Entrepreneurship Questions
a
According to the video, one interesting way to explore alternative models is to design a model where you provide the value proposition _______________ a. free of charge b. not free of charge
d
According to the video, which industry was disrupted strictly because of employing a different business model? a. smartphone b. fishing c. furniture d. airlines
d
After we enumerate several value propositions, we need to ________________. a. develop a marketing tagline b. decide how much profit can be made from them c. erase them all and start over d. rank them from "need to have" and "nice to have"
d
By holding himself back from bringing out the Powerpoint or demo, what did Kevin gain? a. an investor b. his business model failed c. he failed to close the sale d. he learned about features and ideas be didn't know were important
a
Channels describe how you _________________ to customers. a. deliver value to b. have fun with
a
Customer discovery is __________________. a. truly understanding how customers spend their day b. should result in a sale c. a fancy name for surveying d. an accounting focus group of what features people want
a
Even if customers love you value proposition, you can still fail if your business model is not _________________. a. scalable b. fun
b
Everything you map on your canvas is a ________________. a. theory b. hypothesis
d
Fail or succeed, where you must test your hypothesis? a. via surveys b. in focus groups c. carefully d. in the real market
b
For B2B companies, Justin suggests using what tactic to find customers? a. email newsletter blasts b. webinar "honeypot" c. good ole' fashion cold calling d. scouring LinkedIn
c
For B2C companies, Justin suggests using what tactic to find customers? a. good ole' fashion cold calling b. webinar "honeypot" c. mechanical turk (mTurk) d. email newsletter blasts
b
For the B2C scenario, why is it particularly important that we do NOT pitch our solution? a. People will not take the solution seriously without a working prototype. b. We want to test if they will give us valuable - cash, time, data, download for the problem. c. It's too risky for people to steal our ideas and spark competition. d. You simply cannot talk to a sufficient number of individuals.
b
Great ideas don't always need a great business model to financially succeed. a. true b. false
a
If one business model is successful in a particular market, it _______________ in other markets. a might not be b. won't be c. will be
b
If we try to solve to many people's problems, we end up building a crappy product for a lot of people, as opposed to a(n) ________________ for a(n) __________________. a. inexpensive product, one person b. incredible product, particular group c. terrible product, upper class market
b
In entrepreneurship, the first step is to write a business plan. a. true b. false
c
Justin describes the S.P.A. treatment for prioritizing customer segments. What does SPA stand for? Size ______________________ Pay _____________________ Access ______________________ a. how many contacts you have in the industry, growth rate of the industry, speed in which customers pay you b. ease and ability to reach customers, speed in which customers pay you, number of customers in the market c. number of customers in the market, likelihood they can/will spend money, ease and ability to reach customers
b
Mapping the environment around your model allows you to see _________________. a. whether your Key Partners have the necessary capacity b. how your model will need to evolve and adjust over time c. the weaknesses in your business model d. where your customer segments live
c
Once you have your customer meaningful statements written down, Justin suggests grouping them by: a. alignment to your business model b. emotional strength c. similar interview responses d. priority
c
Once your idea meets the world, it will meet customers. If they _________________, it's game over. a. are unsure about the technology b. want additional features c. don't care d. are slow to buy
b
Predictable models can work, but rarely _______________________. a. have fun b. give you a competitive advantage
a
Presenting your business model all at once can be cognitively overwhelming and hard to digest. a. true b. false
d
Reinforcing your case with examples of __________________, shows how you strengthened your model. a. academic publications and journals b. positive customer feedback c. strong market data d. failed hypotheses
a
Startups are NOT smaller versions of larger companies? a. true b. false
a
SurveyMonkey and online surveys do not count. a. true b. false
a
Talking to customers often raises questions or concerns you hadn't thought about yet. a. true b. false
b
The business model alone isn't enough because it only shows things you ___________. a. don't control b. control
b
The first step of starting a business is to __________________________ to map and organize your idea. a. have fun b. search for the right business model
a
The only judge of your business model is your ___________________. a. future customer b. yourself
d
To analyze your results, what simple tool does Justin suggest using? a. business model canvas b. colored pencils c. MS excel d. post-its
b
To determine what's most important from your customer conversations, Justin A) sorting by _____________________ and B) removing those issues raised by only ____________________ a. emotional level of interviewees, wealthy interviewees b. the number of customers who mentioned similar ideas, one interviewee c. the number of customers who mentioned similar ideas, wealthy interviewees
b
To pitch you business model, you must _________________. a. present your work in only positive light b. tell an interesting story c. create a lot of visuals d. dumb it down
a
Value propositions are the same thing as features. a. false b. What's a value proposition? c. features are life d. true
c
What did Kevin do wrong at the beginning of the video? a. He had a prototype. b. He was listening and asking questions. c. He believed he understood the customer problem and was making a set of wrong assumptions. d. He used data in a sales pitch.
