Lean Startup #2

true

Customers reveal the truth in what they want by their action or inaction to your products or services (T/F)

strategy

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

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. (T/F)

true

More than one engine of growth can operate in a business at a time (T/F)

true

The Build-Measure-Learn feedback loop is at the core of the Lean Startup model (T/F)

- thoroughly - immediately - rigorously

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

value

The __________ hypothesis tests whether a product or service really delivers value to customers once they are using it.

minimum viable product (MVP)

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

delaying the decision to pivot

The following are all examples of ______________: Vanity metrics Unclear hypothesis Fear

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. (T/F)

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. (T/F)

waste

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.

pivot

The more money, time, and creative energy that has been sunk into an idea, the harder it is to ______

small batches

The one envelop at a time approach is called "single-piece flow" in lean manufacturing. It works because of the surprising power of ___________

- unpredictable thing - decentralized - bottoms up

innovation is a

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 (T/F)

true

Companies are able to design, develop, and ship out new features one at a time, taking advantage of the power of small batches (T/F)

true

Once IMVU's efforts were aligned with what customers really wanted, their experiments were much more likely to change their behavior for the better. (T/F)

false

Pivots are a permanent fact of life for any growing business. Unless they achieve initial success. (T/F)

true

Ries believes that entrepreneurship requires a managerial discipline to harness the entrepreneurial opportunity we have been given. (T/F)

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 (T/F)

true

Startup organizations must attempt to tune the engine from the baseline toward the ideal. (T/F)

validated learning

Startups have to focus on the big experiments that lead to ___________

true

The theory of the Lean Startup is an organization designed to create new products and services under conditions of extreme uncertainty. (T/F)

natural

To accelerate, Lean Startups need a process that provides a __________ feedback loop.

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.

learning

______ is the oldest excuse in the book for a failure of execution

Innovation Accounting

_____________ , a quantitative approach that allows us to see whether our engine-tuning efforts are bearing fruits

learning

_____________ is the essential unit of progress for startups