ENFB 4170 Final Exam Questions And Answers
What is lean start-up?
Where did lean startup originate? When was it fine tuned? Who is a good example of lean startups now a days?
Entrepreneurship is a kind of ___________________________.
Can entrepreneurship be taught?
Does the author of lean star...
Ans: Application of lean manufacturing thinking to innovation
2). Where did lean startup originate? when was it fine tuned? who is a good example of lean
startups now a days?
Ans: 1. came from Japanese car manufacturing
2. They fine-tuned it in the 60s-70s and then destroyed the American cars later on
3. Koreans are now doing this to the Japanese
3). Entrepreneurship is a kind of ___________________________.
Ans: Management
4). Can entrepreneurship be taught?
Ans: Yes
5). Does the author of lean startup believe entrepreneurship can be taught?
Ans: Yes.
6). What is the goal of a start-up?
Ans: To figure out the thing that customers are willing to pay for as soon as possible
7). Mr. corman says you need to be a ________________.
Ans: Revenue hunting animal
8). What is the mvp? it is an _________________. who buys it?
Ans: 1. Earliest version of product that can produce revenue
2. "Embarrassment; if you aren't embarrassed by your MVP, then you probably did it
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, wrong"
3. Bought by early adopters
9). Step if the mvp cycle we went over in class
Ans: Build
Measure
Learn
Which leads to validate learning then experiments
10). What is *validated learning*?
what is an essential part of this learning?
what does the author have to say about this method?
Ans: 1. It is when you run multiple frequent experiments. You test out an element of
your business. If you make a change and it works - stick with it. If it doesn't work - move
on.
2. You change only one variable/element at a time. That way you don't get lost on what
causes you to fail/succeed.
3. "as long as you are persistent, you will be successful"
11). The mvp is the 1st product that can do what?
Ans: MVP: 1st product than can complete loop (generate loop) with minimal time &
effort (very first cycle)
12). Product vs marketing
Ans: Products: feature, functions, appearance, and price
Marketing: Social media, paid search, banner ads/display
13). You need to either innovate or die you can not stay ______________.
Ans: complacent
14). Pyramid diagram in class from the bottom up
Ans: vision-->strategy-->PRODUCT
Pivot
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