Mindsetting - Module 1

Question 1

a highly technological and innovative region in California, U.S.

Answer 1

Silicon Valley

Question 2

is the birthplace of many of our successful brands–Google, Apple, Microsoft and Hewlett- Packard (HP).

Answer 2

Silicon Valley

Question 3

is the birthplace of many of our successful brands–Google, Apple, Microsoft and Hewlett- Packard (HP).

Answer 3

Silicon Valley

Question 4

one of US’ top universities in terms of research and innovation

Answer 4

Stanford University

Question 5

year the Stanford Industrial (now Research) Park was established

Answer 5

1951

Question 6

It was a highly sought-after space where companies hire Stanford’s best students, industry practitioners teach courses in Stanford and professors are consulted by these companies.

Answer 6

Stanford Industrial (now Research) Park

Question 7

How large in acre is the research park?

Answer 7

700-acre

Question 8

A ___ is a company in the initial business stage.

Answer 8

Startup

Question 9

It is focused on solving a specific problem of a specific market using innovative approaches

Answer 9

Startup

Question 10

Startup companies are usually financed by ___ and is still seeking external investments.

Answer 10

its founders

Question 11

Depending on its network, startup company can be funded by… (give 5)

Answer 11

angel investors, venture capitalists, crowdfunding, credit or even family and friends.

Question 12

provides initial seed money for startup businesses, usually in exchange for ownership equity in the company.

Answer 12

angel investor

Question 13

a private equity investor that provides capital to companies with high growth potential in exchange for an equity stake

Answer 13

venture capitalists

Question 14

Someone who invest their own money in a startup business is a Venture capitalist or an Angel investor?

Answer 14

Angel investor

Question 15

A firm’s fund that has been used to invest in a startup business is called a Venture capitalist or an Angel investor?

Answer 15

Venture capitalist

Question 16

Is a practice of funding a startup business by means of raising money from a large number of people, typically via the internet.

Answer 16

Crowdfunding

Question 17

ToF. Chances that a startup may fail in its first year is very low

Answer 17

False

Question 18

ToF. According to Forbes, almost half of the reasons why startup companies fails are related to customers.

Answer 18

True

Question 19

Negation for the recipe for a startup failure

Answer 19

Involve the customers
Listen to feedback
Meet their needs
Do not ignore them

Question 20

Out of 20 reasons of failure for startup businesses presented by Forbes, how many of them are related to the people inside the organization

Answer 20

Seven

Question 21

Startup failure related to the people inside an organization is…

Answer 21

Not having the right people to build the MVP* or to create a sustainable business

Question 22

Out of 20 reasons of failure for startup businesses presented by Forbes, how many of them are related to the lack of money.

Answer 22

Two

Question 23

Meaning of MVP

Answer 23

Minimum Viable Product

Question 24

Is a development technique in which a new product is introduced in the market with basic features, but enough to get the attention of the consumers.

Answer 24

Minimum Viable Product

Question 25

Who coined Four (4) Founder Mindsets that every newbie entrepreneur must learn in order to succeed with their startup:

Answer 25

Carlo Valencia, Founder and Facilitator at Startup PH Training

Question 26

Four (4) Founders Mindset

Answer 26

1. Find Users / Customers Before Building 2. Founders don’t have plans to execute, they have assumptions to test 3. Everything is an experiment, and 4. You will fail.

Question 27

those who pay for the products and services of the startup are called...

Answer 27

Customers

Question 28

Those who don’t pay for the products and services of the startup

Answer 28

Users

Question 29

Who coined 5 Principles of Lean Startup

Answer 29

Eric Ries, an American Entrepreneur

Question 30

the core of the Lean Startup methodology

Answer 30

Build-Measure-Learn feedback loop

Question 31

that version of a new product a team uses to collect the maximum amount of validated learning about customers with the least effort

Answer 31

Minimum Viable Product

Question 32

Who wrote the book "Mindset: The New Psychology of Success"

Answer 32

Carol Dweck

Question 33

theory of the two mindsets

Answer 33

Fixed Mindset vs Growth Mindset

Question 34

People who have special qualities that are not cultivated, and never improved are in the category of ...

Answer 34

Fixed Mindset

Question 35

They don’t take tasks with high risk of failure because they are afraid of failure

Answer 35

Fixed Mindset

Question 36

people with ___ like to take on new challenges

Answer 36

Growth Mindset

Question 37

They are very persistent and see effort as a way to master their craft and improve their special qualities

Answer 37

Growth Mindset

Question 38

This __ is what we believe Startup Founders should have, always ready for the challenge and never giving up no matter how hard times can be for their team.

Answer 38

Growth Mindset

Question 39

Is a human-centered approach of solving problems.

Answer 39

Design Thinking Mindset

Question 40

Five phases of Design Thinking Framework

Answer 40

Empathy, Define, Ideate, Prototype and Test

Question 41

It is an iterative process where founders can go back to a specific phase after the Test Phase whenever necessary.

Answer 41

Design Thinking Framework

Question 42

At this phase, founders identify who their target customers are and try to understand their needs

Answer 42

Empathy phase

Question 43

During empathy phase, founders must....

Answer 43

Identify what tasks the customers do What challenges How customers solve Experience firsthand, interview the customers and create a persona of who the customers are

Question 44

Phase in Design thinking framework where founders will create a Customer Persona

Answer 44

Define phase

Question 45

In this phase, founders can brainstorm and generate as many ideas as possible that can help solve those challenges.

Answer 45

Ideate phase

Question 46

During this phase, the team's goal is to collect the good ideas they all believe can solve the problem.

Answer 46

Ideate phase

Question 47

The chosen ideas from the brainstorming will be built

Answer 47

Prototype phase

Question 48

ToF. Prototype should be made with expensive and good-quality materials so that founders perceive the most viable option.

Answer 48

False

Question 49

The goal in this phase is to quickly build a tangible prototype that they can easily bring to their customers to get feedback.

Answer 49

Prototype phase

Question 50

At this phase, the founders will show to the customers the developed prototypes

Answer 50

Test phase

Question 51

The results of this phase will determine whether to pursue the idea or pivot to a new idea.

Answer 51

Test phase

Question 52

ToF. Prototype may be built using papers, cardboards, glues, tapes or even role play the idea

Answer 52

True

Question 53

It is a term used by founders to refer to a fictional profile that represents a particular target customer

Answer 53

Customer Persona