ED Cell Quiz-1

Question 1

In Lean Startup, what is the primary reason for developing a Minimum Viable Product (MVP)?

Accepted Answer

To minimize development costs & time while getting early customer feedback

Question 2

What does 'tolerance for ambiguity' mean for an entrepreneur?

Accepted Answer

Comfortably navigating and adapting to uncertain situations

Question 3

What model is used to analyse industry competition by examining specific factors

Accepted Answer

Porter's Five Forces

Question 4

Who is widely regarded as the originator of the Lean Start-up concepts?

Accepted Answer

Eric Ries

Question 5

Which of the following is NOT a source of competitive advantage?

Accepted Answer

Low employee turnover

Question 6

Which of the following is true about the DECIDE model in marketing research

Accepted Answer

It is used to define the problem, gather data, and evaluate decisions

Question 7

Which term describes the ability to understand and manage the interrelationships between components within a business?

Accepted Answer

Systems thinking

Question 8

What is the core element of the Business Model Canvas?

Accepted Answer

Value proposition

Question 9

What is the main objective of Lean Startup Methodology

Accepted Answer

To shorten product development time

Question 10

What is a vision statement?

Accepted Answer

A statement of where the company wants to be in the long run

Question 11

What is a critical factor that 70% of ventures are rejected by VC?

Accepted Answer

Lack of a coherent and balanced founding team

Question 12

Which model is often used in marketing research to help define the problem and gather necessary data?

Accepted Answer

DECIDE model

Question 13

Which concept explains the process from suspect to loyal customer?

Accepted Answer

Marketing funnel

Question 14

Effectuation as a business model primarily relies on

Accepted Answer

Immediate resources available

Question 15

What is internal locus of control?

Accepted Answer

Belief that one's own actions determine their future

Question 16

What is a MVP in the context of Lean Startup

Accepted Answer

The simplest version of a product with key features

Question 17

Which term best describes the unique value a product offers that differentiates it from competitors?

Accepted Answer

Value proposition

Question 18

Which of the following is NOT a component of a value proposition canvas?

Accepted Answer

Competitor analysis

Question 19

What does the 'build-measure-learn' feedback loop emphasize

Accepted Answer

Iterating products based on customer feedback

Question 20

Why is it crucial to understand the 'key activities' in a business model?

Accepted Answer

To determine the necessary actions to deliver the value proposition

Questions 20