ECON 125 Final

According to the article "How to Give Negative Feedback Without Sounding Like a Jerk", which one of the following is NOT a good tip of giving critical feedback? A. It is best to use formal reviews to give your feedback B. Mold the conversation to the other person's style C. Make sure the feedback is about the behavior and the consequences, not about the person D. Ask your employees for feedback in return

A. It is best to use formal reviews to give your feedback

Which of the following was referenced during the giving and receiving feedback video A. keep a positive mindset B. effective feedback can sometimes be delivered and feel like a personal attack C. people are often surprised by the negative feedback they receive D. both a and c

A. Keep a positive mindset

Which of the following is NOT a direct benefit of Radical Candor? A. Helps those young and inexperienced employees grow B. Helps organizations attract more customers C. Helps leaders fire fast D. Helps employees build trust in teams

B. Helps organizations attract more costumers

Which of the following is NOT a core question when evaluating whether your venture is financially viable? A. How much should I charge for my product/service? B. How can I attract customers? C. How many customers will pay for my product/service? D. How much it will cost me to acquire a customer?

B. How can I attract customers?

In the article Prototyping: the Design Process to Pressure Test Ideas, which of the following was included as part of the description about Step #2: "Make It Real"? A. All of the above B. Keep prototypes rough and simple to start C. It isn't possible to prototype complex products and services D. Your prototype should seek to replicate all or most aspects of the experience

B. Keep prototypes rough and simple to start

According to the article "How the democratization of funding is changing the venture capital landscape", what action will create visibility for an entrepreneur and allow them to correctly value their company? A. Iterating their prototype B. Market validation C. Launching their website D. None of the above

B. Market validation

According to the article on bootstrapping, which of the following is FALSE about bootstrapping? A. Allows VC funding to be used to scale the growth of the company rapidly B. Prevents you from being able to work with investors C. Bootstrapping may cause companies to miss out on high-profile talent, by choosing those who truly believe in themselves D. It fosters an environment of forcing individuals to learn to improvise

B. Prevents you from being able to work with investors

Should your team's room in Mural be open or private? A. open B. private

B. Private

Which of the following BEST describes how IKEA creates a barrier to entry for competitors? A. Iterating fast and pivoting B. Product differentiation C. Exclusive distribution channel D. Economies of scale

B. Product differentiation

Which of the following is NOT one of the 6 P's mentioned in the article "How to Build a Great Pitch that Hooks Investors"? A. Proof B. Provoke C. Process D. People

B. Provoke

According to the article "Why every startup should bootstrap", bootstrapping allows you to: A. have greater control over your business B. attract the right talent who are willing to bet on your vision C. A and B D. None of the above

C. A and B

Lean canvas is: A. a tool to develop a thorough analysis of a business' strengths and weaknesses B. a formal business plan used to pitch to investors C. a problem-solution approach for new entrants in the market D. All of the above

C. A problem-solution approach for new entrants in the market

Which of the following is NOT an example of fixed costs? A. employee compensation B. legal and accounting costs C. costs to deliver your product/service D. costs to develop a software system to deliver your digital product

C. Costs to deliver your product/service

Which of the following is NOT a focus of the lean canvas tool? A. Considering various customer segments to cover a wider range of potential product users B. Foreseeing a quicker idea-to-product transition C. Emphasizing customer interrelation and channels D. Focusing on the viable metrics instead of the useless ones

C. Emphasizing customer interrelation channels

Which of the following is NOT a rule of effective brainstorming? A. Go for quantity B. Be visual C. Float off topic D. Encourage wild Ideas

C. Float off topic

Which of the following was NOT provided as a reason for why to create a Team Charter: A. Get to alignment on the goal and purpose of the work a team will be doing together B. Make decisions on how and when the team will meet C. Identify who should, and should not, be included in the team D. Build agreements around things like how a team will operate

C. Identify who should, and shouldn't be in the team

Which of the following is NOT a part of the 4 ways identified to optimize the user experience as covered in the article "Who Loses Big in the Great Streaming Wars? The User"? A. Give the customer more control of the browsing process B. Make searches easy C. Provide closed captioning by default D. Always make it easy to resume a binge

C. Provide closed captioning by default

According to the article "13 Tips on How to Deliver a Pitch Investors Simply Can't Turn Down", what is an important aspect of the pitch startups usually miss? A. a working prototype B. each of their competitors C. the fixed and variable costs D. an exit strategy

