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1. What makes an idea valuable even if it fails? a. Ignoring the failures and moving on to a completely unrelated project b. Ability to learn valuable lessons and insights from the failure [X] c. Isolating oneself from collaborators and stakeholders to avoid blame d. Blaming external factor...

1. What makes an idea valuable even if it fails? a. Ignoring the failures and moving on to a completely unrelated project b. Ability to learn valuable lessons and insights from the failure [X] c. Isolating oneself from collaborators and stakeholders to avoid blame d. Blaming external factors and disassociating from any responsibility 2. What characteristic is most essential for a business to achieve success? a. Focusing solely on minimizing expenses without prioritizing product quality b. Relying solely on intuition and disregarding the need for strategic planning c. Ignoring customer feedback and market trends in decision-making d. Ability to effectively deliver the product and ensure a consistent income stream [X] 3. The Lean Startup methodology stresses the importance of what in product development? a. Continuous learning and customer validation [X] b. Planning and execution in business c. Finance and product ideas in entrepreneurship d. Graduating with degrees and becoming entrepreneurs 4. How can we define evidence-based entrepreneurship? a. A program offered by the GDC for Innovation and Entrepreneurship b. A method that builds what customers want, quickly and efficiently. c. A methodology that focuses on making decisions based on evidence [X] d. A method that emphasizes customer validation and iterative development 5. How does the GDC contribute when it comes to fostering innovation and entrepreneurship? a. Discourage innovation within the Institute b. Provide connections between the Institute and the marketplace to enhance the environment for Innovation and entrepreneurship [X] c. Provide networking opportunities for academic purposes d. Focus solely on theoretical research without practical applications 6. In the Lean Startup methodology, what's the primary objective when launching a new product or service? a. Customer development and iterative development [X] b. Company building and reducing the risk of failure c. Agile engineering and continuous learning d. Planning and execution in startups 7. How does entrepreneurship contribute towards an economic growth? a. By developing a robust business model b. By solving problems and spotting opportunities [X] c. By focusing on customer discovery and validation d. By offering programs for startups to validate their ideas 8. How does an idea become "disruptive"? a. By avoiding any changes and maintaining the current ecosystem b. By disrupting the current market ecosystem [X] c. By imitating successful competitors d. By strictly adhering to the current market standards and avoiding innovation 9. Some of the most common mistakes that startups make are: a. Overestimating the number of potential customers b. Building a solution without talking to potential customers c. Misjudging the urgency of the need d. All of the above [X] 10. What fundamental problem does selling a product or service aim to address? a. Implement complex marketing strategies. b. Maximize profit margins. c. Identify customer and market needs [X] d. Offer discounts and promotions. 1. Which among the following could be a crucial factor in a team’s unity and success? a. Individual achievements b. Lack of diversity c. Frequent disagreements d. Common ideology [X] 2. How do customer interactions contribute to a startup's success? a. Developing a cutting-edge technological infrastructure b. Securing a prime office location with a great view c. Gaining a deeper understanding of customer needs [X] d. Hiring a team of experienced graphic designers 3. In a startup, who should be considered as the most important entity? a. The investor b. The mentor c. The customer [X] d. The entrepreneur 4. In what ways can having an entrepreneurial mindset be beneficial? a. Provides financial support for startups b. Guarantees success in the market c. Reduces doubt, fear, and anxiety [X] d. Reduces risk factors by half in unknown markets 5. _________ doesn’t justify the success of a startup. a. Product development b. Legal compliance c. Funding [X] d. Customer satisfaction 6. What aspect of building a startup can be deceiving? a. Scaling the team strategically b. Securing funding guarantees success [X] c. Identifying customer needs d. Prioritizing product development 7. What role do early adopters play in helping a company refine its products or services? a. Help in marketing and selling the product to a broader audience b. Expand production capacity c. Provide critical feedback and help build the product [X] d. Provide financial security 8. What can be the main reason for the failure of a startup? a. No real need for the product or service [X] b. A Skilled and