Quiz :Lean Start Up Approach

Name of the Student: ____________________________ Section : _____ Time: 20 minutes

Bold and Underline the right option(s)

1. What are the lean startup key principles?

Please choose only one answer:

A. Business plan, stealth mode development, waterfall development

B. Business model canvas, customer development, agile development
C. All the above
D. None of the above

2. How can the lean startup change the entrepreneurial economy?

Please choose all the answers that apply:

A. Lean startup increases the risk appetite of VCs (venture capitalists)

B. Lean startup reduces the cost of failure
C. Lean startup shorten the technology development cycles
D. Lean startup democratizes the venture capital industry

3. How a lean startup approaches the customer development activities?

Please choose only one answer:

A. Hire a professional sales team to get as many customers as possible and be profitable from day one
B. Get out of office and interview potential customers and partners to test the start-up hypotheses
C. All the above
D. None of the above

4. What is the lean startup?

Please choose only one answer:

A. Lean start-up is smaller version of big corporations.

B. Lean start-up is an organization designed to execute a scalable, repeatable and profitable business model
C. Lean start-up is a temporary organization designed to search for a scalable, repeatable and profitable
business model
D. All the above
E. None of the above

5. What is the agile development phases’ sequence?

A. Analysis & Design
B. Evaluation
C. Planning
D. Testing

Please choose only one answer:

A. A -> B -> C -> D
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 B. D -> C -> B -> A
C. B -> D -> A -> C
D. C -> A -> D -> B

6. What is the "business model canvas"?

Please choose all the answers that apply:

A. A short version of the business plan

B. A framework to summarize the start-up hypotheses
C. A 5 years financial forecast for the start-up revenues.
D. A diagram depicts how the start-up will create value for both the stake holders and the clients

7. How to write a "business plan" for a traditional startup?

Please choose only one answer:

A. Describe the size of the opportunity

B. Identify the problem and the solution
C. Include a 4 years forecast for income, profits, and cash flow
D. All the above
E. None of the above

8. What is the lean startup customer development sequence?

A. Customer Creation
B. Customer Discovery
C. Company Building
D. Customer Validation

Please choose only one answer:

A. A -> B -> C -> D
B. D -> C -> B -> A
C. B -> D -> A -> C
D. C -> A -> D -> B

9. What are the lessons learned from observing startup failures and successes?
Please choose only one answer:

A. Business plans rarely survive the first costumer contact

B. Forecasting start-up income, profits, and cash flow is in vain.
C. Start-ups are not smaller versions of big businesses.
D. All the above
E. None of the above

10. How a lean startup works?

Please choose only one answer:

A. Write a detailed business plan, operate in stealth, release fully functional prototypes
B. Test hypotheses, discover early adopting customers, release MVP (minimum viable product)
C. All the above
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 D. None of the above

11. What is the "business model"?

Please choose only one answer:

A. Describes the problem and the solution for an organization

B. Describes how an organization creates, delivers, and captures value
C. Describes a forecast for income, profits, and cash flow
D. All the above
E. None of the above

12. Which of those attributes are favored by the lean startup concepts?
Please choose all the answers that apply:

A. Experimentation and Iteration

B. Elaborate upfront planning
C. Customer feedback
D. Agile development
E. Waterfall development

13. How a lean startup reacts to invalidated hypotheses?

Please choose only one answer:

A. Fire the CEO (chief executive officer)

B. Fire the CFO (chief financial officer)
C. Pivot to a new set of hypotheses
D. Ramp up marketing and hire more sales professionals
E. All the above

14. What is the primary task of a startup?

Please choose only one answer:

A. Execute a well-established business model

B. Write an elaborated business plan
C. Search for a scalable, repeatable and profitable business model
D. All the above
E. None of the above