Business

Question 1

Minimum Viable Product (MVP)

Answer 1

“A product with just enough features to gather validated learning about the product and its continued development.”

Question 2

Product/Market Fit 

Answer 2

“the degree to which a product satisfies a strong market demand.”

Question 3

pivot

Answer 3

 “structured course correction designed to test a new fundamental hypothesis about the product, strategy, and engine of growth.”

Question 4

Reversible vs Irreversible Decisions 

Answer 4

For reversible decisions: “If the decision was a bad call you can unwind it in a reasonable period of time. An irreversible decision is firing an employee, launching your product, a five-year lease for an expensive new building, etc. These are usually difficult or impossible to reverse.”

Question 5

Type 1 and Type 2 Decision

Answer 5

Type 1 decisions are not reversible, and you have to be very careful making them.

Type 2 decisions are like walking through a door — if you don’t like the decision, you can always go back. Do them quickly