Question 1

Rather than just gathering data,an experiment matches an outcome to which of the following?
A)the original hypothesis
B)the data collection method
C)the business problem
D)the business opportunity

Accepted Answer

An experiment is conducted to test a hypothesis, which is a proposed explanation or solution to a problem. The goal of an experiment is to gather data that either supports or rejects the hypothesis. Therefore, the outcome of an experiment is matched to the original hypothesis.

Question 2

How should an entrepreneur approach experimentation?
A)Invest high levels of time and resources and strictly adhere to the scientific method.
B)Use quick,low-cost methods of experimentation informed by scientific thinking.
C)Focus on asking lots of questions and ignore the scientific method.
D)Rely upon historical data rather than collecting experimental data.

Accepted Answer

The best approach for an entrepreneur is to use quick, low-cost methods of experimentation that are informed by scientific thinking. This means using minimum resources to test hypotheses and ideas, and leveraging data to inform decisions. Strictly adhering to the scientific method is often too time-consuming and resource-intensive, which can be detrimental to the agility of the startup. Focusing on asking lots of questions is a good general attitude, but it needs to be coupled with data collection and analysis to be effective. Relying solely on historical data disregards the potential for changes in the market, consumer preferences, and other external factors that can affect the performance of a startup.

Question 3

What is the term used in the text to describe a rough sketch of a basic business plan on any available paper?
A)a rough draft
B)an outline
C)a back-of-the-napkin plan
D)a blueprint

Accepted Answer

The term used in the text to describe a rough sketch of a basic business plan on any available paper is "a back-of-the-napkin plan". This refers to quickly jotting down a plan on any available paper, like a napkin, without going into too much detail. The other options, like "a rough draft", "an outline", and "a blueprint", all imply a more structured and detailed approach to planning.

Question 4

Anthony is thinking of starting a small hot dog cart that he will take to the beach area in San Diego,California.Before starting,he asks an ice cream vendor if he can offer hot dogs using his stand for a small rental fee.He will only need to use space for one day.Anthony is conducting what stage of the scientific process?
A)testing the hypothesis by running an experiment
B)implementation of the plan
C)developing a hypothesis
D)carrying out background research

Accepted Answer

By proposing to use the ice cream vendor's stand to sell hot dogs for a day, Anthony is essentially testing his hypothesis (that a hot dog cart could be successful in that area) through a practical experiment.

Question 5

What question is asked when an entrepreneur draws conclusions from the results of data analysis?
A)What can be put into charts and graphs?
B)Can the results be communicated?
C)Do the results support the hypothesis?
D)How can the observations be summarized?

Accepted Answer

Drawing conclusions from data analysis involves evaluating whether or not the results support any hypotheses or assumptions made prior to collecting the data. This is an important step in determining the next course of action for the entrepreneur's business.

Question 6

Before opening his new bakery,Carlos received numerical ratings for each of his products from family and friends he enlisted as tasters.Now,Carlos is adding up the ratings for each variety.What step in the scientific process of experimentation is Carlos engaged in?
A)asking lots of questions
B)carrying out background research
C)developing hypotheses
D)analyzing the data

Accepted Answer

Carlos is analyzing the data he collected from his family and friends. This step in the scientific process involves organizing and interpreting the data to draw conclusions.

Question 7

Keiran wants to add a new feature to his website but doesn't want to invest hours of his time to develop and build it.He simply wants to know if customers will actually click the button.What test should he use?
A)button to nowhere
B)click switch
C)task completion
D)smart button

Accepted Answer

The best test for this scenario would be to add a button to nowhere, also known as a "null button." This will allow Keiran to see how many customers try to click the new feature, without investing significant time or resources into developing it. By analyzing the click-through rate on the null button, Keiran can determine if customers would be interested in the new feature or not.

Question 8

Why is experimentation required?
A)to meet the requirements of investors and loan officers
B)to strengthen ideas
C)to help with inspiration
D)to form customer-satisfaction scales

Accepted Answer

Experimentation is required to test and validate ideas and hypotheses, and to refine and strengthen them based on the results. It helps in identifying potential flaws and areas for improvement, as well as measuring the effectiveness and feasibility of different strategies or solutions. While it may indirectly lead to improved customer satisfaction and investor confidence, its primary goal is to generate insights and learnings that can inform decision-making and drive innovation.

Question 9

What is the version of a new product which allows a team to collect the maximum amount of validated learning about the customer with the least effort?
A)minimum valuable product
B)minimum viable product
C)minimum prototype
D)rapid prototype

Accepted Answer

The term "Minimum Viable Product" (MVP) refers to a version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least effort. An MVP is a key component of the Lean Startup methodology, which emphasizes the importance of quickly testing assumptions and iterating based on feedback from early adopters. The other options listed (minimum valuable product, minimum prototype, rapid prototype) are not commonly used terms in the context of the Lean Startup methodology.

Question 10

In experimentation,an entrepreneur's goal should be to do which of the following?
A)Use continual iteration to test and shape ideas.
B)Create perfect experiments for perfect outcomes.
C)Use scientific rigor in testing products.
D)Use the scientific method sparingly so as to save resources.

Accepted Answer

An entrepreneur's goal in experimentation should be to use continual iteration to test and shape ideas. This means constantly testing and improving upon their ideas rather than expecting perfect outcomes from perfect experiments. They should also use scientific rigor in testing products, but not at the expense of constantly iterating and refining their approach. The scientific method should also be used regularly to ensure reliable and accurate results.

Question 11

If an experiment outcome indicates that the original hypothesis was incorrect,what should the entrepreneur do?
A)Conduct another experiment.
B)Adapt the original assumption.
C)Move forward until there is another assumption to test.
D)Terminate the product or business concept.