experienced team c. Investors and funding d. A user-friendly product 9. When your efforts aren't yielding results, what strategies can help you make progress? a. Quit the startup b. Re-evaluate goals and adapt [X] c. Speed up the process d. Rely on rapid production 10. What is an essential quality that startup founders must possess? a. Belief in the startup [X] b. Pursuit of endless funding c. Rapid product development skills d. Good programming skills 1. What role does empathy play while designing a product? a. Enhances aesthetics b. Fosters competition c. Reduces manufacturing costs d. Promotes user-centered design [X] 2. Considering the solar oven case study, as discussed in the lecture, how does collaborative design help in the development process? a. Streamline manufacturing processes b. Facilitate resource sharing c. Utilize cross-departmental expertise [X] d. Enhance aesthetic appeal 3. How can using regulatory barriers help in product design? a. Facilitate unrestricted innovation b. Simplify administrative processes c. Ensure public health protection and legal authority [X] d. Encourage informal practices 4. What characteristics is crucial for building an ideal team? a. Varied skill set [X] b. Singular expertise c. Limited experience d. Lack diversity 5. Identify the term used for “Previously granted patents and published patent applications”? a. Model documents b. Reference papers c. Past literature d. Prior art [X] 6. According to the lecture, When crafting a problem statement, it is essential to _________. a. Propose a solution b. Identify stakeholders c. Define the problem [X] d. Establish a timeline 7. What are the key qualities that each team member must possess when working as a team? a. Lower down their ego b. Be flexible c. Take roles in the team to solve the problem d. All of the above [X] 8. According to the lecture, Innovation cannot be achieved without _________. a. Competition b. Collaboration [X] c. Imagination d. Resources 9. What are the key elements essential for a clear and concise design brief? a. Project timeline b. Functional & user requirements [X] c. Budget estimates d. Target audience 10. Why is it important to take a product category approach instead of a single-product approach? a. Creates risk diversification [X] b. Enhance connection with customers c. Reduced development cost d. Improved company culture 1. What could cause a start-up to fail despite having an innovative product? This is referred to as ‘inventor syndrome’ in the lecture. a. Solving user pain points b. Prioritizing customer satisfaction c. Lack of understanding of customer needs [X] d. Continuous customer feedback for product improvement 2. Which among the following is a major challenge for startups during their initial stages? a. Scaling the business b. Building a team [X] c. Marketing the product d. Acquiring venture capitals 3. As mentioned in the lecture, what is the main focus of ‘outside-in thinking’? a. Over-engineered solutions b. Designing products based on customer's needs [X] c. Promoting inventor syndrome d. Maximizing internal efficiency 4. According to the Solar Oven Case Study, as discussed in the lecture, what approach did the team consider for reaching customer segments in rural areas? a. Social media campaigns b. Online Marketing c. Distributing through government schemes [X] d. None of these 5. What strategy did the team follow for spreading awareness about solar cooking, in the Solar Oven Case Study? a. Collaborations with celebrity chefs and cooking demos [X] b. Conducting online surveys c. Multi-level marketing d. Door-to-door sales 6. What were the pricing strategy and revenue models that made solar cookers accessible and financially viable for their target audience? a. Direct selling b. Bulk orders from government organizations and distributors c. Government subsidies for eco-friendly products d. All of the above [X] 7. Which of the following is crucial for a startup to attract its investors? a. Addressing a real and demonstrable problem [X] b. Not providing any solution or service c. Demonstrating an unreal problem d. Ignoring opportunities 8. What key action must be taken whenever there is a change in the marketing strategy of a product? a. Get customer feedbacks to refine the process [X] b. Attract competition for the product c. Ignore customer feedbacks d. Focus on secondary data 9. In the problem recognition scale, how are active or urgent problems identified? a. Adjusting to the problem b. No awareness of the problem c. Recognizing a problem and actively searching for a solution [X] d. Recognizing a problem but not willing to pay for the solution 10. In the passive problem stage, what characterizes an individual's awareness of a problem in the problem recognition scale? a. No awareness of the problem b. Aware of the problem but not motivated to change [X] c. Motivated to change but unaware of the problem d. Recognizes a problem but not being motivated to change 1. In what