The Lean-start up

Question 1

Startup success can be engineered by

Answer 1

Following the right process, which means it can be learned, which means it can be taught

Question 2

Product Development Conventional Mentality

Answer 2

Bosses were managers or marketers, and my peers worked in engineering and operations…

Question 3

Rudimentary strategies lead startups to…

Answer 3

Tremendous waste: startups that built products nobody wanted

Question 4

Lean-startup definition of Startup:

Answer 4

A human institution designed to create new products and services under conditions of extreme uncertainty

Question 5

What startups do not yet know…

Answer 5

Who their customer is or what their product should be.

Question 6

What is the “Just do it” school of startups

Answer 6

The “just doers” believe that if management is a problem, the Solution is to just do.

Question 7

“Vision”

Answer 7

Use of a scientific experimentation to discover how to build a sustainable business

Question 8

“Steer”

Answer 8

Build-Measure-Learn feedback loop. Beginning with leap-of-faith assumptions that cry out for a rigorous testing, you’ll learn how to build a MVP (minimum viable product) to test those assumptions, a new accounting system for evaluating whether you’re making progress, and a method to deciding whether to pivot or persevere.

Question 9

“Accelerate”

Answer 9

Power of small batches

Question 10

What are the management’s second century problems:

Answer 10

We are relying on vision, chasing the “great men”, or trying to analyze our products to death.

Question 11

Manufacturing: Even as jobs continue to be lost

Answer 11

In effect, the huge productivity increases made possible by modern management and technology have created more productive capacity than firms know what to do with…

Question 12

Progress in manufacturing is:

Answer 12

Measured by the production of high-quality physical goods.

Question 13

A comprehensive theory of entrepreneurship should address all the functions of an early-stage venture:
(method for measuring progress in the context of extreme uncertainty)

Answer 13

1- Vision and concept
2- Product development
3- Marketing and sales
4- Scaling up
5- Partnerships and distribution
6- Structure and organizational design

Question 14

Cross-functional teams instead of…

Answer 14

Strict functional departments

Question 15

If we build something nobody wants…

Answer 15

It doesn’t matter whether you build on time or budget

Question 16

The goal of a startup is:

Answer 16

To figure out the right thing to build

Question 17

Is it true that: Every new version of a product, every new feature, and every new marketing program is an attempt to improve this engine of growth?

Answer 17

True

Question 18

Henry Ford spent his days and nights tinkering in his garage with the precise mechanics of getting the engine cylinders to move

Answer 18

Each tiny explosion within the cylinder provides the motive force to turn the wheels but also drive the ignition of the next explosion. Unless the timing of this feedback loop is managed precisely, the engine will sputter and break down.

Question 19

The second important feedback loop

Answer 19

Is an automobile is between the driver and the steering wheel.

Question 20

Is it true or false? Unfortunately, too many startup business plans look more like they are planning to launch a rocket ship than drive a car.

Answer 20

True

Question 21

General management:

Answer 21

A failure to deliver results is due to either a failure to plan adequately or a failure to execute properly

Question 22

Institution looks for:

Answer 22

Hiring creative employees, coordinating their activities, and creating a company culture that delivers results

Question 23

Anything those customers experience from their interaction with a company should be…

Answer 23

Considered part of that company product

Question 24

Startups kinds of innovation:

Answer 24

Novel scientific discoveries, repurposing an existing technology for a new business model that unlocks value that was hidden, or simply bringing a product or service to a new location or a previously underserved set of customers.

Question 25

What was the process deliberately facilitated by Intuit's senior management

Answer 25

Innovation is bottoms-up, decentralized, and unpredictable thing, but that doesn't mean it can't be managed

Question 26

Modern general managers of Intuit

Answer 26

"The amount of learning they get is just immense now. And what it does is to develop entrepreneurs, because when you have only one test, you don't have entrepreneurs, you have politicians, because you have to sell. Out of a hundred good ideias, you've got to sell your idea. So you build a society of politicians and salespeople. When you have give hundred tests running, then everybody's idea can run. Fast-cycle testing

Question 27

What Eric Ries believe is:

Answer 27

A company's only sustainable path to long-term economic growth is to build an "innovation factory" that uses Lean Startup techniques to create disruptive innovations on a continuous basis.

Question 28

How Intuit hold themselves accountable for their new innovation efforts by measuring two things:

Answer 28

The number of customers using product that didn't exist three years ago and the percentage of revenue coming from offering that didn't no exist three years ago

Question 29

Unfortunately, "learning" is...

Answer 29

The oldest excuse in the book for a failure of execution. We can tell a good story when our job, career, or reputation depends on it. Cold comfort to the investors who allocate precious money, time, and energy to entrepreneurial teams. You can't take learning to the bank, you can't spend it or invest it. You cannot give it to customers and cannot return it to limited partners. Is it anu wonder that learning has a bad name in entrepreneurial and managerial circles?

Question 30

Validated Learning is:

Answer 30

The process of demonstrating empirically that a team has discovered valuable truths about a startup's present and future business prospects. It's the principal antidote of achieving failure: successfully executing a plan that leads to nowhere.

Question 31

Metcalfe's law:

Answer 31

The value of network as a whole is a proportional to the square of the number of participants. In other words, the more people in the network, the more valuable the network. This make intuitive sense: the value to each participant is driven primarily by how many other people he or she can communicate with... ex: imagine a world where you own the only telephone... Only when other people also have a telephone dose it become valuable.