b
What is Amazon MTurk? a. an iOS app for collecting market data b. a "tiny job" board c. an Amazon Prime account for startups d. an electronic survey
c
What is the primary reason we ask you not to pitch or talk about your product? a. people generally hate being pitched b. they may steal your ideas c. the goal is listening and learning d. it could violate your intellectual property protection
b
What's the ultimate objective of talking to potential customers? a. to build a list of sales prospects b. to learn about their problems and needs c. to find potential licensees of our technology d. to find potential future hires
c
Which block describes how you acquire and retain your customers? a. customer segments b. key partners c. customer relationships d. channels
c
Which company did we model in the examples as a double-sided market? a. YETI b. nespresso c. uber/lyft d. delta airlines
d
Which company mentioned employed a clever alternative business model, locking customers into paying higher margins on recurring sales? a. Walmart b. Apple c. Amazon d. Nespresso
e
Which of the following are the ground rules for interviewing customers? a. ask yes or no questions b. no questions about the future c. focus on solutions d. no pitching e. B and D f. the customer is always right
e
Which of the following is NOT a good question to ask customers? a. Why is that not awesome for you? b. Why was it hard? c. How do you solve it now? d. If they didn't already tell you, what was the hardest about that? e. If you could have a magic box that solved this tomorrow, do you think you'd buy one? f. Tell me a story about the last time _________________.
c
Which of the following is NOT one of the three "bonus" interview objectives? a. notes about the emotion of the customers b. learning "5-whys" about their core motivation of the problem c. having them draw the solution out for you d. getting through the process three times
b
Which of the following is not one of the three questions you're trying to answer during customer interviews? a. What is the customer archetypes or bucket? b. Will the customer pull out their wallet and pay for your product? c. How does the customer do their job today? d. Whether your assumption or value of the problem shared by the customer?
c
Which of the four environmental characteristics helps you recognize emerging technologies that can either threaten or become an advantage for your business? a. macroeconomic forces b. market forces c. key trends d. industry forces
d
Which of the four environmental variables helps you map competitors and other threats in the particular market? a. macroeconomic forces b. market forces c. key trends d. industry forces
c
Which of these is NOT a common mistake of while developing value propositions: a. lacking specificity or "world peace problem" b. using words ending in "-er" c. linking value propositions to specific customer segments d. confusing features with value propositions
a
Which of these is NOT a primary reason people consider a product valuable? a. to try new technology b. to make them happier c. to solve their problems d. to help them get things done better/faster/easier
a
Which of these is NOT one of the three rules of the first stages of building a business? a. Don't talk to people until you have built a prototype. b. Iterate and test in the real world. c. Focus on the business model. d. Don't fall in love with your first models.
b
Which of these is not one of the 6 "buckets" describing types of customers? a. influencer b. investor c. saboteur d. end user e. recommender f. payer g. decision-maker
a
Which of these is not one of the three key aspects customer segments? a. income b. gains c. jobs d. pains
c
Why do we ask you not to ask customers questions about the future? a. customer predictions are nearly useless b. it's a leading question c. all of these d. it leads to pitching
b
Your business model does not change once you launch your business. a. true b. false
