Which of the following best describes a Bug List?

A list of problems or annoyances to solve

Which of the following is NOT a characteristic of a good problem?

The problem is impossible to solve

What is the difference between TAM and SAM?

TAM is the total market, SAM is realistic market

Which of the following can be a way to demonstrate a product solution? Select all that apply.

Screen mockups/screenshot, Videos, PowerPoint sides, Rough prototypes

Why is the problem more important than the solution?

Customers won’t buy a solution if they don’t have the problem

What key questions are you trying to determine Problem/Solution fit? Select all that apply.

Can the problem be solved?, Will customers pay for the solution?, Is the solution something customers want?

What does it mean to have a 'bias toward action'?

Prototyping and learning through doing

What are included in Revenue Streams on the BMC? Select one.

Monies brought into the company.

What is a key question during a problem interview?

How do you deal with this issue?

Which of the following would be added to the Revenue Streams on the BMC? Select all that apply.

Investment money, Payment from customers

What is the purpose of brainstorming in entrepreneurship?

To generate as many ideas as possible

Which of the following are channels? Select one.

The online shop of the company’s product

What separates successful startups from others?

Finding a working plan before resources run out

What is the purpose of competitive analysis?

To assess the competitive landscape

Which of the following are techniques used during problem interviews? Select all that apply.

Tell a story to set the context of what you will discuss., Engaging like you are having a conversation., Listening, Five whys questioning

What is the primary goal of the Lean Startup method?

Validate assumptions as quickly and cheaply as possible

What is the main goal of a solution interview?

Test if solution solves problem

Why should the solution box in the BMC take up less space?

Focus on problems, not solutions.

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2024-25 Semester 1 Exam Review

