Introduction to Tech Entrepreneurship

Question 1

What are the 5 Pillars of technology entrepreneurship?

Answer 1

a) Value Creation
b) The lean startup
c) Customer discovery and Validation
d) The business Model Canvas
e) The entrepreneurial method

Question 2

What is the definition of value proposition?

Answer 2

A value proposition is what a venture tells its customers about the value it intends to provide to them.

Question 3

What is the definition of minimal visible product?

Answer 3

Minimal visible product is a nascent product that is presented to customers to gather feedback.

Question 4

What is the Pivot or persevere?

Answer 4

A move away from the current business model to a revised one.

Persevering connotes continuation with the current business model.

Question 5

What is Repeatable and Scalable business?

Answer 5

Repeatable - system can be created that will produce and deliver value to customers on a consistent basis.

Scalable - system can be made to handle enough volume to serve a growing customer base.

Question 6

What are Customer discovery and Customer validation?

Answer 6

Customer validation- process of testing whether the evolving business model is repeatable and scalable.

Customer discovery- process that captures the founders’ vision and converts it into a series of hypotheses that can be tested with customers.

Question 7

What is Iterative development?

Answer 7

Iterative - The need to repeatedly address a problem until a suitable solution has been developed.