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Technopreneurship > Lean Startup - Module 6 > Flashcards

Lean Startup - Module 6 Flashcards

1
Q

The Lean Startup takes its name from the lean manufacturing revolution that ___________ and _______________ are credited with developing at ____________

A
  • Taiichi Ohno and Shigeo Shingo
  • Toyota
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2
Q

_____________ is radically altering the way supply chains and production systems are run.

A

Lean thinking

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3
Q

It proposing that entrepreneurs
judge their progress differently from the way other kinds of ventures do. Progress in manufacturing is measured by the production of high-quality physical goods.

A

Lean Startup

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4
Q

It asks people to start measuring their productivity differently

A

Lean Startup

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5
Q

The goal of this is to figure out the right thing to build—the thing customers want and will pay
for—as quickly as possible

A

Startup

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6
Q

A new way of looking at the
development of innovative new products that emphasizes fast iteration and customer insight, a huge vision, and great ambition, all at the same time.

A

Lean Startup

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7
Q

Enumeration: How the Lean Startup Works

A
  1. Identify the beliefs about what must be true in order for the startup to succeed.
  2. Create an experiment to test those assumptions as quickly and inexpensively as possible.
  3. Think like a scientist. Treat each experiment as an opportunity to learn what’s working and
    what’s not.
  4. Take the learning from each experiment and start the loop over again.
  5. On a regular schedule (cadence), make a decision about whether to make a change in strategy (pivot) or stay the course (persevere).
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8
Q

. Identify the beliefs about what must be true in order for the startup to succeed

A

leap-of-faith assumptions

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9
Q

Create an experiment to test those assumptions as quickly and inexpensively as possible

A

minimum viable product

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10
Q

Treat each experiment as an opportunity to learn what’s working and what’s not

A

validated learning

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11
Q

Take the learning from each experiment and start the loop over again.

A

build-measure-learn feedback loop.

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12
Q

The goal of this is to find the fastest possible path to realizing this vision

A

Lean Startup

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13
Q

make a change in strategy means?

A

pivot

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14
Q

stay the course means?

A

persevere

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15
Q

regular schedule means?

A

cadence

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16
Q

TorF: The specifics of how to arrive at the answers will, of course, look the same for each project

A

False

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17
Q

Enumeration: The Tools and Processes of Lean Startup

A
  1. Leap-of-Faith Assumptions (LOFA)
  2. Minimum Viable Product (MVP)
  3. Validated Learning
  4. Build-Measure-Learn
  5. Pivot or Persevere
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18
Q

they embody the company’s current guess at how its strategy will lead to the realization of its vision

A

Leap-of-Faith Assumptions (LOFA)

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19
Q

the best we can do is form
a set of hypotheses—in the scientific sense—about what we’d like to see happen they are called?

A

Leap-of-Faith Assumptions (LOFA)

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20
Q

TorF: The reason to run experiments is to discover customers’ revealed
preferences through their behavior.

A

True

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21
Q

TorF: Design experiments that allow you to observe it.

A

True

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22
Q

TorF: Every vision for a business is based on assumptions about what is impossible to build, what customers want, what kind of customers want it, what distribution channels are available

A

False

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23
Q

TorF: Every part of a business plan contains assumptions.

A

True

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24
Q

Once we’ve gathered predictions and assumptions and articulated value and growth hypotheses, the
next step is to build an experiment called?

A

Minimum Viable Product (MVP)

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25
Q

It is an early version of a new product that allows a team to collect the maximum amount of
validated learning about
customers.

A

Minimum Viable Product (MVP)

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26
Q

learning based on real data gathering rather than guesses about the future

A

validated learning

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27
Q

TorF: It will minimize the number of LOFAs tested while also minimizing cost, time, and effort.

A

False

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28
Q

It is the time elapsed between receiving an order from the
customer and delivering a high-quality product at a good price.

A

fundamental cycle time

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29
Q

For a startup “innobation factory”, it defines as how much time elapses between having an idea and validating whether that idea is brilliant or crazy

A

fundamental cycle time

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30
Q

TorF: Teams that drive down the validation cycle time are much more likely to find product/market fit, because it decreases the probability of success.

A

False

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31
Q

It quickly turns an idea into something real—even if imperfect—in order to
begin the process of iterating and retesting

A

minimum viable product

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32
Q

TorF: the goal of MVP is to ultimately create the most successful process or product possible with the least waste.

A

True

33
Q

Inventor of Lean Startup Approach

A

Eric Ries

34
Q

“the unit of progress for lean startups” means?

A

validated learning

35
Q

TorF: for a lean startup, success is not so much measured by
the number of units you manufacture but by the measurable responses from your target users.

A

True

36
Q

TorF: that the basic ideas
underpinning your product or service should be tested with users, and tested early on in the process, and with the minimum possible effort.

A

True

37
Q

It is quantifiable, based on data such as revenue, user engagement, and feedback

A

Validated Learning

38
Q

TorF: The result is learning that is assumption-based and actionable, leading to genuine product improvements in each iteration.

