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Technopreneurship > Problem-Solution Hypothesis - Module 5 > Flashcards

Problem-Solution Hypothesis - Module 5 Flashcards

1
Q

It seeks to explain why something has happened, or what might
happen, under certain conditions.

A

hypothesis or hypothesis statement

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2
Q

It used to understand how different variables relate to
each other

A

hypothesis

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3
Q

These are often written as if-then statements

A

hypothesis statement

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4
Q

It is a statistical means of testing an assumption stated in a hypothesis

A

hypothesis statement

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5
Q

These are new organizations created by entrepreneurs to launch new products

A

Startups

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6
Q

TorF: A hypothesis-driven approach to entrepreneurship minimizes, per unit of resources expended, the
amount of information gained for resolving such uncertainty

A

False

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7
Q

TorF: an entrepreneur must decide whether to persevere with her proposed business
mode

A

True

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8
Q

TorF: A hypothesis-driven approach helps reduce the biggest risk facing entrepreneurs: offering a product that no one wants.

A

True

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9
Q

TorF: Many startups fail because their founders waste resources building and marketing
products before they have resolved business model uncertainty

A

True

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10
Q

Enumeration: Steps in Hypothesis Driven Entrepreneurship

A

Step 1: Develop a Vision
Step 2: Translate the Vision into Hypotheses
Step 3: Specify MVP Tests
Step 4: Prioritize Tests
Step 5: Learn from MVP Tests
Step 6: Persevere, Pivot, or Perish
Step 7: Scaling and Ongoing Optimization

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11
Q

This initial step of developing a
vision, also called_________

A

ideation

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12
Q

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.

A

business model

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13
Q

the smallest set of features and/or activities needed to complete what a “Build-Measure-Learn” (3 lean startup principles) cycle and thereby test a business model hypothesis.

A

Minimum Viable Product (MVP)

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14
Q

Who wrote “The Lean Startup”

A

Eric Ries

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15
Q

Who wrote “The Startup Way”

A

Eric Ries

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16
Q

This book is about the lean startup movement.

A

The Lean Startup

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17
Q

This book is about on modern entrepreneurial management

A

The Startup Way

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18
Q

Enumeration: By launching a series of
MVPs, an entrepreneur reduces product development batch sizes and cycle times, yielding two benefits:

A
  1. Short product development cycles accelerate feedback
  2. Releasing feature revisions in small batches makes it easier to interpret test results and to diagnose problems
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19
Q

customers experience only a subset of the features envisioned for subsequent versions of the product

A

constrained product functionality

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20
Q

a startup relies on temporary and makeshift technology to deliver the MVP’s functionality.

A

constrained operational capability

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21
Q

To ensure sales to early adopters, it can be tempting to specify MVPs that
include sophisticated features that might be deemed irrelevant by mainstream customers—or worse, might confuse mainstream customers and position the new product in their minds as “not for me.”

A

Constrained Functionality

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22
Q

TorF: Operational requirements are nor dictated by product functionality

A

False

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23
Q

TorF: entrepreneurs should
generally employ MVPs with constrained operational capability whenever they are still defining their product’s core functionality

A

True

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24
Q

TorF: entrepreneurs should not constrain operational capability when it
would be costly to acquire such capability and when relying on a temporary, makeshift solution does not unduly impact customers’ ability to provide useful feedback.

A

False

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25
Q

The technology used to deliver the MVP’s functionality is often temporary
and makeshift relative to the operational capabilities required for scaling

A

Constrained Operations

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26
Q

TorF: Whether they constrain functionality or operations, MVPs are typically tested with a greatly large customer set, when compared to the pool of prospects that a scaling startup would target.

A

False

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27
Q

TorF: Acquiring a large numbers of customers before validating business model hypotheses can be expensive and can exacerbate damage to a startup’s brand if a subsequent pivot confuses and alienates the early adopters.

A

True

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28
Q

TorF: MVPs should be tested with just enough customers to provide reliable feedback.

A

True

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29
Q

a hypothesis has been confirmed when in reality it is not valid

A

false positive

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30
Q

TorF: false positive results are sometimes observed when entrepreneurs recruit enthusiasts— individuals with an unusual level of passion for the product category—as test subjects

A

True

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31
Q

a hypothesis has been disconfirmed when in reality it is valid

A

false negative

32
Q

TorF: False negative results regarding demand for a new product are more likely to occur with a badly built MVP or a poorly executed test

A

True

33
Q

an entrepreneur must prioritize the tests, deciding how to sequence them.

A

Prioritize Tests

34
Q

TorF: As a general principle, an entrepreneur should give priority to tests that can eliminate considerable
risk at a low cost

A

True

35
Q

TorF: when business model elements are serially independent, then an entrepreneur will have little choice about how
to sequence experiments

A

False

36
Q

entrepreneurs evaluate feedback gained from MVP tests

A

Learn from MVP Tests

37
Q

TorF: Entrepreneurs also should be on guard against three other potential sources of error

A

False

38
Q

They stated preferences do not always correspond to their true preferences

A

Customers

39
Q

Enumeration: Two types of potential error

A
  • Customers
  • Entrepreneur itself
40
Q

TorF: Extensive psychological research shows that humans are vulnerable to cognitive biases: they see what
they want to see, and they see what they expect to see.