ways can academic ideas be more effectively applied to society? a. By creating social barriers b. By collaborating with the industry [X] c. By competing with the industry d. By hiding research findings 2. Why are investors reluctant to invest in health care product startups? a. High profit margins in the industry b. Rapidly growing demand for medical devices c. Poor success rates of the medical devices [X] d. Shorter research and development cycles 3. _________ and _________ are the essential factors to identify before looking at a design solution. a. Marketing campaigns and advertising b. Intellectual Property Rights and patents c. Problem definition and functional requirements [x] d. Employee training and management 4. During the COVID-19 pandemic, how did the BETIC engineers' innovation in stethoscopes impact the medical community? a. Decreased accessibility between doctors and patients b. Facilitated continued medical services during isolation [X] c. Negative patient outcome d. Increased contamination risk 5. When building a Proof of Concept, which among the following must be considered? a. Industrial techniques b. Demonstrating a way of functionality [X] c. Patent protection d. Brainstorming ideas 6. What is the purpose of ‘pilot production’ in the development stage of innovation? a. Adapting design features according to user feedback [X] b. Generating marketing and advertising content c. Conducting testing in the lab d. Filing for patents 7. According to BETIC, by what stage of the innovation process should a product's Intellectual Property Rights (IPR) be secured? a. Define b. Develop c. Deliver d. Deploy [X] 8. Who among the following are able to acquire license for Intellectual Property Rights (IPR)? a. Startups b. Industry c. NGOs d. All the above [X] 9. What does TRL stand for? a. Technological Resource Level b. Technology Readiness Levels [X] c. Transition and Research Limits d. Test and Reliability Levels 10. While defining the functional requirements (FR) of a project, what are the best practices to be considered? a. Minimize the number of FR, Independency, precision [X] b. Maximize the number of FR, Link between FR, Visualization c. Minimize the number of FR, Dependence, Complexity d. Maximize the number of FR, Independence, Simplicity 1. What are the key components needed to effectively engage customers through a human-centered approach? a. Lean methods b. Product ideas c. Traditional methods d. Empathy and research [X] 2. __________ are the essential factors for a startup to succeed. a. Technology only b. People, technology, and business [X] c. Creativity and ideation d. Marketing, ideation, and distribution channels 3. What is a common mistake that designers make when starting a business? a. Disregarding the service aspect [X] b. Overestimating their skills c. Ignoring logistics d. Focusing too much on creativity 4. How does design thinking, user research and strategic planning benefit an organization? a. Generating ideas b. Testing design concepts c. Links business operations and innovation efforts [X] d. Building mockups 5. What are the most effective strategies to encourage interviewees to disclose valuable information? a. By establishing rapport and trust [X] b. Asking complex questions c. By starting with secondary objectives d. Using a rigid structure 6. What should be the primary objective of a design researcher and strategist when working for a client? a. Focus on the core idea of the product b. Focus on ensuring the needs of the users are met c. Balancing product desirability and technological feasibility with business objectives. [X] d. Focus on enhancing the experience of the customer 7. Which of the following insights will contribute to creating a strong design brief? a. Pain points of the user b. Overall journey of the user c. How the solution fit into the overall ecosystem of the user d. All of the above [X] 8. _________ refers to the design element aimed at fulfilling business objectives. a. Lateral thinking b. Management goal c. Design collaboration d. Design management [X] 9. As a designer, it is important to learn how to empathize with both the ___________. a. Users and business goals [X] b. Organization and technical skills c. Marketing and advertising d. Creative design and prototyping 10. What are the three important qualities a client looks for in a design firm? a. Discipline, speed, and high fees b. Collaboration, extended timelines, and quality c. Quality, speed, and transparency [X] d. Minimal interaction, predictability, and discipline 1. Which user-centered approach emphasizes collaboration, iteration, and follows a non- linear path to develop innovative solutions? a. Economic stability b. Design thinking [X] c. Complacency d. Short-term focus 2. ________ is a problem-solving methodology that encourages creative thinking by drawing connections between seemingly unrelated concepts. a. Brainstorming b. Synectics [X] c. Mind mapping d. SWOT analysis 3. What