MGMT 340
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 amount of time a company can count on holding on to market leadership to exploit its earlier innovations is shrinking.
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
Entrepreneurs typically possess ________.
a high level of commitment, have a tolerance for ambiguity, are flexible and tenacious
Which of the following question(s) should you consider before entering a lawsuit to protect intellectual property?
a. Can you afford the loss of time, money, and privacy the lawsuit will bring? b. Can the opponent afford to pay if you win? c. Do you expect to get enough from the suit to pay for the costs of hiring an attorney? d. All of these
Which of the following is a danger of using a niche strategy?
a. Niches change. b. Niches can go away. c. Entering a niche requires adaptability in your initial plan. d. All of these
One of the most important things to note about MVP is its ____________.
acceleration.
In 2000 franchise businesses were responsible for ______% of every retail dollar?
50
In a survey of members of Generation Z, ________ percent said they would rather save money than spend it.
57
The Business Model Canvas has ________ elements.
9
What did the Boss offer the manager when he first started working for the hotel? This gesture was very surprising to the manager.
A cup of coffee
The typical start-up in the United States needs a launch capital of ________.
$10,000
The author Eric Ries explains "hard work and perseverance does lead to success."
False
Which of the following is not a phase of business growth?
Death
Which of the following is not an example of a rule for your game from chapter 16?
Defense wins Championships.
Which of the following was not identified as one of the suggestions for small business success
Develop a business plan as you grow your business.
During the incubation phase of the creative process, the entrepreneur might do all of the following except which of the following to let ideas "marinate" in his mind?
Don't allow one's self to daydream
Once you were stricken with an ___________ Seizure there was no relief?
Entrepreneurial
The _________ is the dreamer in us?
Entrepreneurial personality
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
There is a way to remove the human element - vision, intuition, judgment - from the practice of entrepreneurship.
False
What is the root cause of most small business failure?
Fatal Assumption
The focus of which of the following step in the creative process is to transform the idea into reality?
Implementation
"__________ is the signature of a bold, imaginative hand"?
Innovation
____________ enables startups to prove objectively that they are learning how to grow a sustainable business.
Innovation accounting
All innovations need to be ____________?
Quantifiable
Which hemisphere of the brain processes information all at once and by relying heavily on images?
Right hemisphere
Every game has to have _________ for people to be good at it?
Rules
Which of the following is NOT one of the forces driving the entrepreneurial trend in our country?
Shift away from a service economy.
What does MacDonald call its self "The most successful _____________ in the world"?
Small Business
Your ______________ is a very clear statement of what your business has to ultimately do for you to achieve your Primary Aim?
Strategic Objective
After Infancy most _______ lock the door?
Technicians
The demographic attributes of successful entrepreneurs are ________.
highly diverse relating to age, gender, and ethnicity
A(n) ________ trial involves sending researchers into customers' homes to observe them as they use the company's product or service.
in-home
The ability to apply creative solutions to problems and opportunities to enhance or to enrich people's lives is called ________.
innovation
International opportunities are ________.
now within the reach of entrepreneurial businesses and may present significant opportunities
The premise behind ________ is that transforming an idea into an actual model will lead to improvements in its design.
rapid prototyping
The final aspect of the financial feasibility analysis combines the estimated earnings and the capital requirements to determine the ________.
rate of return on the capital invested
More women entering the workforce is an example of a ________ change.
sociocultural
Nearly ________ of entrepreneurs start their businesses between the ages of 20 and 44 and the number of Americans in that age range currently is ________ .
three-fourths; 103 million
Employees must be given the tools and resources they need to be creative. One of the most valuable set of resources is ________.
time, support and encouragement
Upon completing the Build-Measure-Learn loop, startups confront the most difficult question any entrepreneur faces:
to pivot or persevere
Getting traffic counts at local competitor outlets is an example of ________ research.
windshield
A startup is a human institution designed to create a new product or service under ____________________.
conditions of extreme uncertainty
The ability to see the similarities and the connections among various data and events is called ________.
convergent thinking
Women in business still experience ________ as they attempt to break the "glass ceiling."
discrimination
One of the most important lessons of the scientific method: if you cannot ____, you cannot learn.
fail
The only people who ________ are those who never do anything or never attempt anything new.
fail
The process of determining whether an entrepreneur's idea is a viable foundation for creating a successful business is known as a ________.
feasibility analysis
Mind mapping is a useful tool for jump-starting creativity. It includes all of the following except ________.
forcing creativity when ideas start to trickle
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
The majority of new business owners work ________.
more than 40 hours per week
It is estimated that ________ percent of new businesses fail within two years, while ________ percent fail within five years.
21; 51
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
The author felt he had committed the biggest waste of all - "building a product that our customers refused to use."
True
The decision to pivot requires a clear-eyed and objective mind-st.
True
At MacDonald's the hamburgers were removed from the hot trays in no more than_______ minutes?