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Questions 160

Answers

1
What does SOM measure?
Share of Market
Serviceable Order Market
Scale of Market
Small Order Market
2
Not knowing if you can make the right product to solve customer problems; what is this risk?
PRODUCT RISK
MARKET RISK
CUSTOMER RISK
3
Key Metrics deal with what a company will measure to determine success.
True
False
4
An example of a channel for Instagram would be through the Kai Cenat's Stream.
True
False
5
Which of the following best describes a Bug List?
A list of problems or annoyances to solve
A detailed business model outline
A to-do list for entrepreneurs
A list of potential competitors
6
Which of the following is NOT a characteristic of a good problem?
The problem is impossible to solve
Current solutions are clunky or expensive
The problem affects many people
You are passionate about the problem
7
What is the difference between TAM and SAM?
SAM is larger than TAM
TAM is the total market, SAM is realistic market
TAM includes pricing, SAM doesn’t
SAM is used for competitors
8
Which of the following is NOT a component of the BMC?
Unique Value Proposition
Organizational Hierarchy
Key Partnerships
Revenue Streams
9
A company’s sale of their product is an example of cost structure.
True
False
10
What data will a company collect and measure to determine success would fall into which section of the BMC?
Revenue Streams
Key Metrics
Cost Structure
Unique Value Proposition
11
Which of the following best describes a Unique Value Proposition? Select one.
Ways your product or service is like other companies.
Key features or benefits your business has for your employees.
Why customers choose you.
Ways your product or service is different from other companies.
12
What is a direct competitor?
Unrelated product
Same need, different solution
Offers identical solutions
Different need, same solution
13
An example of a customer relationship for a company would be through various retail stores.
True
False
14
What should a UVP headline include?
Financial projections
The company history
A long product description
The main benefit in 1 line
15
Which of the following can be a way to demonstrate a product solution? Select all that apply.
Screen mockups/screenshot
Videos
PowerPoint sides
Rough prototypes
16
How does TAM influence business plans?
Defines operational costs
Determines brand identity
Evaluates funding needs
Sets pricing strategies
17
The expenses needed to run your business would fall into which section of the business model canvas? Select one
Cost Structure
None of the these
Solution
Revenue Streams
18
What should a demo do?
Be a finished product
Avoid customer interaction
Maximize resource usage
Measure customer reaction
19
How can market share be expressed?
As number of buyers only
As a percentage of TAM
As competitor rank
As total SAM revenue
20
Why is the problem more important than the solution?
The solution can be assumed without problem identification
Customers won’t buy a solution if they don’t have the problem
Problems change frequently
Solutions do not require testing
21
What is the final step in a solution interview?
Document results
Retest the demo
Evaluate market trends
Adjust BMC
22
What key questions are you trying to determine Problem/Solution fit? Select all that apply.
Can the problem be solved?
Will customers pay for the solution?
Is the solution something customers want?
Who is better at solving the problem?
23
What does it mean to have a 'bias toward action'?
Prototyping and learning through doing
Following others’ lead
Planning extensively before acting
Avoiding risks at all costs
24
What does customer inertia refer to?
Desire to test solutions
Customer resistance to change
Excitement for new ideas
Early adoption behavior
25
What are included in Revenue Streams on the BMC? Select one.
Monies brought into the company.
Costs of goods sold.
Expenses needed to run the company.
Pricing of product deals
26
What is a key question during a problem interview?
What price seems fair?
Would you buy this product?
How do you deal with this issue?
Do you prefer online shopping?
27
Which role in a startup team is responsible for ensuring financial stability?
Innovation Architect
Keeper of the Coin
Visionary
Customer Champion
28
What is a common mistake in MVP design?
Minimal data gathering
Too many features
Testing early
Simple prototypes
29
Which of the following would be added to the Revenue Streams on the BMC? Select all that apply.
Investment money
Payment from customers
Cost of goods sold.
Staff salaries
30
Facebook’s use of advertising displays in their application is considered an example of cost structure.
False
True
31
What is the purpose of brainstorming in entrepreneurship?
To choose the best idea quickly
To eliminate bad ideas early
To finalize a business plan
To generate as many ideas as possible
32
Instagram’s developing of the app to allow photos to be edited by users is an example of cost structure.
True
False
33
What is the primary goal of entrepreneurship?
Earning maximum profits
Avoiding risks
nnovating for personal satisfaction
Creating value for others
34
