The Lean Start-Up Methodology
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Questions and Answers

What is the conventional wisdom about the first thing every founder must do?

  • Build a product in collaboration with investors
  • Create a business plan containing a detailed customer feedback strategy
  • Develop a product with minimal customer input (correct)
  • Obtain substantial feedback from customers before raising money

    • What did Mike Tyson say about opponents' prefight strategies, as mentioned in the text?

  • Their plans usually focus too much on customer feedback
  • Everybody has a plan until they get punched in the mouth (correct)
  • They all have a solid plan that works well
  • Their plans are designed to adapt to unexpected challenges

    • What is the lean start-up approach's definition of a start-up, as per the text?

  • A temporary organization designed to search for a repeatable and scalable business model (correct)
  • A long-term organization focused on building products in isolation
  • An organization looking for short-term financial gains
  • A permanent organization designed to execute a pre-determined business model

    • What is one of the key principles of the lean method?

    <p>Adapting and improving initial ideas as they continually learn from customers</p> Signup and view all the answers

    What does the business model canvas help entrepreneurs do, based on the text?

    <p>Summarize their hypotheses without engaging in months of planning and research</p> Signup and view all the answers

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