D. An exit strategy

Which of the following items is NOT cited as a challenge that can be experienced during brainstorming? A. Having your team stray off topic to address other problems B. Effectiveness of brainstorming can be limited by initial group awkwardness C. It is not easy to have boundless freedom in your idea development D. Developing a potential solution through the refinement of ideas discussed

D. Developing a potential solution through the refinement of ideas discussed

According to the HBR Article: What is Strategy? Michael Porter explains that in order to outperform rivals, companies must: A. Have a competitive pricing strategy B. Be more innovative than all competitors C. Have been in the industry for at least 5 years D. Establish a difference that it can preserve

D. Establish a difference that it can preserve

Which of the following is NOT core to the methodology when people are using lean startup? A. Iterate fast B. Pivot C. Validate with a minimum viable product D. Experiment with A/B testing

D. Experiment with A/B testing

According to the article: "Creativity is a Process, Not a Post-It", what is a big roadblock to creativity? A. indifference B. kindness C. laziness D. judgment

D. Judgement

Which of the following is an element in the lean canvas? A. Key partners B. Key activities C. Key resources D. Key metrics

D. Key metrics

Netflix's success is an example of which of the following changes in industry market structure described by Drucker? A. Convergence of multiple industries B. Fundamental change in the business model C. Rapid growth D. Maturation

D. Maturation

Which of the following is not an inside source of opportunity? A. The unexpected B. Process needs C. Industry market structure D. New knowledge

D. New knowledge

According to the article "Test Your Prototypes: How to Gather Feedback and Maximize Learning", which of the following is the behavior you should avoid when presenting your ideas? A. find out what is wrong when receiving negative feedback B. be objective C. be ready to change the idea D. see if you can sell your idea

D. See if you can sell your idea

In the virtual session, which of the following was NOT cited as one of the key reasons to use Empathy Maps A. align the team on a single, shared understanding of the user B. uncover user needs that the user themselves may not even be aware of C. Remove bias from our designs D. synthesizing secondary research about your target user

D. Synthesizing secondary research about your target user

According to the article "13 Tips on How to Deliver a Pitch Investors Simply Can't Turn Down", which of the following is NOT a suggested tip? A. Working on how to address potential questions you may be asked B. Personalizing your pitch into a story C. Clarifying what makes your idea unique D. Using all of the time given for a pitch

D. Using all of the time given for a pitch

According to the article "Define and Frame Your Design Challenge by Creating Your Point Of View and Ask 'How Might We'", which one of the following is important to creating a POV? A. providing a narrow focus B. guiding your innovation efforts C. inspiring your team D. all of the above

D. all of the above

From the article, which of the following is a reason to consider testing your ideas on a large range of users? A. Discussing your ideas with stakeholders or individuals on the production side might highlight restrictions that you need to face if your prototype is to be actually made B. Testing on extreme users may highlight issues that affect normal consumers as extreme users are more likely to voice concerns C. It may help to capture cultural differences which might be valuable for international products D. All of the above

D. all of the above

Gabby Brink states than an iterative process allows one to: A. move through concepts more quickly B. gain validation along the way C. learn if what they have created is being used by people in their lives D. all of the above

D. all of the above

What should you do to perform SWOT analysis? A. Consider the information you need B. Analyze each element of SWOT C. Create a strategic mission that is consistent with all four D. All of the above

D. all of the above

Which of the following is a question you should think about when trying to invoke the investors' emotions? A. What's powerful or compelling about the problem you're trying to solve? B. Did something propel you to develop this product? C. What are the core skills necessary to build the product? D. All of the above

D. all of the above

What is not a common prototype? A. create models B. mock-up C. role play D. all of the above are common prototypes

D. all of the above are common prototypes

Which of the following is NOT considered a common prototype? A. a mock-up B. a story C. a model D. an idea

D. an idea

According to the article, "Tell It Like It Is: Radical Candor Is the Feedback Method Your Startup Needs", it is important that feedback is: A. specific B. objective C. actionable D. both a and c

D. both A and C

Fill in the blanks with the correct options below. "Always prototype as if you know you're ____, but test as if you know you're _____." A. right, right B. wrong, wrong C. wrong, right D. right, wrong

D. right, wrong

Prototype testing should not just focus on the average user. (T/F)

True

The key to looking for opportunities is looking for change. (T/F)