Which is NOT a characteristic of an MVP?
Tests riskiest assumptions
Adds value to customers
Features all functions
Minimizes investment
35
Which of the following are channels? Select one.
The online shop of the company’s product
The company’s TV ad
The company’s Facebook ad
A commercial about the product
36
What separates successful startups from others?
Adopting a rigid plan
Starting with the perfect initial plan
Avoiding pivots entirely
Finding a working plan before resources run out
37
What is the purpose of competitive analysis?
To avoid customer interaction
To copy other businesses
To assess the competitive landscape
To find market gaps
38
What is the first step in the design-thinking process?
Ideate solutions
Define the problem
Test prototypes
Empathize with the customer
39
What is Innovator’s Bias?
Testing too many solutions
Focusing on product costs
Favoring only supporting data
Ignoring customer feedback
40
Which of the following are techniques used during problem interviews? Select all that apply.
Tell a story to set the context of what you will discuss.
Engaging like you are having a conversation.
Listening
Five whys questioning
41
What does MVP stand for in business?
Minimal Venture Plan
Minimum Viable Product
Most Valuable Player
Maximum Value Proposition
42
What is the primary goal of the Lean Startup method?
Build the perfect product on the first try
Validate assumptions as quickly and cheaply as possible
Maximize profits quickly
Avoid interacting with customers
43
A company’s manufacturing of their product is considered an example of cost structure.
False
True
44
Which of the following is NOT a characteristic of the creative entrepreneurship mindset?
Collaboration
Curiosity
Fixed mindset
Willingness to take risks
45
If you determine that the market for your product is small (not enough potential customers); what is this risk?
MARKET RISK
PRODUCT RISK
CUSTOMER RISK
46
A company’s manufacturing of their product is considered an example of revenue streams.
False
True
47
What does Customer Segments deal with? Select one.
Groups with different needs
A group with unique needs
Groups with listed problems
One group of people that you think have the problem(s) you listed.
48
What is an indirect competitor?
Unrelated service
Targets different customers
Same need, different solution
Offers identical solutions
49
What is the main goal of a solution interview?
Test if solution solves problem
To validate the problem
Assess customer demographics
Determine product design
50
Why should the solution box in the BMC take up less space?
It is less important than other areas of the canvas
Solutions do not need to be tested
Focus on problems, not solutions.
It is the least risky part of the business model
51
Who can entrepreneurs create value for?
All of the above
Customers
Themselves
Society
52
What is the primary focus of the Visionary role in a startup team?
Improving product efficiency and logistics
Creating and sharing the company’s purpose and vision
Handling the financial aspects of the company
Focusing on customer satisfaction
53
Who is an early adopter?
A company’s competitor
First to test a product
A customer in a city
A segment for a service
54
What is the difference between primary and secondary market research?
Secondary research requires direct customer interaction
Secondary research is always more expensive
Primary research is faster than secondary research
New vs. existing research.
55
What is market sizing?
Ranking competitors
Estimating potential customers
Designing product features
Calculating production costs
56
Which of the following are examples of an indirect competitor to Starbucks? Select all that apply.
McDonald’s
Caribou coffee
Peet’s coffee
Gas Station Mini Mart
57
When deciding WHO has the problem that you identified, what would you be describing? Select one.
Channels
Solution
Customer Segment
Customer Relationship
58
What question does a UVP answer?
How much will it cost?
What features do we have?
Who are our competitors?
Why should customers buy from us?
59
What is the main goal of an elevator pitch?
Present UVP dynamically
Explain company goals
Summarize all features
Discuss competitor analysis
60
How does empathy mapping help?
Creates financial plans
Understands customer needs
Divides customer groups
Defines marketing budget
61
What mindset helps entrepreneurs stay comfortable in uncertain situations?
Collaborative mindset
Ambiguous mindset
Risk-taking mindset
Divergent mindset
62
What is the recommended length of an elevator pitch?
10 minutes
5 minutes
1 minute
3 minutes
63
What is the difference between a user and a buyer? Select one.
Users pay; buyers learn.
Buyers and users must be the same person.
Buyers buy, users benefit.
Users buy, users benefit.
64
What is a key characteristic of a UVP?
Focuses on features
Solves minor issues
Long and detailed
Unique and concise
65
What is a target market?
A business location
All potential buyers
A group to sell products to
Competitors in an area
66
What is market research primarily used for in the Lean Startup method?
Defining the company culture
Making informed decisions about the business
Predicting future revenue
