All Weeks Entrepreneurship 2: Launching your Start-Up Quiz Answers
Entrepreneurship 2: Launching your Start-Up Week 1 Quiz Answers
Quiz 1: Module 1 Quiz: Products, Pitches and Pivots
Q1. Which of the following describes the Lean Approach?
- Helps entrepreneurs minimize cash burn while learning about their market
- All of these options are true
- The lean approach is a method for dealing with the inherent uncertainty in entrepreneurship
- Entails running tests on your minimal viable product, pivoting, and achieving product market fit
Q2. Which of these would not be an approach to a Minimal Viable Product?
- Business Model Canvas
- Smoke Tests
Q3. Which group is the most important to interview?
- Members of the press
- Potential beachhead customers
- Follow-on customers
- People you have access to
Q4. Which of the following can you not learn from customer interviews?
- What frustrates people about a problem
- How people solve a problem today
- What alternatives people considered when trying to decide how to solve a problem
- The price you should charge
Q5. A good hypothesis is:
- Complex and Multi-stepped
- Falsifiable and Testable
- True and Accurate
- Easy and Fast
Q6. Which of the following is an example of a strong “high concept pitch”?
- The “AirBNB” of “LinkedIn”
- The “Zocdoc” for teachers who shop at Whole Foods
- The “Uber” for dogs
- The “Facebook” for professionals
Q7. Which is NOT a category of risk you should consider before taking the leap to start a venture?
- Known Unknowns
- Known Knowns
- Unknown Knowns
- Unknown Unknowns
Q8. ____ pay more attention to the style of your pitch, _____ pay more attention to substance.
- Venture Capitalists / Private Equity Companies
- Angel Investors / Venture Capitalists
- Private Equity Companies / Angel Investors
- Venture Capitalists / Angel Investors
Q9. Making your product seem visionary can help with:
- Showing your product is easy to make
- All of the options are true
- Decreasing competition
- Making your product seem plausible
Q10. Which of the following is a potential method to limit the chances of needing to pivot?
- Work to develop a potential product or solution prior to conducting in depth research and analysis
- Commit significant time and resources to studying all possible solutions, even if not viable, before selecting a solution to focus on
- Pivoting is inevitable in entrepreneurship, there is nothing you can do to limit the chances of it occurring.
- Consider several possible alternatives from the outset and conduct research to determine the solution to focus on
Entrepreneurship 2: Launching your Start-Up Week 2 Quiz Answers
Quiz 1: Module 2 Quiz: Building the Founding Team
Q1. What percent of venture-backed firms fail because of problems within the senior management team?
Q2. What are the three Rs of founding teams in Noam Wasserman’s model?
- Relationships, Rules, and Rewards
- Relationships, Roles, and Resources
- Relationships, Rules, and Resources
- Relationships, Roles, and Rewards
Q3. What percent of high growth startups have co-founders?
Q4. Prechelt (2000) found that programmers in the top 25 percentile (by performance) can perform ___ higher than those in the bottom 25 percentile.
Q5. Research within the video game industry showed that ___ percent of variation between the performance of games can be attributed to middle managers at the video game developer.
Q6. True or False? When forming a team, you should always choose people who are different from you to maximize performance.
Q7. What is Peter Thiel’s Law?
- Create a minimum viable product and iterate your way to success
- A startup messed up at its foundation cannot be fixed
- Would-be entrepreneurs are told that nothing can be known in advance
- All of these are true
Q8. What is a method to address known unknowns in a founder’s agreement?
- Building trust
- Contingent provisions
- Standard provisions
- Unequal equality
Q9. Why is the market value of sweat less than the market value of cash?
- Cash is “king”
- People typically do not quit their jobs to work on startups full-time
- All of these are true
- Cash investments are made with after-tax funds
Q10. Allocating equity among founders should be based on the relative value of the assets the founders contribute, including:
- All of these
- The original idea
Entrepreneurship 2: Launching your Start-Up Week 3 Quiz Answers
Quiz 1: Module 3 Quiz: Creating Networks
Q1. Which of the following is NOT a key characteristic of high-performing networks?
