MGMT 340 - Learn Start-Up (Introduction: Ch. 8)

Most of the time customers don't know what they want in advance.

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.

True

Startup organizations must attempt to tune the engine from the baseline toward the ideal.

True

The decision to pivot requires a clear-eyed and objective mind-set.

True

The innovation accounting framework makes it clear when the company is stuck and needs to change direction.

True

We must be willing to set aside our traditional professional standards to start the process of validated learning as soon 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

This approach leases to chaos more often than it does success.

a "just do it" attitude

The decision to pivot requires a ___________________.

a clear-eyed and objective mind-set

The author agrees that a good plan, a solid strategy, and thorough market research works for startups.

False

Most tools from general management are designed to flourish in the harsh soil of extreme uncertainty in which startups thrive.

False

Pivots are a permanent fact of life for any growing business. Unless they achieve initial success.

False

There are formulas available to decide exactly how complex you want to make your mvp.

False

With proper managerial structure innovation is a top-down, centralized, and predictable thing that can be managed.

False

____________ enables startups to prove objectively that they are learning how to grow a sustainable business.

Innovation accounting

This is true startup productivity: systematically figuring out _______________.

the right things to build

Upon completing the Build-Measure-Learn loop, startups confront the most difficult question any entrepreneur faces:

to pivot or persevere

The __________ hypothesis tests whether a product or service really delivers value to customers once they are using it.

value

Mainstream customers have ________ requirements and are much more demanding.

different

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

Companies that cannot bring themselves to pivot to a new direction on the basis of feedback from the marketplace can get stuck in the land of the living dead, neither growing enough nor dying, consuming resources and commitment from employees and other stakeholders but not moving ahead.

True

Lean Startup is a principled approach to new product development.

True

One of the most important things to note about MVP is its ____________.

acceleration

When experiments produce a negative result, they ______________.

are instructive and can influence the organization's stratgey

Entrepreneurship requires a ______________ to harness an entrepreneurial opportunity.

managerial discipline

The more money, time, and creative energy that has been sunk into an idea, the harder it is to _________.

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

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 _________________.

pivot or persevere

When a company _______, it starts the process all over again, reestablishing a new baseline and then tuning the engine from there.

pivots

The ___________ startup builds are really experiments.

products

The "growth hypothesis" _______ how new customers will discover a product or service.

tests

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

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.

wasted