Accepted Answer

The answer of If an experiment outcome indicates that the...

Question 12

Before Carlos opened his new bakery,he baked a variety of sample cupcakes and cookies to sell at local farmers markets and other local events.Which stage of the scientific process of experimentation does this represent?
A)asking lots of questions
B)carrying out background research
C)developing hypotheses
D)testing the hypotheses by running experiments

Accepted Answer

Carlos is testing his hypotheses by running experiments, specifically by selling his sample cupcakes and cookies at local events to gather data on which flavors and types of baked goods are most popular among customers.

Question 13

The phase of design thinking associated with experimentation is ______.
A)inspiration
B)ideation
C)implementation
D)nonlinearization

Accepted Answer

The phase of design thinking associated with experimentation is implementation, which involves prototyping, testing and refining ideas to create a final product or solution. Inspiration is the phase of gathering insights and research, while ideation involves generating ideas and brainstorming. Nonlinearization is not a recognized phase of design thinking.

Question 14

Anthony is thinking of starting a small hot dog cart that he will take to the beach area in San Diego,California.Before starting,he investigates city ordinances and talks to vendors in the beach area.He also talks to people at the local parks who sell hot dogs to find out what makes their business successful.Anthony is conducting what stage of the scientific process?
A)testing the hypothesis
B)experimentation
C)data analysis
D)background research

Accepted Answer

Anthony is conducting background research by investigating city ordinances, talking to vendors and people at local parks to find out what makes their business successful.

Question 15

What is an easy form of prototyping that provides a high-level view of thoughts and ideas arranged in the form of drawings,sketches,or illustrations?
A)pitching
B)mocking up
C)storyboarding
D)modeling

Accepted Answer

Storyboarding is an easy form of prototyping that provides a high-level view of thoughts and ideas arranged in the form of drawings, sketches, or illustrations. It enables designers to visually brainstorm and communicate complex ideas in a simpler and more accessible way. Pitching involves presenting an idea or concept to stakeholders or investors, mocking up involves creating a rough model or simulation of a product, and modeling involves creating a detailed three-dimensional representation of a design. While these approaches can be effective, they are more involved than storyboarding and may not be necessary or appropriate for every situation.

Question 16

Which of the following types of plans is the simplest?
A)sketches of a blueprint
B)pitch deck
C)feasibility study
D)back of a napkin

Accepted Answer

The back of a napkin plan is often considered the simplest because it typically involves jotting down key ideas or concepts in a quick and informal format. It may not provide as much detail or depth as other types of plans, but it can be a useful starting point for brainstorming or initial concept development.

Question 17

Experiments need to have a clear purpose,be achievable,and generate ______.
A)positive outcomes
B)product ideas
C)reliable results
D)action

Accepted Answer

Experiments must generate reliable and valid results in order for the experiment to be useful and contribute to scientific knowledge. While positive outcomes and actionable items may be desirable, they are not the sole focus of an experiment. Generating product ideas is not necessarily the purpose of an experiment.

Question 18

The first step of the scientific process of experimentation,for an entrepreneur,is which of the following?
A)Conduct a thorough Internet search.
B)Develop a hypothesis.
C)Ask a lot of questions.
D)Analyze the data.

Accepted Answer

The first step in the scientific process of experimentation, especially for an entrepreneur, involves asking a lot of questions. This step is crucial for identifying the problem or opportunity, which then guides the formulation of a hypothesis and further steps in the experimentation process.

Question 19

What is a hypothesis?
A)the process of conducting a research study
B)a method used to prove or disprove the validity of an idea
C)an assumption tested through research and experimentation
D)a widespread belief

Accepted Answer

A hypothesis is an assumption or tentative explanation that is tested through research and experimentation. It is a statement that can be proven or disproven based on evidence. It is an important part of the scientific method and helps researchers form predictions about their research questions.

Question 20

Which of the following is an important benefit of experimentation?
A)It is easily accomplished.
B)Assumptions are validated or proven false.
C)It generates new ideas.
D)It generates new business plans.

Accepted Answer

Experimentation allows for testing of assumptions, which can lead to validation or falsification of those assumptions. This is crucial in developing accurate and effective strategies, products, and services. The other choices are not necessarily benefits of experimentation.

Quiz 7: Testing and Experimenting With New Ideas

Rather than just gathering data,an experiment matches an outcome to which of the following?

How should an entrepreneur approach experimentation?

What is the term used in the text to describe a rough sketch of a basic business plan on any available paper?

What question is asked when an entrepreneur draws conclusions from the results of data analysis?

Before opening his new bakery,Carlos received numerical ratings for each of his products from family and friends he enlisted as tasters.Now,Carlos is adding up the ratings for each variety.What step in the scientific process of experimentation is Carlos engaged in?

Keiran wants to add a new feature to his website but doesn't want to invest hours of his time to develop and build it.He simply wants to know if customers will actually click the button.What test should he use?

Why is experimentation required?

What is the version of a new product which allows a team to collect the maximum amount of validated learning about the customer with the least effort?

In experimentation,an entrepreneur's goal should be to do which of the following?

If an experiment outcome indicates that the original hypothesis was incorrect,what should the entrepreneur do?

Before Carlos opened his new bakery,he baked a variety of sample cupcakes and cookies to sell at local farmers markets and other local events.Which stage of the scientific process of experimentation does this represent?

The phase of design thinking associated with experimentation is ______.

What is an easy form of prototyping that provides a high-level view of thoughts and ideas arranged in the form of drawings,sketches,or illustrations?

Which of the following types of plans is the simplest?

Experiments need to have a clear purpose,be achievable,and generate ______.

The first step of the scientific process of experimentation,for an entrepreneur,is which of the following?

What is a hypothesis?

Which of the following is an important benefit of experimentation?