10
According to the U.S. Small Business Administration, a common delineation of a small business is one that employs fewer than ________ people.
100
Which of the following is not an activity in foundation of the Business Development Process?
Cost Cutting
________ is necessary for building a competitive advantage and for business survival.
Creativity
When developing a Market Strategy it is important to forget about what you want and consider what the _______ wants?
Customer
Where are all assumptions put to the test?
Franchise Prototype
Most companies organize around personalities rather than around ________?
Functions
Why did Sarah start selling pies?
Her best friend said she should because she was so good at making pies
Which of the following is not a question to ask to evaluate an industry?
How sparse is the industry?
What question do you ask to discover Your Primary Aim?
How would you like your story to go?
Which stage of the creative process requires one to develop a solid understanding of the problem or decision?
Investigation
A good advice to follow in customer surveys is ________.
Keep them short
___________________ defines value as providing benefit to the customer; anything else is waste.
Lean thinking
________ vertical thinking is narrowly focused and systematic, proceeding in a highly logical fashion from one point to the next.
Left-brained
The Franchise model uses workers with the ________ level of skill?
Lowest
The _________ is defined by how man technicians he can supervise effectively or how many subordinate managers he can organize into a productive effort?
Manager
A __________ business knows how it got to be where it is, and what it must do to get where it wants to go?
Mature
________ is a graphical technique that encourages thinking on both sides of the brain, visually displays the various relationships among the ideas, and improves the ability to view a problem from many sides.
Mind mapping
What is the first standard of a Strategic Objective?
Money
Which stage of the creative process includes on-the-job training?
Preparation
A ___________ is a set of things, actions, ideas, and information that interact with each other, and in so doing, alter other systems?
System
Economies of scale relate to which of Porter's 5-forces?
Threat of new entrants
The early franchise businesses were called "___________" Franchises?
Trade Name
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
You should build a business that works not because of you but ____________?
Without you
Which of the following is not an enhancement to individual creativity?
Working without breaks until the project is complete or the problem is solved.
What does the author say to the question "How do I get my people to do what I want"?
You can't
"Verification" refers to ________.
a. validating the idea as accurate and useful b. possibly conducting experiments, running simulations, and test marketing a product or service c. possibly asking questions such as "will it work?" and "is it really a better solution?" d. All of these
The technician has just reached the limits of his ___________ zone?
comfort
"Copreneurs" are defined as ________.
entrepreneurial couples that work together as co-owners of their business
One of the most significant economic developments in recent business history relates to the ________.
entrepreneurial spirit
Generally, an industry is more attractive when companies in the industry have ________ switching costs to go from one supplier to another.
low
Entrepreneurship requires a ______________ to harness an entrepreneurial opportunity.
managerial discipline
Small companies that operate globally from their inception are referred to as ________.
micromultinationals
Most startup companies can expect to need ________ capital than they anticipate.
more
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
The enactment of the Affordable Health Care Act in 2010 is an example of a ________ change.
political and legal
Research into the operation of the human brain shows that each hemisphere of the brain ________.
processes information differently
Most entrepreneurs believe that ________ is what matters most, but ________ is the most important financial resource for a small business owner.
profit; cash
Many new businesses require that an entrepreneur have a certain set of knowledge, experiences, and skills to have any chance of success. This is called entrepreneurial ________.
readiness
The majority of small companies are concentrated in the ________ and ________ industries.
retail; service
All of the following represent barriers to creativity that entrepreneurs impose upon themselves except ________.
searching for more than one answer
Industry databases are a good source of ________ research.
secondary
John has come to you for advice on starting a business venture. He wants to know the best way to gain the experience he'll need. You suggest that he ________.
seek knowledge and experience in the field he wishes to enter
Entrepreneurs who repeatedly start businesses and grow to a sustainable size before striking out again are known as ________ entrepreneurs.
serial
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
If the numbers for early experiments don't look promising, there is clearly a problem with the _________.
strategy
The author adopted the view that their job was to find ________________ between their vision and what customers would accept.
synthesis
The Internet is an example of a ________ force.
technological
Generally, an industry is more attractive when ________.
the opportunity to sell a differentiated product or service is present
This is true startup productivity: systematically figuring out _______________.
the right things to build
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
Your Marketing Strategy starts, ends, lives, and dies with your _______?
Customer
Which of the following is a benefit of entrepreneurship?
a. The opportunity to gain control over your own destiny. b. The opportunity to reach your full potential. c. The opportunity to do what you enjoy. d. All of these
Which of the following sets of experiences may enhance individual creativity?
a. Travel and recognize the creative power of mistakes and accidents. b. Notice what is missing. c. Journal and listen to people and customers. d. All of these
Creativity often involves creating something from nothing. However, it is more likely to result in ________.
a. elaborating on the present b. putting old things together in new ways c. taking something away to create something simpler or better d. All of these
The Lean Startup model offers a way to test an organization's hypotheses __________.
a. immediately b. All of these are correct. c. rigorously d. thoroughly