are the three critical factors to consider when developing a product? a. Product Desirability, Market Flexibility, User Visibility b. User Likability, Mechanical Feasibility, Business Agility c. User Sensibility, Market Sensitivity, Product Viability d. User Desirability, Technical Feasibility, Business Viability [X] 4. Describe a tool that showcases your business model graphically and helps the audience understand it easily. a. Business model canvas [X] b. Balance sheet c. Profit and loss statement d. Organizational chart 5. In which of the following scenarios can the 'Double Whammy' business model be utilized? a. When the market is saturated with multiple options b. When there’s a gap between demand and supply chain c. When most of the startups have backed out from the market d. When there’s a large demand in the market for a specific skill set [X] 6. What makes a collaborative model beneficial for entrepreneurship? a. Provides access to resources b. More networking opportunities c. Creates a sense of community d. All of the above [X] 7. In what way is the fractional ownership business model different from other business models? a. It involves shared ownership of physical assets [X] b. It focuses on virtual assets and digital goods c. It primarily deals with intellectual property rights d. It revolves around leasing equipment to businesses. 8. Based on the statement, "Pivot till you reach the sweet spot", what conditions must a business model meet to achieve its ideal position? a. User needs b. Operational/tech possibilities c. Business goals d. All of the above [X] 9. What are the key performance parameters that help monitor the success of your business? a. Employee welfare scheme b. Revenue metrics [X] c. Customer acquisition metrics [X] d. Unique Value Proposition [X] 10. The Lean Canvas is a valuable tool for startups because it helps them: a. Secure large investments from venture capitalists b. Develop a detailed five-year financial plan c. Quickly test and iterate on their business model assumptions [X] d. Design a complex organizational structure for future growth 1. What advantages can your business gain from identifying early adopters? a. Competitive disadvantage b. Validate market demands [X] c. Slow revenue generation d. Requires less marketing 2. The success of start-ups relies not only on securing funding but also on factors such as? a. Product market fit [X] b. Team expertise [X] c. Lack of funding d. Customer acquisition strategies [X] 3. For Uber as a start-up, convenience, safety, and flexibility are its? a. Financial performance metrics b. Unique Value Proposition [X] c. Technological infrastructure d. Human resource policies 4. How can a minimum viable product (MVP) help with product development? a. Brand reputation b. Attract early-adopter customers [X] c. Validate the product idea [X] d. Short-term focus 5. What is essential for delivering a compelling business pitch to investors? a. Detailed operational procedures b. Market size and demographics c. Long-term industry trends d. Scalable and profitable business model [X] 6. What are the initial actions involved in developing a Lean Canvas? a. Identify your target customers and users [X] b. Identify your customer’s top 3 problems [X] c. Detail your educational qualifications d. Develop a solution for each identified problem [X] 7. What are some key characteristics that early-stage entrepreneurs should develop? a. An entrepreneurial mindset b. Adaptability c. Upholding ethical standards d. All of the above [X] 8. What among the following must be ensured for a product to remain competitive in the market? a. Price increment b. Limited scalability c. Consistent product improvement [X] d. Limited product innovations 9. What is the term for the legal protections granted to creators to prevent others from unauthorized use or exploitation? a. Tangible asset b. Intellectual property [X] c. Market commodity d. Trademark 10. Which of the following come under Intellectual Property Rights (IPR)? a. Real estate and buildings b. Office furniture and equipment c. Company financial statements d. Patents, copyrights, trademarks, trade secrets [X] 1. To turn an idea into action, what barriers must a designer/entrepreneur attempt to break? a. Lack of confidence in their design skills b. Fear of negative feedback c. Difficulty getting funding d. All of the above [X] 2. According to the lecture, which of the following stages are part of the ‘Germination stage’ in an entrepreneurship journey? a. Develop your own startup idea [X] b. Scaling the business c. Product launch d. Knowing the basics of entrepreneurship [X] 3. Identify the correct statement from the following: a. Each startup idea has a complex relationship with the funding source, technological infrastructure, and target customers. b. Each startup idea is solely dependent on the technological infrastructure it uses. c. Each startup idea can succeed without understanding its market. d. Each startup idea relies only on a strong marketing strategy. 