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

Group of answer choices

Think about the industry that you are getting into.

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

Immerse yourself in the industry you are getting into.

Understand 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.

Replicate the ways things are done.

Understand all the little bits and pieces.

Dive into the details of everything.

Understand how it all works in the industy.

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

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

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

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

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.

Google searching competitors and similar companies.

What everybody is doing.

Knowing all your competitors.

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

Group of answer choices

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.

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

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

Group of answer choices

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.

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 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 smallest problem you should built a solution for.

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 listing all the features.

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

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

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

Group of answer choices

You need feedback from your first users.

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

First users should be people you are connected with.

You and your cofounder should be using it.

9 This is true about your first users:

Group of answer choices

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

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

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

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

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

Group of answer choices

Avoid meeting in person.

Not set up voice mail.

Send out surveys after they have used the product.

Meet them in person.

11 NPS, or Net Promoter Score, is:

Group of answer choices

The balance owned to your advertising company.

The profit after deducting your expenses with advertising.

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

The number of likes you get on Social Media.

12 What is the 'Frankenstein' approach?

Group of answer choices

Eliminating all the features your first users hated.

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

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

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

13 Select all 3 types of growth listed below:

Group of answer choices

Slow

Viral

Paid

Fast

Hack

Sticky

14 CLV, or Customer Lifetime Value is:

Group of answer choices

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.

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

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

Group of answer choices

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

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

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

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

16 This is true about Paid Growth:

Group of answer choices

Paid growth make sense when the CAC (Customer Acquisition Cost) is higher than the CLV (Customer Lifetime Value).

Paid growth is best when the CAC (Customer Acquisition Cost) is higher than the CLV (Customer Lifetime Value).

Paid growth is about risking money to get a return.

Paid growth works well when the CLV is lower than the CAC.