Final Flashcards
(23 cards)
Define cognitive bias
Involuntary pattern of thinking that causes mistakes in reasoning, logic, and evaluation
Define evidence
That which proves or disproved something
Cognitive biases _____ evidence gathered
Corrupt
Confirmation bias
Tendency to seek and interpret information in a way that confirms one’s preconceptions
Anchor bias
Tendency to rely on first piece of information offered when making decisions
-even if the info is unrelated
Loss aversion bias
Tendency to strongly prefer avoiding losses to acquiring gains
Framing effect
Tendency to react differently to a particular choice depending on how it is presented
Availability heuristic
Tendency to assess the frequency of something based on the ease with which instances can be recollected
It is possible to ____ cognitive biases during customer discovery
Combat
6 ways to combat bias
Awareness Phrasing Tripwires & décision points Team analysis Falsify Outside view
What is an MVP
Any product with sufficient features that allow you to lean about the market
4 assumptions an MVP can test
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?
8 MVP tests
Wizard of oz Crowd funding Audience building A/B or split Concierge Non-functional prototype Narrative storyboard Landing one
Landing page test
Provide brief information on a simple website about your upcoming product, ask users to sign up
Narrative storyboard tests
Ask potential users to review a cartoon like storyboard that illustrated a problem, a solution, and how the product works
Nonfunctional prototype test
Create prototypes that contain user-interface elements and simulate the product without any functions
Concierge tests
Provide a customized manual service that simulates the features of your planned offering
A/B or Split tests
Different versions of a profit are offered to different groups of customers at the same time to observe changes in their behavior
Audience building tests
Build a community of potential customers by providing valuable services for free
Crowd funding tests
Use websites like Kickstarter to generate preorders for your product
Demonstrate use of the product with pics or videos
Wizard of oz testing
Make a simulated product that looks like a real, working product, but the functions are actually performed manually.
3 Rs of Founding
Relationships
Roles
Rewards
4 factors when splitting equity
Past contributions, opportunity costs, future contributions, future motivations