True

You should develop a strategy because you will not be able to continually out-execute the competition. (T/F)

True

Which of the followings is NOT a step in developing a Point of View? A. Express key insights B. Define your idea C. Define your user D. Identify needs

B. Define your idea

What should you do right after developing your first back of the envelope financial model calculation? A. Begin hiring employees B. Go out and test the assumptions used in your model C. Start selling immediately D. Stop if your model is not profitable

B. Go out and test the assumptions used in your model

Based on the article "Startups Need Relationships Before They Ask For Money," which of the following is NOT key to building trust before asking for money? A. Focusing on your product in a conversation B. Being conversationally humble C. Show that you know what you don't know D. Establishing common relationships

A. Focusing on your product in a conversation

Which of the following is NOT one of Porter's 5 competitive forces referenced in the virtual session? A. Infringement of intellectual property B. Threat of new entrants C. Bargaining power of buyers D. Rivalry among existing competitors

A. Infringement of intellectual property

The Basadur Profile is a tool that can be used to help you better understand what type of problem solver you are. Which of the following is NOT one of the Badasur Profiles? A. Investigator B. Implementer C. Optimizer D. Generator

A. Investigator

In what way does design thinking differ from the commonly held notion of the innovation process? A. It focuses on identifying a need for a product or service initially B. It focuses on delivering a solution to consumers C. It starts with an "MVP" D. It holds a build first, then finds customer approach

A. It focuses on identifying a need for a product or service initially

From the article "Creativity is a process" great ideas come from A. Coming up with many ideas in a group B. Stopping after the first idea C. Thinking alone D. None of the above

A. Coming up with many ideas in a group

Which of the following is NOT mentioned as a funding source for ventures in the article "How the democratization of funding is changing the venture capital landscape"? A. Credit Card B. VCs C. Angel investors D. Crowd-funding

A. Credit Card

Which of the following is NOT true about fixed costs? A. Fixed costs will vary based on how much you produce B. An example of a fixed cost is paying rent for office space C. Fixed costs should always be considered when viewing the full financial model D. Fixed costs are predetermined expenses that remain the same throughout a specific period

A. Fixed costs will vary on how much you produce

According to the article, "Design Thinking: A 5 Stage Process", which of the following describes the stage "Empathize"? A. Setting aside personal assumptions in order to gain insight into users and their needs B. Produce a number of inexpensive, scaled-down versions of the product or specific features found within the product C. Analyze your observations and synthesize them in order to define the core problems that you and your team have identified D. Identify new solutions to the problem statement you have created, and start to look for alternative ways of viewing the problem

A. Setting aside personal assumptions in order to gain insight into users and their needs

Which of the following is NOT one of the seven components of the empathy map? A. Solve B. Think & Feel C. Pain D. See

A. Solve

What question should you ask yourself before creating your MVP? A. What is the value I am offering? B. How much revenue do I need to generate to make a profit? C. What will my next pivot be? D. Where is the best location for my product?

A. What is the value I am offering?

In the video discussing the Chilean mining crisis, what does Amy Edmunson NOT mention when she is discussing the teamwork that led to saving the trapped miners? A. all of the above were mentioned B. willingness to take risks to learn quickly C. humble in the challenge ahead D. curiosity about what others bring

A. all of the above were mentioned

How does the testing phase inform the evolution of your ideas? A. by validating or invalidating your assumptions B. by deciding if your idea is profitable C. by learning more about the cost of production D. by determining competitors' ideas

A.By validating or invalidating your assumptions

Which of the following is NOT the focus when seeking to understand whether you will have a profitable and financially viable venture idea? A. Estimating the revenue B. Estimating competitors' fixed costs C. Estimating the cost of acquiring a customer D. Estimating the fixed cost

B Estimating competitor's fixed costs

According to one of the videos in the virtual session, a big reason people find providing a teammate negative feedback hard is: A. belief that saying nothing will lead to better results B. belief that constructive criticism will harm a relationship C. none of the above D. belief that engagement and conversation is not needed

B. Belief that constructive criticism will harm a relationship

Two founders of a Virtual Reality startup created a rough cardboard representation of a product they are developing and they taped paper sketches of screens a user would scroll through on a cellphone to show how the product would interface with a mobile device. What prototyping technique(s) are being used? A. model B. both mock-up and model C. mock-up D. story

