Insights from ‘The Lean Startup’ by Eric Ries

Question 1

What is the main concern Eric Ries highlights about traditional progress measurement in startups?

Answer 1

Building something on time and on budget does not matter if nobody wants the product.

Question 2

Fill in the blank: The Lean Startup method focuses on minimizing _______.

Answer 2

wasted time and effort

Question 3

True or False: According to Ries, intuition and expert advice are reliable methods for determining product value.

Answer 3

False

Question 4

According to Eric Ries, what should be created first in the Lean Startup Method?

Answer 4

A high-level vision or description of the product or service

Question 5

Why is it essential to identify critical assumptions when creating a product vision?

Answer 5

Because untested assumptions, if incorrect, could lead to wasted time and effort.

Question 6

What does MVP stand for in the Lean Startup methodology?

Answer 6

Minimum Viable Product

Question 7

Fill in the blank: A Minimum Viable Product (MVP) is designed to test _______ rather than to be a perfect version of the product.

Answer 7

critical assumptions

Question 8

Describe one key characteristic of an MVP according to Ries’ method.

Answer 8

It should be functional and valuable but minimally developed to test assumptions quickly.

Question 9

In the Lean Startup process, what is the purpose of releasing an MVP to a small audience?

Answer 9

To gather empirical data on customer behavior and validate critical assumptions.

Question 10

True or False: In the Lean Startup, the goal of an MVP is to release a perfect, bug-free product.

Answer 10

False

Question 11

What should an entrepreneur do if they don’t see the desired customer behavior after multiple iterations of an MVP?

Answer 11

They should consider pivoting to a new product strategy and vision.

Question 12

Define ‘pivot’ in the context of the Lean Startup methodology.

Answer 12

Changing the product strategy or vision to better align with customer feedback and observed behaviors.

Question 13

According to Ries, what is the ‘sign of a successful pivot’?

Answer 13

Improved productivity and results in customer engagement after the pivot.

Question 14

Fill in the blank: In Lean Startup, Ries encourages gathering data from ________ instead of relying on focus groups or market research alone.

Answer 14

live experiments

Question 15

What question does Ries suggest entrepreneurs should continuously ask themselves?

Answer 15

Which of my efforts are value-creating and which are wasteful?

Question 16

Application Scenario: If you wanted to test an innovative mobile app concept, what Lean Startup technique would you use first?

Answer 16

Create an MVP and release it to a small, targeted audience to measure user engagement.