Problem-Solution Hypothesis Flashcards
seeks to explain why something has happened, or what might happen, under certain conditions.
hypothesis or hypothesis statement
Hypotheses are often written as ___ statements
if-then
maximizes, per unit of resources expended, the amount of information gained for resolving such uncertainty.
hypothesis-driven approach
helps reduce the biggest risk facing entrepreneurs: offering a product that no one wants.
hypothesis-driven approach
This initial step of developing a vision
ideation
A ___ is an integrated array of distinctive choices specifying a new venture’s unique customer value proposition and how it will configure activities to deliver that value and earn sustainable profits.
business model
How can one launch early and often? By specifying a ___
minimum viable product (MVP)
customers experience only a subset of the features envisioned for subsequent versions of the product
product functionality
a startup relies on temporary and makeshift technology to deliver the MVP’s functionality.
operational capability
MVPs should be tested with just enough customers to provide reliable feedback.
Constraining Customer Sets
indicates that a hypothesis has been confirmed when in reality it is not valid
false positive
indicates that a hypothesis has been disconfirmed when in reality it is valid.
false negative
If the MVP validates the business model hypothesis and other feedback does not prompt a shift in direction
Persevere.
If the MVP test rejects the business model hypothesis or if it validates the hypothesis, but other feedback indicates that greater opportunity lies elsewhere
Pivot.
If an MVP test decisively rejects a crucial business model hypothesis, and the entrepreneur cannot identify a plausible pivot,
Perish.