B. Both mock-up and model

Based on the reading, which of the following is a good practice for developing How Might We (HMW) questions? A. Brainstorm about potential solutions as the starting point before developing HMW questions B. Seek to balance being narrow enough to give some focus to brainstorming, but broad enough to allow for exploring wild ideas C. Always aim for specific questions that will enable the ability to easily identify clear solutions D. As a starting point, you should be seeking to develop 2-3 HMW questions for your Point of View

B. Seek to balance being narrow enough to give some focus to brainstorming, but broad enough to allow for exploring wild ideas

Which of the following is the Best way to combat the "endowment effect", referenced in Prototyping in Design Thinking: How to Avoid Six Common Pitfalls? A. Make one, very expensive prototype B. Start with a cheap and fast prototype C. Stick to your investor bias and trust your prototype D. Put as much time as possible into creating a prototype

B. Start with a cheap and fast prototype

Which of the following is NOT one of the 4 stages of teaming according to the Tuckman model? A. norming B. touring C. storming D. forming

B. Touring

According to the article "The Discipline of Innovation", which one of the following is a source of innovation? A. new knowledge B. all of the above C. demographic changes D. unexpected occurrences

B. all of the above

Which of the following is one of the criteria for the Solution Lifecycle Framework? A. Reliability B. All of the above C. Desirability D. Feasibility

B. all of the above

According to the article "Lean Canvas - a Tool Your Startup Needs Instead of a Business Plan" Stanislav explains that the business model canvas is more suitable for ____ while the lean canvas is more suitable for _____ A. large businesses; small businesses B. existing businesses; startups C. startups; existing businesses D. small businesses; large businesses

B. existing businesses; startups

In the article "How to Give Negative Feedback Without Sounding Like a Jerk" which of the following is NOT mentioned as a reason that negative feedback is necessary? A. Most team members want to grow and this is only possible with corrections once in a while B. None of the above C. Offering sound negative feedback yields positive results D. Employees who get negative feedback are on average likely to work harder to improve it

B. none of the above

In the pediatric MRI example, what did Doug and his team not consider as fully as they should have in their initial design? A. whether the product they designed could make money B. how to make a prototype C. the perspective of the user D. what the latest technology was

C. The perspective of the user

From the article, testing your prototype on extreme users will help uncover problems because: A. none of the above B. they will only tell you what they like C. they are more vocal than regular users D. they will only tell you what they dislike

C. They are more vocal than regular users

Drucker takes IBM's success as an example of: A. Process needs B. New knowledge C. Unexpected occurrences D. Changes in perception

C. Unexpected occurrences

Which of the following concepts is NOT part of the principle "Bias Towards Action" A. Learning by Doing B. Getting out and talking to people C. Using google docs to replace team meetings D. In-person teamwork and collaboration

C. Using google docs to replace team meetings

Which of the followings is NOT what Dr. Land referenced when talking about using the right and left brain in the creative process: A. When we're busy judging our ideas, there's no room for the weird, wild, or original thoughts to occur B. We often simultaneously try to come up with new ideas and judge them at the same time C. With focus it is possible to effectively use convergent and divergent thinking at the same time D. The more schooling and education we receive, the more our convergent and divergent thinking dual

C. With focus it is possible to effectively use convergent and divergent thinking at the same time

A prototype is: A. It could be a wall of post-it notes, a gadget you put together, a role-playing activity, or even a storyboard B. Used as a way to prove, or disprove, fundamental assumptions C. All of the above D. Ideally something a user can experience

C. all of the above

In the GE Pediatric MRI example that was reviewed in the virtual session, which of the following did the team realize as they were prototyping and testing their ideas? A. they needed to better prepare kids before they came into the MRI room B. having live animals would be a good addition to the MRI experience C. feeling scared of doctors and nurses was one of the challenges of the pediatric MRI scanning experience D. A and C

D. A and C

Which of the following is NOT an example of an unfair advantage for a venture? A. Exclusive access to a community B. Brand reputation C. Exclusive data access D. A new market trend

D. A new market trend

According to researchers from Project Aristotle, teams were found to be less successful if they allowed members to speak equally rather than have experts dominate topics in their areas. (T/F)

False

As we grow up and learn to accept others' opinions, the ability of creativity grows. (T/F)

False

In design thinking, once you have gotten through to testing you have finished the process. (T/F)

False

You should test your one-minute hook on family members and friends. (T/F)

False