Learning start-up ch 7-12

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

a

Entrepreneurs need a personal stake in the outcome of their creations. Select one: True False

a

On an average each person who signs up will bring, on an average _______ than one other person with him or her. Select one: a. more b. no one c. less

a

Small batches normally allow new versions of products to be released to customers on a monthly, quarterly, or yearly cycle. Select one: True False

a

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

a

The decision to pivot requires a clear-eyed and objective mind-st. Select one: True False

a

The decision to privot requires a ___________________. Select one: a. All the above are b. a clear-eyed and objective mind-set Correct c. excellent vision statement d. strong strategic plan

a

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. Select one: a. larger b. smaller

a

The higher-quality of the existing playbook is, the easier it will be for it to evolve over time. Select one: True False

a

The imperative for new startups to innovate is ______________. Select one: a. unrelenting b. important c. required

a

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

a

The innovation accounting framework makes it clear when the company is stuck and needs to change direction. Select one: True False

a

The more money, time, and creative energy that has been sunk into an idea, the harder it is to _________. Select one: a. pivot b. find additional resources c. all of these are correct d. persevere

a

When a company _______, it starts the process all over again, reestablishing a new baseline and then tuning the engine from there. Select one: a. pivot b. Both of these are correct c. persevere

a

When an organization is successful in their early efforts and ignore the principles behind their success, they have fallen into the ______________. Select one: a. classic startup trap b. just got lucky trap c. success by accident trap

a

he decision to pivot requires a clear-eyed and objective mind-st. Select one: True False

a

he innovation accounting framework makes it clear when the company is stuck and needs to change direction. Select one: True False

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 assement reveals c. devise experiments to learn how to move the real numbers closer to the ideal reflected in the business plan

a

All of the following are primary ways past customers drive sustainable growth EXCEPT Select one: a. Through funded advertising. b. All of these are ways past customers drive sustainable growth. c. Word of mouth. d. Through repeat purchase or use. e. As a side effect of product design.

b

As startups grow, entrepreneurs can build organizations that learn how to balance the needs of existing customers with the challenges of dinding new customers to serve, managing existing lines of business, and exploring new business models - all ____________. Select one: a. one at a time b. at the same time c. independently d. with different approaches

b

At the root of every seemingly technical problem is a ___________ problem. Select one: a. quantitative b. human c. natural d. qualitative

b

If you are building the wrong thing, optimizing the product or its marketing will yield significant results. Select one: True False

b

Innovation accounting will still work even if a startup is being misled by vanity metrics such as gross number of customers and so on. Select one: True False

b

It is important to focus on establishing the _________ under which autonomous startup teams operate. Select one: a. All of these are important. b. ground rules c. personnel guidelines d. financial resources

b

Lean Management requires treating work as a system and then dealing with the batch size and cycle time of the ___________. Select one: a. different segments b. whole process c. individual pieces d. All of these are correct.

b

Mainstream customers have ________ requirements and are much more demanding. Select one: a. narrow b. different c. wide d. All of these are correct

b

Once an organization entered a period of rapid hiring, repeated Five Whys sessions revealed that problems caused by lack of ___________ were slowing down product development. Select one: a. All the above are correct b. training c. focus d. resources

b

Pivots are a permanent fact of life for any growing business. Unless they achieve initial success. Select one: True False

b

Successful startups usually focus on ______ engine(s) of growth, specializing in everything that is required to make it work. Select one: a. three b. one c. four d. two

b

The Build-Measure-Learn feedback loop is a __________ process. Select one: a. one time b. continuous c. short-term d. long-term

b

The ______________ is the mechanism that startups use to achieve sustainable growth. Select one: a. Social Media Strategy b. engine of growth c. paid promotion d. SEO

b

The author strongly recommend that startup teams be _____________. Select one: a. have the same skill sets b. completely cross-functional

b

The best way to influence the boss and get what you want is to take the ___________ possible. Select one: a. most cautious b. most extreme position c. safest route d. quickest

b

The investment shoud be _________ when the symptom is minor and ______ when the symptom is more painful. Select one: a. the same for both b. smaller and larger c. larger and smaller

b

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. implementation of the strategic plan b. feedback loop c. introduction of new products

b

he Lean Startup Model often works because _______________. Select one: a. cost are so inexpensive b. All of these are c. it is less expensive to set up d. customers often don't know what they want. Correct

b

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 _________________. Select one: 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

c

The biggest advantage of working in small batches is that ___________________. Select one: a. it has lower human resource requirements b. you can take advantage of economies of scale c. quality problems can be identified much sooner d. the money required is not so great

c

__________ enables startups to prove objectively that they are learning how to grow a sustainable business. Select one: a. All of these are correct b. Minimum viable product c. Innovation accounting d. A sound business plan

c

Having a low-quality product can _____________ learning when the defects prevent customers from experience (and giving feedback on) the product's benefits. Select one: a. increase b. enhance c. support d. inhibit

d

Startups are in a life-or-death struggle to learn how to build a sustainable business before they ______________________. Select one: a. All of these are correct. b. have new competition in the marketplace c. lose focus and motivation d. run out of resources and die

d

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. average cost (AC) b. Cost of Goods Sold (COGS) c. None of these are correct. d. cost per acquisition (CPA)

d

he 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. manufacturing process b. planning process c. All of these are correct. d. strategic cycle e. Build-Measure-Learn feedback loop

e