. method of measuring
strategy
Lotame's Audience Profile Report can give additional insights into your _________ behaviors, interests, actions, and demographics across screens. Select one: a. target audience's b. individual existing customers c. products and services d. competitors
target audience's
An organization or company will never be successful without knowing their _________ and who purchases their products or services. Select one: a. market size b. All of these are correct c. primary social media tool d. target market
target market
The Pew Research Center has an excellent breakdown of where your audience spends their_____________. Select one: a. advertising time b. money c. All of these are correct d. time online
time online
Whether your business is brand new, or well established, it's imperative that you know _________ to be successful. Select one: a. your target audience b. the goals of your social media campaigns c. All of these are correct d. strengths and weaknesses
your target audience