Entrepreneurship 2: Launching your Start-Up Quiz Answers

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Once you have a prototype and a clearer vision of the opportunity, you’ll need to create a small organization to discover how to create a repeatable and scalable business model. Designed to provide you with a comprehensive overview of the critical components of creating a start-up, Entrepreneurship 2: Launching the Start-up, provides practical, real-world knowledge about the lean approach, the minimum viable product, when to pivot, when to quit your day job, the art of the pitch, building and managing a team, allocating equity, and building your external team, advisory board members, professional services, and entrepreneurial strategy.

At the end of this course, you’ll be able to create a strategy for launch, including knowing who you need to hire, how to manage them to provide the greatest value, and what legal aspects are involved. You’ll also be prepared for Entrepreneurship 3: Growth Strategies.

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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
Prototypes
Surveys

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.

False
True

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
Sweat
Cash
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?

Brokerage
Diversity
Interdependence
Trust

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 ___.

Claims
Copyrights
Patents
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)?

Competent
Rugged
Exciting
Sincere
Passion
Sophisticated

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
Discrimination
Disintermediation
Homophily

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

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