Final

Question 1

Define cognitive bias

Answer 1

Involuntary pattern of thinking that causes mistakes in reasoning, logic, and evaluation

Question 2

Define evidence

Answer 2

That which proves or disproved something

Question 3

Cognitive biases _____ evidence gathered

Answer 3

Corrupt

Question 4

Confirmation bias

Answer 4

Tendency to seek and interpret information in a way that confirms one’s preconceptions

Question 5

Anchor bias

Answer 5

Tendency to rely on first piece of information offered when making decisions
-even if the info is unrelated

Question 6

Loss aversion bias

Answer 6

Tendency to strongly prefer avoiding losses to acquiring gains

Question 7

Framing effect

Answer 7

Tendency to react differently to a particular choice depending on how it is presented

Question 8

Availability heuristic

Answer 8

Tendency to assess the frequency of something based on the ease with which instances can be recollected

Question 9

It is possible to ____ cognitive biases during customer discovery

Answer 9

Combat

Question 10

6 ways to combat bias

Answer 10

Awareness
Phrasing
Tripwires & décision points
Team analysis
Falsify
Outside view

Question 11

What is an MVP

Answer 11

Any product with sufficient features that allow you to lean about the market

Question 12

4 assumptions an MVP can test

Answer 12

Who is the customer?
Does the customer have a need relating to your idea?
Does your solution fit the need?
Are customers willing to pay for your solution?

Question 13

8 MVP tests

Answer 13

Wizard of oz
Crowd funding 
Audience building
A/B or split
Concierge
Non-functional prototype
Narrative storyboard
Landing one

Question 14

Landing page test

Answer 14

Provide brief information on a simple website about your upcoming product, ask users to sign up

Question 15

Narrative storyboard tests

Answer 15

Ask potential users to review a cartoon like storyboard that illustrated a problem, a solution, and how the product works

Question 16

Nonfunctional prototype test

Answer 16

Create prototypes that contain user-interface elements and simulate the product without any functions

Question 17

Concierge tests

Answer 17

Provide a customized manual service that simulates the features of your planned offering

Question 18

A/B or Split tests

Answer 18

Different versions of a profit are offered to different groups of customers at the same time to observe changes in their behavior

Question 19

Audience building tests

Answer 19

Build a community of potential customers by providing valuable services for free

Question 20

Crowd funding tests

Answer 20

Use websites like Kickstarter to generate preorders for your product
Demonstrate use of the product with pics or videos

Question 21

Wizard of oz testing

Answer 21

Make a simulated product that looks like a real, working product, but the functions are actually performed manually.

Question 22

3 Rs of Founding

Answer 22

Relationships
Roles
Rewards

Question 23

4 factors when splitting equity

Answer 23

Past contributions, opportunity costs, future contributions, future motivations