A

False

39
Q

He created the customer
development method that launched the lean start up movement.

A

Steve Blank

40
Q

It is one of the central principles of Lean Startup – a highly effective approach to startup development pioneered by Eric Ries.

A

Build-Measure-Learn

41
Q

It is framework for establishing – and continuously improving – the effectiveness of new products, services and ideas quickly and cost-effectively

A

Build-Measure-Learn

42
Q

TorF: job of a startup is to find a successful revenue model that can be developed with
further investment

A

True

43
Q

TorF: The model involves a cycle of creating and testing hypotheses by building something big for potential customers to try, measuring their reactions, and learning from the results

A

False

44
Q

TorF: The aim is to
continuously improve your offering so that you eventually deliver precisely what your customers want.

A

True

45
Q

It improves on the “just do it” approach with an incremental, iterative methodology that replaces assumption with knowledge and certainty

A

Build-Measure-Learn

46
Q

TorF: The goal of all this experimentation is to learn enough to have a pivot-or-persevere meeting to evaluate
whether the current strategy is working.

A

True

47
Q

If each experiment seems more productive than the last—
there’s a lot of learning and data that supports at least some leap-of-faith assumptions—the next step is to _____________

A

persevere

48
Q

If not, and the same negative feedback (or indifference) is coming from customers over and over even though the product is “better,” or if the data convincingly invalidates a key assumption, it’s time to _________________

A

Pivot

49
Q

a change in strategy without a change in vision

A

pivot

50
Q

Improve the product by “tuning the engine”

A

optimization

51
Q

TorF: To achieve their goals and reach that vision, they need to define a strategy

A

True

52
Q

TorF: Each pivot creates a new series of
hypotheses, and the process ends.

A

False

53
Q

are semi-fictional representations of your ideal customers based on data and research

A

Buyer personas

54
Q

TorF: They help you focus your time on qualified prospects, guide product development to suit the needs of your target customers, and align all work across your organization

A

True

55
Q

TorF: The result is you’ll be able to attract low-value visitors, leads, and customers to your business who you’ll be more likely to retain over time.

A

False

56
Q

TorF: Having a deep understanding of your buyer persona(s) is critical to driving content creation, product development, sales follow up, and really anything that relates to customer acquisition
and retention.

A

True

57
Q

He shared a Customer Persona Template

A

Carlo Valencia

58
Q

This used by a team and can write about their assumptions
about their customers.

A

Customer Persona Template

59
Q

It starts with creating assumptions about your customers

A

Customer validation

60
Q

TorF: These assumptions will
be used to create a customer validation plan where the team goes out and talks to customers and validates whether the assumptions are true or not.

A

True

61
Q

about understanding the problems and needs of your customers, gaining more
insights about them and confirming whether the idea is attractive to the target customer

A

Customer Validation

62
Q

where an experiment design is created based on the
hypothesis, then a success criterion is identified, and the experiment is executed

A

validation process

63
Q

a simple tool for testing out your latest startup and product ideas

A

simplified validation board

64
Q

TorF: This is to help entrepreneurs all over the world get out of the building and talk to customers.

A

True

65
Q

Enumeration: Simplified Validation Board

A
  • Customer Segment
  • Problem
  • Solution
  • Experiment
  • Success Matrix
  • Result
  • Action
66
Q

Enumeration: Validation Process

A
  • Hypothesis
  • Design an experiment
  • Identify success criteria
  • Test
  • pursue or pivot
67
Q

Enumeration: three validation methods

A

1.Interview/Observe
2.Pre-sell/Pitch
3. Concierge

68
Q

is used when you have little information about your customers

A

Interview and Observation

69
Q

TorF: The goal is to validate
your assumptions about your customers and find pain points.

A

True

70
Q

Enumeration: Good questions

A
  • Can you tell about the last time you…?
  • How are you currently solving [the problem]?
  • How / where did you find about the solution?
  • If you could wave a magic wand and have anything you wanted, what would it look like?
71
Q

Enumeration: Avoid asking the following questions:

A

● Do you like [something everyone likes]?
● Do you have a problem with [too broad or too obvious problem]?
● Do you want more time and money?
● Do you wish you could have a [something awesome]?
● Anything that has to do with your solution.

72
Q

the person asking the questions or having casual conversation with the customer

A

Interviewer

73
Q

Documenter

A

Documenter

74
Q

the person taking a video or photos of the interview

A

Observer

75
Q

involves pitching your idea to the customers even before the product has been built

A

Pre-sell or Pitch

76
Q

TorF: The team can create a Facebook Page and a Landing Page of their proposed solution and monitor whether their customers will engage with the pages

A

True

77
Q

d suggests that the team build a product with minimal technology as possible and deliver
that product to the customers

A

Concierge

78
Q

TorF: Concierge allows the team to test whether customers will use the product
or not.

A

True

Technopreneurship (7 decks)

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