Lean Startup - Module 6

Question 1

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

Answer 1

• Taiichi Ohno and Shigeo Shingo
• Toyota

Question 2

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

Answer 2

Lean thinking

Question 3

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.

Answer 3

Lean Startup

Question 4

It asks people to start measuring their productivity differently

Answer 4

Lean Startup

Question 5

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

Answer 5

Startup

Question 6

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.

Answer 6

Lean Startup

Question 7

Enumeration: How the Lean Startup Works

Answer 7

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).

Question 8

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

Answer 8

leap-of-faith assumptions

Question 9

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

Answer 9

minimum viable product

Question 10

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

Answer 10

validated learning

Question 11

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

Answer 11

build-measure-learn feedback loop.

Question 12

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

Answer 12

Lean Startup

Question 13

make a change in strategy means?

Answer 13

pivot

Question 14

stay the course means?

Answer 14

persevere

Question 15

regular schedule means?

Answer 15

cadence

Question 16

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

Answer 16

False

Question 17

Enumeration: The Tools and Processes of Lean Startup

Answer 17

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

Question 18

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

Answer 18

Leap-of-Faith Assumptions (LOFA)

Question 19

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?

Answer 19

Leap-of-Faith Assumptions (LOFA)

Question 20

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

Answer 20

True

Question 21

TorF: Design experiments that allow you to observe it.

Answer 21

True

Question 22

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

Answer 22

False

Question 23

TorF: Every part of a business plan contains assumptions.

Answer 23

True

Question 24

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

Answer 24

Minimum Viable Product (MVP)

Question 25

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

Answer 25

Minimum Viable Product (MVP)

Question 26

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

Answer 26

validated learning

Question 27

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

Answer 27

False

Question 28

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

Answer 28

fundamental cycle time

Question 29

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

Answer 29

fundamental cycle time

Question 30

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.

Answer 30

False

Question 31

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

Answer 31

minimum viable product

Question 32

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

Answer 32

True

Question 33

Inventor of Lean Startup Approach

Answer 33

Eric Ries

Question 34

"the unit of progress for lean startups" means?

Answer 34

validated learning

Question 35

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.

Answer 35

True

Question 36

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.

Answer 36

True

Question 37

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

Answer 37

Validated Learning

Question 38

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

Answer 38

False

Question 39

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

Answer 39

Steve Blank

Question 40

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

Answer 40

Build-Measure-Learn

Question 41

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

Answer 41

Build-Measure-Learn

Question 42

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

Answer 42

True

Question 43

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

Answer 43

False

Question 44

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

Answer 44

True

Question 45

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

Answer 45

Build-Measure-Learn

Question 46

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.

Answer 46

True

Question 47

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 _____________

Answer 47

persevere

Question 48

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 _________________

Answer 48

Pivot

Question 49

a change in strategy without a change in vision

Answer 49

pivot

Question 50

Improve the product by "tuning the engine"

Answer 50

optimization

Question 51

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

Answer 51

True

Question 52

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

Answer 52

False

Question 53

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

Answer 53

Buyer personas

Question 54

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

Answer 54

True

Question 55

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.

Answer 55

False

Question 56

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.

Answer 56

True

Question 57

He shared a Customer Persona Template

Answer 57

Carlo Valencia

Question 58

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

Answer 58

Customer Persona Template

Question 59

It starts with creating assumptions about your customers

Answer 59

Customer validation

Question 60

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.

Answer 60

True

Question 61

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

Answer 61

Customer Validation

Question 62

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

Answer 62

validation process

Question 63

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

Answer 63

simplified validation board

Question 64

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

Answer 64

True

Question 65

Enumeration: Simplified Validation Board

Answer 65

- Customer Segment - Problem - Solution - Experiment - Success Matrix - Result - Action

Question 66

Enumeration: Validation Process

Answer 66

- Hypothesis - Design an experiment - Identify success criteria - Test - pursue or pivot

Question 67

Enumeration: three validation methods

Answer 67

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

Question 68

is used when you have little information about your customers

Answer 68

Interview and Observation

Question 69

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

Answer 69

True

Question 70

Enumeration: Good questions

Answer 70

* 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?

Question 71

Enumeration: Avoid asking the following questions:

Answer 71

● 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.

Question 72

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

Answer 72

Interviewer

Question 73

Documenter

Answer 73

Documenter

Question 74

the person taking a video or photos of the interview

Answer 74

Observer

Question 75

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

Answer 75

Pre-sell or Pitch

Question 76

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

Answer 76

True

Question 77

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

Answer 77

Concierge

Question 78

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

Answer 78

True