4. What are the reasons for India trailing other developed nations in techno-entrepreneurial ventures? a. Because education is seen solely as a means to secure a job [X] b. Because India has an abundance of natural resources that reduce the need for technological innovation c. Because India's climate does not support the development of tech industries d. Because the government discourages entrepreneurial activities through heavy taxation 5. What types of funding do early-stage entrepreneurs or startups typically seek to obtain? a. Government grants and subsidies [X] b. Seed funding [X] c. Long-term loans with high interest d. Donations and crowdfunds 6. ___________ is a stage where one starts to work on the product and take it to the commercialization level. a. Planning stage b. Research stage c. Conceptualization stage d. Incubation stage [X] 7. What is the major difference between an entrepreneur and an innovator? a. An entrepreneur focuses on maximizing profits, while an innovator aims to minimize costs b. An entrepreneur looks at problems as business opportunities, while an innovator aims to solve the problems only [X] c. An entrepreneur typically works alone, while an innovator always works in a team d. An entrepreneur needs a formal education, while an innovator relies solely on creativity 8. What is the purpose of the clinical immersion phase for entrepreneurs in healthcare sectors? a. To provide clinical experience and identify unmet needs [X] b. To train fellows in administrative tasks and management c. To develop marketing strategies for new medical devices d. To conduct financial analysis and budget planning 9. Which of the following aspects is essential for a better execution of an idea? a. Legal compliance b. Advertising strategy c. Customer definition [X] d. Office infrastructure 10. The process of giving an idea to an industry through IP or technology transfer is known as ___________. a. Entrepreneurship b. Commercialization [X] c. Enterprise d. Incubation 1. __________ is a creative thinking technique where an individual imagines themselves as part of the problem or situation they are trying to solve. a. Fantasy analogy b. Personal analogy [X] c. CAD analogy d. Symbolic analogy 2. Which of the following is NOT a typical prototyping method? a. Additive methods b. Subtractive methods c. Forming methods d. Lateral thinking [X] 3. Identify the correct sequence during a product development process. a. Ideation → Concept Generation → Prototyping → Testing → Market Launch [X] b. Market Research → Concept Generation → Testing → Ideation → Prototyping c. Ideation → Market Launch → Prototype → Testing → Concept Generation d. Concept Generation → Prototyping → Testing → Market Launch → Ideation 4. What are the three types of reasoning based on which physical prototypes are developed? a. Abductive reasoning [X] b. Deductive reasoning [X] c. Inductive reasoning [X] d. Conclusive reasoning 5. Frugality in product innovation involves the practice of being economical and efficient in the use of resources to ___________. a. Maximize waste b. Increase production costs c. Minimize waste and reduce costs [X] d. Ignore sustainability concerns 6. What is the primary purpose of a Proof of Concept (POC)? a. To generate a final product for market launch b. To validate the feasibility and viability of a new idea or concept [X] c. To secure funding for large scale production d. To create final version of the product 7. __________ is the process of creating models of a product to test and improve its design, functionality, and usability before mass production. a. Proof-of-concept b. Mock-ups c. Prototyping [X] d. Pilot production 8. What is the primary goal of Synectics in design? a. To encourage exploration and break conventional thinking [X] b. To generate a single, perfect solution to a problem c. To reach consensus among team members quickly and efficiently d. To apply detailed technical analysis to refine existing concepts 9. Through which of the following ways can entrepreneurs effectively collaborate with one another? a. Mutual franchising b. Utilizing a shared inventory c. Distributing manufacturing and production d. All of the above [X] 10. Why is it essential for designers to create prototypes before deploying a product? a. Helps identify and resolve design flaws early [X] b. Helps in ideation c. Allows designers to get design feedback [X] d. Reduces the need for market research 1. What is the most effective approach for developing products that meet the needs of specially abled people? a. User-centered design [X] b. Profit maximization c. Exclusivity in design d. Reducing production costs 2. What are two crucial aspects to focus on while developing a product using assistive technology? a. To make user independent and socially integrate them [X] b. To make people aware about digital alternatives c. To socially divide people d. To redesign the