Avoiding pivots
67
What does MVP stand for in the Lean Method?
Most Valuable Player
Maximum Value Product
Minimum Viable Product
Market Validation Plan
68
Which of the following would be added to the Revenue Streams on the BMC? Select all that apply.
Payment to workers
Expenses for rent
Cost of materials
Income from sales
69
When is it appropriate to first demonstration of the solution? Select one.
During the solution interview.
During the problem interview.
During the BMC creation.
During the final pitch.
70
What is the Voice of Judgment (VOJ)?
A method to improve brainstorming
Negative inner voices that block creativity
A strategy to test business ideas
A leadership style for entrepreneurs
71
What should entrepreneurs focus on during the growth stage?
Expanding into international markets
Creating exit strategies
Reducing operating costs
Refining products and collecting customer feedback
72
What is the formula for TAM Revenue?
Buyers ÷ Units × Price
Price × Buyers × Units
Units × Revenue
Buyers × Cost per Unit
73
What is customer segmentation? Select one.
Dividing by investment.
The process of finding the audience a competitor uses.
The process of finding an audience that may want to learn more about you.
Dividing by similarities.
74
An example of a channel for Bucketfeet would be various retail stores.
False
True
75
What is customer segmentation?
Splitting audience into groups
Grouping competitors by size
Ranking solutions by features
Dividing markets by price
76
What is opportunity recognition in entrepreneurship?
Identifying problems that need solutions
Marketing a new product
Defining the customer base
Identifying personal strengths
77
What does TAM assume?
100% market share
Partial market capture
Only one customer type
Limited customer segments
78
How a customer purchases or gains access to a product/service goes which section of the BMC? Select one.
Unique Value Proposition
Customer Relationships
Channels
Solution
79
What does the “Serviceable” in SAM mean?
Accessible globally
Low-cost services
Realistic reachability
Limited by resources
80
What is the goal of the problem interview process? Select one.
To determine if your solution is accurate.
To determine what the competition is
To determine who has the problem.
To determine if someone would buy a solution to solve the problem.
81
Which of the following describes Key Metrics? Select one.
Specific values a company holds dear.
Specific revenue streams a company anticipates receiving.
Specific criteria a company will measure to determine success
Specific costs a company plans to incur.
82
The monies brought into your business would fall into which section of the business model canvas?
None of the these
Cost Structure
Solution
Revenue Streams
83
Which of the following is NOT a characteristic of the creative entrepreneurship mindset?
Willingness to take risks
Fixed mindset
Collaboration
Curiosity
84
What is NOT part of a solution interview?
Analyze customer reactions
Test price tolerance
Learn customer preferences
Pitch the solution as perfect
85
The way a customer becomes exposed to a product/service would fall into which section of the business model canvas?
Channels
Unique Value Proposition
Customer Relationships
Solution
86
Indirect competitors are those that solve the same problem with the same solution.
False
True
87
An example of a customer relationship for a company would be through social media.
False
True
88
What does 'viable' in MVP mean?
Minimal and efficient
Financially profitable
Works well enough
Fully functional
89
How does the Innovation Architect contribute to a startup?
By motivating the team with a clear purpose
By bringing together technology and logistics
By focusing on customer happiness
By handling budgets and operations
90
Which of the following describes customer relationships? Select all that apply.
How a customer is exposed and becomes aware of the product or service
How a customer can pay for the product
How a customer can purchase a product or service
How a customer can get a refund for a product or service
91
Elderly women who enjoy piano, singing, or dancing. What has the company identified?
An Early Adopter
A Unique Value Proposition
A Customer Solution
A Customer Persona
92
What is a key challenge of top-down TAM?
Limited by first-party data
Overestimating market size
Ignores total revenue
Focuses only on geography
93
What does an effective UVP focus on?
Competitive analysis
Features only
Cost savings
Customer benefits
94
Which of the following best represents a startup business?
A nonprofit focused on social good
A new company developing and testing ideas
A mature company expanding into new markets
A declining company rethinking its strategy
95
What is an example of psychographic segmentation?
Lifestyle
Age
Gender
Location
96
If you have a tough time determining the customer relationships needed to reach your customers; what is this risk?
CUSTOMER RISK
MARKET RISK
PRODUCT RISK
97
What does empathy mapping help you achieve?
Developing a perfect product
Connecting thinking, feeling, and doing
Focusing solely on technical aspects
Understanding demographics only
98
