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Exam 7: Testing and Experimenting With New Ideas

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Question 31

True/False

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A minimum viable product (MVP)has many advantages,but it is impossible to actually earn money from it.

A) True
B) False

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Question 32

Multiple Choice

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Sean is thinking about creating an automatic cat feeder similar to one that he created for dogs.He talks to several cat owners to find out what they dislike about feeding their cats.He also takes a look at current cat feeders and asks the same cat owners what they like and don't like about the feeders.These actions consist of asking questions and what other step in scientific experimentation?

A) a pilot study
B) hypothesis testing
C) background research
D) prototyping

E) None of the above
F) A) and B)

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Question 33

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Which of the following will have the best chance of provoking a reaction?

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

In an exploration of the idea for Rent the Runway,which offers rentals of designer dresses,what part of the basic storyboarding framework would highlight the fact that the rental model gives many more women the opportunity to wear designer dresses,which they could have never afforded before?

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

The Sybo team's first test of its hypothesis ("By automating the light adjustment process,surgeons and staff would achieve greater efficiency and enhanced focus on the patient during procedures.") consisted of what?

A small-scale study conducted to assess a product's or service's feasibility is called a(n) ______.

In storyboarding,who or what is at the center of the story?

Entrepreneurs should avoid experimenting with potential customers.

While large companies may rely on direct mail,surveys,advertising,and catalogs to gather data about their customers,these are not always reliable methods for entrepreneurs.

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

Which of the following is an important benefit of experimentation?

Experiments do not have to have a clear purpose; they only need to be observed and have an outcome.

Todd Kashdan,professor at George Mason University,created a five-dimensional model of what aspect of entrepreneurship?

In an exploration of the idea for Rent the Runway,which offers rentals of designer dresses,what part of the basic storyboarding framework would highlight the concept of allowing women access to designer dresses for one-tenth of the original cost?

Test and learn is a complex,sophisticated approach to experimentation that is usually reserved for established companies.

Demonstrate how taking apart a residential smoke detector might help you apply experimentation to improve the product.

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?

______ tends to discourage entrepreneurial experimentation because it is perceived as risky.