existing products in the market 3. For a product to succeed in the market, it has to be __________. a. Cheap and Generic b. Trendy and Common c. Relevant and Differentiated [X] d. Expensive and Complex 4. What factors should be considered for developing a product after collecting data from ‘real evidence-based learning’ methodology? a. Technology feasibility [X] b. Target customer [X] c. Brand recognition d. Impact of derived solution [X] 5. In product development, the effectiveness of the solution will derive from identifying _________. a. Customer segment [X] b. Product pricing c. Advertising budget d. Packaging design 6. What factors does your startup need to offer in order to persuade investors or customers to invest in or purchase it? a. Unrealistic guaranteed returns b. Unique and differentiated service/product [X] c. Solution that provides a competitive advantage [X] d. Unclear value proposition 7. Why is it advisable to avoid using cheap electronics when developing a product, especially in a B2C context? a. The development time for products using cheap electronics is shorter b. The return and servicing cost of the product in a B2C model is very high [X] c. Using cheap electronics ensures better brand reputation and customer trust d. The product will not be aesthetically pleasing due to the use of cheap electronics 8. Which of the following is a potential risk factor for the viability of a startup's business model? a. Reliance on a limited number of corporate clients [X] b. Strong customer loyalty and retention c. Rapidly decreasing operational costs d. Established brand recognition 9. According to the lecture, how is human-to-human interaction more effective than AI- based technology in product design for specially-abled people? a. AI can process more comprehensive designs b. AI can design products faster and more efficiently than human designers c. Human interaction allows for empathy and understanding of individual needs [X] d. AI-based technology is constantly learning and improving 10. According to the lecture, how can design contribute to the development of cognitive, motor and analytical skills in children? a. By creating interactive games that encourage physical movement and coordination [X] b. By focusing on aesthetic appeal and trendy designs c. By using advanced technology for entertainment purposes d. By emphasizing cost-effectiveness and mass production 1. How does problem identification in the early stages of product design help? a. Overemphasis on a single problem b. Assumption of a static problem c. Provides a well-defined direction [X] d. Overlook user insights 2. When designing products, what benefits can be gained by making them modular and customizable? a. Increased customer satisfaction [X] b. Increased manufacturing complexity c. Enhanced efficiency [X] d. Higher production costs 3. How does ‘Beachhead market’ analysis help businesses? a. Spreading resources thinly across a large and diverse market b. Identifying a focused customer segment for initial product launch [X] c. Estimating the overall market size without considering segmentation d. Skipping customer research altogether and focusing solely on production 4. How can networking be effectively utilized to harness its full potential? a. Limiting interactions to close friends only b. Promoting the product through customer [X] c. Avoiding industry events and conferences d. Keeping networking efforts informal 5. Which among the following are benefits of the ‘inverted pyramid model’ for product- centric businesses? a. Increased development costs due to the need for more detailed product descriptions b. Improved customer focus by prioritizing their needs and interests [X] c. Prioritizes clear, concise messaging with audience [X] d. Creation of complex and technical product descriptions for a wider audience 6. To ensure the success of your start-up, what is the most crucial step to take in the product design process? a. Identifying the customer segment [X] b. Ignoring user feedback c. Skipping market research d. Overlooking competitor analysis 7. Which among the following is an ideal marketing strategy for a start-up? a. Expensive and extravagant campaigns b. Short-term and aggressive advertising c. Random and unfocused marketing efforts d. Innovative and lean strategies [X] 8. Which among the following is considered crucial when designing a product for the market? a. Irrelevant personal opinion b. Customer needs and preferences [X] c. Excessive technical details d. Low-impact trends 9. Emphasising and justifying the _________ is important when presenting a business idea. a. Product solution [X] b. Irrelevant features c. Overemphasis on minor market segments d. Over ambitious goals 10. When pitching a business idea to an investor, what is an essential factor to focus on? a. Present a vague and unclear concept b. Avoid discussing the market potential c. Clearly articulate your idea [X] d. Present a weak value proposition