Launch Your Startup

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Questions and Answers

What is the purpose of the Lean Startup model?

  • To invest as much time and money as possible into ideas
  • To invest in ideas that are popular among competitors
  • To only invest in ideas that are guaranteed to be successful
  • To avoid investing too much time and money into ideas that don't resonate with customers (correct)

What is a business model canvas?

  • A tool for managing employee schedules
  • A strategic management tool that provides a visual representation of a company's business plan (correct)
  • A tool for creating customer profiles
  • A tool for designing logos and branding

What are the key elements of a business model canvas?

  • Product design and development
  • Employee structure and hierarchy
  • Marketing strategies and tactics
  • Value proposition, target customers, channels for reaching those customers, revenue streams, cost structure, key partnership, key activities, key resources (correct)

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