Key Metrics deal with how a company will determine its revenue streams.
False
True
99
How should problem interviews be conducted?
Only in-person
Through emails only
Using surveys only
Online or in-person
100
Which of the following is NOT a principle of the Lean Startup?
Test early and often
Pivot if necessary
Build without customer feedback
Focus on minimizing waste
101
If you have decided that your costs might be greater than your revenue; what is this risk?
CUSTOMER RISK
PRODUCT RISK
MARKET RISK
102
Which of the following is an example of a B2B company?
A subscription-based music streaming platform
A social enterprise helping underserved communities
A recruitment software service for HR departments
A franchise coffee shop
103
What is a bottom-up TAM calculation?
Relies only on psychographics
Starts with specific target customers
Uses broad estimates
Begins with pricing assumptions
104
During the solution interview process, the goal is to determine which of the following? Select all that apply.
Who has the problem?
Will customers pay to solve the problem?
How much can you charge?
How will you solve the problem?
105
What are TAM, SAM, and SOM?
Competitor types
Customer personas
Market-sizing terms
Pricing strategies
106
In the problem statement format, what does 'BUT' represent?
The context or barrier of the problem
The potential gains from solving the problem
The emotions tied to the problem
The root cause of the problem
107
Which of the following is true about leadership versus management?
Management is only needed in large organizations
Inspire vs. organize tasks.
Motivate vs. organize tasks.
Leadership is more important than management in a startup
108
What is a UVP?
Universal Vision Product
Ultimate Value Project
Unique Value Proposition
Unclear Venture Plan
109
Which of the following is a rule of brainstorming?
Defer judgment
Focus on quality over quantity
Limit the number of ideas shared
Shoot for off-the-wall ideas
110
A company’s sale of their product is an example of revenue streams.
True
False
111
Direct competitors are those that solve the same problem with a different solution.
True
False
112
What is the main responsibility of the Customer Champion?
Ensuring all decisions benefit the customer
Managing the company’s finances
Developing new product features
Leading the team with a clear vision
113
Who uses TAM for decision-making?
Suppliers
Investors
Competitors
Customers
114
An example of a channel for Facebook would the Apple app store.
False
True
115
What is a Leap of Faith assumption?
An unimportant idea
A sales pitch method
A critical, untested belief
A proven business concept
116
What is the purpose of the Empathy stage in the Design Thinking process?
To gain insight into the customer's needs
To validate assumptions
To test the product prototype
To finalize the business model
117
An example of a customer relationship for a company would be through the articles in Entrepreneur magazine.
False
True
118
What is the primary goal of entrepreneurship?
Earning maximum profits
Avoiding risks
Creating value for others
Innovating for personal satisfaction
119
If you don't know how to make your product with a more unique value proposition than your others; what is this risk?
CUSTOMER RISK
PRODUCT RISK
MARKET RISK
120
What is the process of dividing an audience into smaller groups based on similar characteristics called? Select one.
Customer Personas
Customer Segments
Early Adopters
None of the above
121
Instagram’s devloping of the application to allow photos to be edited by users is an example of revenue streams.
False
True
122
What is the focus of SOM?
Ideal customer loyalty
Broad pricing models
Realistic market share
Total accessible market
123
An example of a channel for Bucketfeet would be through social media.
True
False
124
During the problem interview process, the goal is to determine which of the following? Select one
Is the problem solvable?
What is the competition?
Do enough people have this problem?
Who has the problem?
125
What is the 5 Whys technique used for?
Solving customer issues
Designing a prototype
Mapping a customer journey
Finding root causes of problems
126
What are customer segments in the BMC?
The target users and customers for the solution
The features of the product
The cost of acquiring customers
A list of potential business partners
127
What is a person or business who will use your product first before most others do called? Select one.
Customer personas
Customer Segments
Early Adopters
Target market
128
What is the primary goal of an MVP?
Test a product idea cheaply
Maximize profit quickly
Build a complete product
Avoid customer interaction
129
Which stage of the business lifecycle involves determining whether a business idea is worth pursuing?
Growth
Transition
Startup
Maturity
130
A film student buys a camera to make movies for class. Who is the buyer and who is the user in this scenario?
Student is the buying customer, and the class is the user.
The student is both buyer and user.
The class is the customer and student is the user.
None of the these
131
If you are not sure that you can turn your idea into a viable and profitable business; what is this risk?