Q2. For an entrepreneurial team, members that are ___ internally and ___ externally tend to be the most high-performing.
- “B” type (broker), “B” type (broker)
- “A” (cohesive) type, “A” type (cohesive)
- “A” type (cohesive), “B” type (broker)
- “B” type (broker), “A” type (cohesive)
Q3. Mentors ___, whereas advisors ___.
- Have financial upsides / Have no financial upside
- Want to help you informally / Provide services in exchange for payment
- Are more focused on your company / Are more focused on you as a person
- Do not have voting rights / Have voting rights
Q4. When building your advisory board, you should ___.
- Invite everyone you’ve worked with before
- Use high prestige experts
- Never have more than seventeen members
- Always include at least one high level executive from a big company
Q5. You may want to hire an accountant earlier if ___.
- You don’t feel comfortable working with financials
- You have complicated tax issues
- You are concerned about structure
- All of these are true
Q6. The three criteria for patentability are ___.
- Creativity, non-obviousness, and utility
- Non-obviousness, novelty, and utility
- Utility, novelty, and creativity
- Novelty, creativity, and non-obviousness
Q7. Which of the following illustrates why Intellectual property is important?
- IP protects against backward engineering and accidental disclosure
- None of these are true
- IP gives similar rights akin to “real” property and excludes others from using
- IP has suppressed bad innovation
Q8. All of the below are forms of intellectual property EXCEPT ___.
- Trade secrets
Q9. Which of the following determines whether you have more or less access to resources?
- Nature of relationship between the contacts
- All of these are true
- Set of network contacts that you have
- Overall pattern of relationships
Q10. When hiring lawyers, you should ___.
- Hire the lawyer only when you get sued
- Hire based on which lawyer has the best coffee machine
- Find a lawyer that has worked with entrepreneurs before and knows the context
- Only hire the lawyer for company formation
Entrepreneurship 2: Launching your Start-Up Week 4 Quiz Answers
Quiz 1: Module 4 Quiz: Branding and the Entrepreneurial System
Q1. What is a key tradeoff to selecting a company name that immediately communicates the benefit proposition to consumers?
- This type of name does not offer much flexibility to adapt to technological and other changes in the future
- Such a name might lack ambiguity that will keep a customer interested
- No single name can concisely convey a company’s benefit proposition to customers
Q2. What are the three key norms of authenticity?
- Philosophical, social, and symbolic
- All of these
- Spiritual, physical, and cultural
- Functional, emotional, and symbolic
Q3. Which of the following is not an element of personality (as relevant to the United States)?
Q4. What can help you overcome bias in entrepreneurship?
- Apply for accelerators and launch programs
- All of the options are correct
- Scour your own networks
- Work with common interest groups
Q5. Which of these is not a cause of bias that has been observed in studies of entrepreneurship?
- Network Access
Q6. Which of the following is NOT a difference between an incubator and an accelerator?
- The cash investment from the accelerator into the business is minimal
- Time in the accelerator space is typically limit to 3-4 months
- Accelerators typically have a demo day with potential investors, while incubators may not
- Accelerators are typically less selective than incubators
Q7. Which is not a potential advantage for startups who work with an accelerator:
- Founders no longer need to seek funding
- Founders are more mobile afterward
- They are more likely to fail or succeed quickly
- They are faster to get funding
Q8. Based on empirical research, which strategy was used more frequently by unicorns valued at over $1 billion?
- Value chain strategy
- Disruptive strategy
- Blue ocean strategy
Q9. Which of the following is a friction associated with cooperation?
- Startup disclosure dilemma – negotiating terms of exchange and disclosing any information may undermine a startup’s value
- All of these are frictions associated with cooperation
- Transaction costs – frictions in identifying partners and in contracting
- One party is not interested due to factors such as different perceptions or an unclear value proposition
Q10. Which of the following statements about disruptive innovation is NOT true?
- Customers are initially able to state a preference for disruptive technologies that improve on only one attribute
- Disruptive technology initially performs worse compared to the existing technology
- The trajectory of improvement of disruptive technology is much steeper than existing technology
- All of these statements about disruptive innovation are true