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