A

True

41
Q

If the MVP validates the business model hypothesis and other feedback does not prompt a shift in direction

A

Persevere

42
Q

If the MVP test rejects the business model hypothesis or if it validates the hypothesis, but other feedback indicates that greater opportunity lies elsewhere

A

Pivot

43
Q

If an MVP test decisively rejects a crucial business model hypothesis, and the entrepreneur cannot identify a plausible pivot, then she should shut down her business.

A

Perish

44
Q

If an entrepreneur has validated all key business model hypotheses

A

Product-Market Fit

45
Q

This means that the venture has the right product for the market: one with
demonstrated demand from early adopters and with solid profit potential

A

Product-Market Fit

46
Q

It is a graphic organizer that provides the viewer with a high-level view of a project and can turns your ideas into a logical and convincing sequence

A

storyboard

47
Q

It is a technique that does indeed come from the cinema industry where a linear sequence of illustrations used in animation to develop a broader story

A

storyboard

48
Q

TorF: Interview used also in business to understand and map’s customers’ experience, enable the growth of the company (using this process) and it also helps to put together your business startup
story in a convincing way.

A

False - Storyboard

49
Q

TorF: Storyboarding has become a best practice and process in the movie industry, is now becoming also an essential process in business

A

True

50
Q

This have been used in media and film to plan out video shots before investing time and resources into the actual production

A

Storyboard

51
Q

TorF: The use of storyboards for product development and UX design is much different

A

False

52
Q

TorF: Storyboards allow product designers to easily and inexpensively test multiple product visions, customer journey maps, and UX product flows until a clear final product design is created and understood by all departments

A

True

53
Q

It helps the product developer
understand the user’s journey as they interact with the product and design the product around the user’s needs

A

Vision

53
Q

This is a simple statement, story, or example of how you want the product
to function and what objective you want it to achieve

A

Product Vision

54
Q

It allows for a clearer understanding from the start of how the product is intended to be built and minimizes the chances for
miscommunications as the development process continues.

A

storyboard

55
Q

TorF: Creating a few product visions and working across departments is an essential second step to developing a product.

A

False

56
Q

TorF: storyboarding helps create customer journey maps of your target personas

A

True

56
Q

TorF: your product users and your product purchasers may not be the same people, and therefore you will have to cater both your product design and marketing efforts differently depending on which audience you’re trying to reach.

A

True

57
Q

Creating a ___________________ allows developers to experience the product discovery and purchasing process, which in turn can maximize your conversion rate.

A

customer journey map storyboard

58
Q

Creating a ____________allows product developers to easily walk through a sample UX step-by-step.

A

storyboard

59
Q

Enumeration: Creating a product vision

A
  • What problem are my target users currently experiencing?
  • What would help alleviate this problem?
  • How will my product provide this form of problem alleviation?
  • What does a “happy user” look like?
60
Q

Enumeration: Creating a customer journey map for key user personas

A
  • Who would be buying my product? How old are they? What is their professional background?
    What are their motivations (both personal and professional)?
  • What problem are my buyers currently experiencing?
  • How would they come across my product as a solution?
  • What problems would they face when either trying to purchase my product, or implement it in
    their business?
  • What would success from our product look like from our buyer’s perspective?
61
Q

Enumeration: Creating a user experience flow

A
  • Where do you want your users to land?
  • What is the “hook” that will stop them from bouncing on your page?
  • Do you need different landing pages for different types of users?
  • How can you capture their contact info so your sales team can follow up on a lead?
  • Are all the steps necessary? Can you cut any out to streamline the flow and increase conversion
    rate?
  • Is there a clear and obvious way for the users to purchase the product?
62
Q

TorF: Make sure to keep your storyboards handy and constantly update them throughout the design process.

A

True

63
Q

Enumeration: Different Types of Techniques in making a storyboard

A
  • Talk and image
  • Video clip
  • Role play
  • Text and image
  • Comic Strip
63
Q

tell a story of a protagonist and his environment using one or several images

A

Talk and image

64
Q

tell a story of a protagonist and his environment using video to blur lines between reality and fiction

A

Video clip

65
Q

Have people play the roles of a story’s protagonist to make the scenario real and tangible

A

Role play

66
Q

tell a story of a protagonist and his environment using text and one or several images

A

Text and image

67
Q

Use a series of cartoon images to tell the story of a protagonist in tangible way

A

Comic Strip

68
Q

Group or conference presentation with low cost

A

Talk and image

68
Q

Broadcast to large audience or in-house use for decisions with important financial implications and the cost is medium to high

A

Video clip

69
Q

Workshops where participants present newly developed business model ideas to each other and can cost low

A

Role play

70
Q

Reports or broadcast to large audiences and can cost low

A

Text and image

71
Q

Reports or broadcast to large audiences and can cost low to medium

A

Comic Strip

72
Q
A
73
Q
A

Technopreneurship (7 decks)

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