1 This is how you find solutions to problems, except:

Group of answer choices

Immerse yourself in the industry you are getting into.

Understand the industry you are getting into.

Think about the industry that you are getting into.

Hire a consultant experienced in the industry you are getting into.

2 All true about what you need to know about the industry you are getting into, except:

Group of answer choices

Identifying inefficiencies.

Dive into the details of everything.

Understand all the little bits and pieces.

Understand how it all works in the industy.

Replicate the ways things are done.

3 To make sure your solutions (considering it is a service-based business) will be interpreted as real value, you need to borrow from best practices of companies that decide to go into consulting and franchising in the following two ways (mark 2):

Group of answer choices

Understanding the price alternatives for all customers, as consultants do for their clients.

Learn to do the job yourself, and do it for a while, the same way a franchisor establishes the first operation, and use the opportunity to learn from mistakes, while identifying opportunities.

Understanding the perspectives of customers from all angles, like a consultant considers the ones from all stakeholders.

License the know-how to others, and observe them very closely, in order to learn from their mistakes, while identifying opportunities.

4 What should you not be obsessed with at your startup?

Group of answer choices

Reading everything about your competitors, similar companies, and getting as much funding as possible early on.

Identifying all similar companies.

Knowing all your competitors.

Google searching competitors and similar companies.

What everybody is doing.

5 Which of the following are true (more than one)?

Group of answer choices

You should storyboard out the user experience of how you are going to solve the problem.

You should clearly identify your startup target customer segments.

Before any of the above, you should have already built your product.

You should become an expert in your industry.

6 This is true about MVP (Minimum Viable Product):

Group of answer choices

Minimal viable product pretty much means what is the smallest problem you should built a solution for.

Minimal viable product pretty much means what is the smallest feature set that you should build to solve the problem that you are trying to solve.

Minimal viable product pretty much means what is the most profitable set that you should build to solve the problem that you are trying to solve.

Minimal viable product pretty much means what is the cheapest version that you should build to solve the problem that you are trying to solve.

7 This is true about your product positioning:

Group of answer choices

You should be able to communicate it clearly in 5-10 minutes.

It is the same as targeting everyone, instead of focusing on a single group of clients.

It is the same as listing all the features.

You should have your product positioning down before talking to anyone.

8 These are all true about your first users, except:

Group of answer choices

First users will decide which features to keep, so you can model your MVP after.

You need feedback from your first users.

You and your cofounder should be using it.

First users should be people you are connected with.

9 This is true about your first users:

Group of answer choices

First users will help you perfect the Minimum Viable Product they are testing.

If you provide a phone number to them, don't let the calls go to voicemail.

You should not provide a phone number for them to contact you.

Getting first users to give you feedback is better than going out and talking to them.

10 To best way for getting quality feedback from first users of you Minimum Viable Product, you should:

Group of answer choices

Send out surveys after they have used the product.

Meet them in person.

Avoid meeting in person.

Not set up voice mail.

11 NPS, or Net Promoter Score, is:

Group of answer choices

The likelihood your first users will recommend you to a friend.

The balance owned to your advertising company.

The number of likes you get on Social Media.

The profit after deducting your expenses with advertising.

12 What is the 'Frankenstein' approach?

Group of answer choices

Not adding any features suggested by your first users to your product.

Adding all features suggested by your first users to your product.

Eliminating all the features your first users hated.

Building a new product that is the opposite of what your first users suggested.

13 Select all 3 types of growth listed below:

Group of answer choices

Viral

Paid

Slow

Fast

Hack

Sticky

14 CLV, or Customer Lifetime Value is:

Group of answer choices

The net spending power your target customer brings in the door over a period of time.

The net revenue that a customer brings in the door over a period of time.

The spending power your target customer has.

A customer total spending over his/her life.

15 These are all true about building a good referral program, except:

Group of answer choices

Customer touch points work better after customers have used the product for a while.

Customer touch points is where people are learning that they can refer other people.

Customer touch points work best for people who have never used the product before.

Customer touch points might work well after they book a service or after they sign up.