PRODUCT RISK
CUSTOMER RISK
MARKET RISK
132
What does TAM stand for?
Total Addressable Market
Total Achievable Market
Total Accessible Market
Target Audience Market
133
Direct competitors are those that solve the same problem with the same solution.
False
True
134
What is the main goal of the Five Whys technique?
To identify multiple solutions quickly
To evaluate the success of a prototype
To define the target customer
To understand the root cause of a problem
135
Which of the following is a technique used during problem interviews? Select one.
Pitching your solution idea
Reminding them of your product
Asking about the cost of your service
Asking them to explain more about the problem they have.
136
Which part of the BMC allows you to capture how your product or service stands apart from the competition? Select one.
Unique Value Proposition
Solution
Cost Structure
Problem
137
The best way to stand out from your competitors and get noticed by your customers is called? Select one.
A unique value proposition.
A problem you cannot solve.
A solution that has already been created
Many solutions to their problem
138
Which of the following are examples of a direct competitor to Starbucks? Select all that apply.
McDonald’s
Peet’s coffee
Caribou coffee
Gas Station Mini Mart
139
Features/benefits that make customers buy your product/service over others goes in what part of the BMC? Select one
Channels
Unique value proposition
Solution
Key metrics
140
What is NOT part of a problem interview?
Discovering pain points
Testing customer needs
Pitching a solution
Analyzing customer behavior
141
Why is market sizing important?
It decides product design
It evaluates market trends
It estimates costs
It shows potential revenue
142
Expenses are entered in which category of the BMC? Select one.
Cost structure
Solution
Revenue
Problem
143
What is the purpose of a Business Model Canvas?
Replace plans with a page.
To eliminate the need for customer feedback
To avoid documenting assumptions
To focus solely on financial projections
144
What is the importance of identifying customer problems in the BMC?
It ensures the solution aligns with customer needs and wants
It helps identify competitors
It reduces the need for testing assumptions
It simplifies the solution development process
145
What is SAM?
Specific Addressable Market
Selectable Accessible Market
Small Achievable Market
Serviceable Addressable Market
146
A company selling to HS market notices customers in theater/improv clubs. What have they identified? Select one.
A Unique Value Proposition
A Customer Solution
An Early Adopter
A Customer Persona
147
What is a key method for gathering intelligence?
Study competitors’ websites
Avoid talking to customers
Remove competitive features
Ignore market research
148
What is a key pricing question?
What price will competitors charge?
What would you pay for this?
What is a fair price for you?
How much profit will this make?
149
What are Jobs to be Done?
Tasks customers hire a product for
Features of the product
Sales tasks for a team
Steps for product design
150
which of the following would you add to the cost structure section of the BMC? Select all that apply.
Expenses needed to build your product.
Anticipate profit margins.
Anticipated revenue
Income per unit
151
Facebook’s use of advertising displays in their application is considered an example of revenue streams
False
True
152
Why is testing ideas important for entrepreneurs?
To finalize the business plan
To identify potential flaws and improve
To determine the profitability of the product
To minimize risk
153
The cost structure of the BMC deals with which of the following? Select one.
Revenue
Number of customers
Expenses
Profit
154
Which of the following do channels address? Select one.
How customers can purchase or gain access to a product/service.
How customers hear about a product.
How customers are exposed to a product or service.
How customers tell others about a product.
155
What is the goal of a problem interview?
Validate solution ideas
Test pricing options
Develop marketing strategies
Understand customer problems
156
Which of the following describes Early Adopters? Select all that apply.
Customers who are usually very hesitant to try new products or services.
Customers who are usually the first to use your product or service.
Customers who are eager for your solution.
Customers who are worried about the quality of the solution.
157
How do features differ from benefits?
Features improve quality
Features solve customer needs
Benefits are product specs
Benefits meet customer motivators
158
Why is it important to have all four roles represented in a startup team?
To create a team that complements each other’s strengths
To reduce the amount of work required
To ensure the team works only with friends
To focus only on financial success
159
During which stage of the business lifecycle do businesses adjust their model based on customer feedback?
Startup
Decline
Growth
Maturity
160
Indirect competitors are those that solve the same problem with a different solution.
False
True

2024-25 Semester 1 Exam Review Flashcards | StudBud