Deck 4: Designing and Modelling a Social Venture

Question 1

Design thinking is

A) The same as lean start-up process and business model canvas
B) The same as start-up process but different from business model canvas
C) The same as business model canvas but different from lean start-up process
D) A starting framework that helps to achieve the goal of successful entrepreneurs to identify and deliver opportunities that are successful

Answer 1

D

Question 2

The design thinking process (the Design Thinking Framework utilized in this chapter) guides an entrepreneur or innovator through a process of which five stages?

A) R&D - Define - Ideation - Prototyping - Testing
B) Empathize - Define - Ideation - Prototyping - Testing
C) Empathize - Define - Ideation - Testing - Selling
D) Empathize - Define - Ideation - Prototyping - Selling

Answer 2

B

Question 3

What does design thinking facilitate?

A) User-centric innovation through iterative and cooperative management practices
B) User-centric innovation through linear and cooperative management practices
C) User-centric innovation through iterative and solo management practices
D) User-centric innovation through linear and solo management practices

Answer 3

A

Question 4

What is a business model?

A) A "recipe" for how a venture becomes sustainable economically
B) A "recipe" for how to end a venture premature
C) A "recipe" for informing stakeholders about a venture
D) A "recipe" for the daily activities of the employees of a venture

Question 5

Which three critical components do business models typically have?

A) Value judgement, value delivery and value capture
B) Value identification, market value and value capture
C) Value identification, value delivery and face value
D) Value identification, value delivery and value capture

Question 6

What is the aim of the lean start-up approach?

A) To build companies and launch products slower
B) To build companies and launch products quicker
C) To build companies slower and launch products quicker
D) To build companies quicker and launch products slower

Question 7

What is the essence of "the lean start-up process versus traditional business planning"?

A) The lean start-up approach and elaborate business plans are both inefficient use of time during the start-up phase
B) Elaborate business plans and the lean start-up are both efficient use of time during the start-up phase
C) The lean start-up approach asserts the idea that elaborate business plans are inefficient use of time during the start-up phase
D) Elaborate plans assert the idea that the lean start-up approach is inefficient use of time during the start-up phase

Question 8

What are the five key principles of the lean start-up model?

A) Entrepreneurs are everywhere; entrepreneurship is management; validated learning; innovation accounting; cash is king
B) Entrepreneurs are everywhere; entrepreneurship is management; validated learning; innovation accounting; team is king
C) Entrepreneurs are everywhere; entrepreneurship is management; validated learning; innovation accounting; competition
D) Entrepreneurs are everywhere; entrepreneurship is management; validated learning; innovation accounting; build-measure-learn

Question 9

Entrepreneurship is everywhere: it is one of the key principles of the lean start-up model. But what does it mean?

A) Entrepreneurs can come from large established companies or a tiny garage
B) Entrepreneurs should export
C) Entrepreneurs should import
D) Entrepreneurs should export and import

Question 10

Validated learning is one of the key principles of the lean start-up model. But what does it mean?

A) Start-ups exist to learn how to build a sustainable business
B) Start-ups do not have the time to learn how to build a sustainable business
C) Start-ups first have to make money and then should learn how to build a sustainable business
D) Start-ups should sell the outcomes of their learning process

Question 11

What is not an aspect of innovation accounting?

A) Focus on how to measure progress
B) Focus on how to set up milestones
C) Focus on how to prioritize work
D) Focus on how to sell innovation knowledge

Question 12

What are the three key elements of the lean start-up model?

A) Business modelling; agile development; knowledge development
B) Business modelling; agile development; customer development
C) Business modelling; stiff development; customer development
D) Business modelling; stiff development; knowledge development

Question 13

With "agile development", one of the key elements of the lean start-up model, it is suggested that lean start-ups adopt a "get out the building" philosophy. What does that mean?

A) The entrepreneur should sell her or his building as soon as possible
B) The entrepreneur should never buy a building
C) The entrepreneur should always have an exit strategy
D) The entrepreneur should test many of the core assumptions and hypotheses she or he has about her or his business idea in the marketplace

Question 14

The abbreviation MVP, in the context of the lean start-up model, stands for?

A) Most valuable player
B) Maximum viable product
C) Minimum viable product
D) Minimum viable process

Question 15

What does the concept "build-measure-learn" in the context of the lean start-up model represent?

A) The separation between the learning received from customers and what determines whether you change, tweak, or continue to build your product
B) To turn ideas into products, measure how customers respond, and then learn how to pivot or persevere.
C) The continuous circle in which the learning received from the production process determines whether you change, tweak, or continue to build your customer segment
D) None of these answers

Question 16

What are the nine basic building blocks of the original business model canvas?

A) Production segment; value proposition; channels; customer relations; revenue streams; key resources; key activities; key partnerships; cost structure
B) Customer segment; value proposition; channels; production relations; revenue streams; key resources; key activities; key partnerships; cost structure
C) Customer segment; value proposition; channels; customer relations; revenue streams; key resources; key activities; key partnerships; cost structure
D) Customer segment; value proposition; channels; customer relations; production relations; revenue streams; key resources; key partnerships; cost structure

Question 17

Which statement about the building blocks customer segment and value proposition is right?

A) For each customer segment, the entrepreneur has to have a specific value proposition
B) For all customer segments, the entrepreneur has to have the same value proposition
C) For each customer segment, the entrepreneur has to have different value propositions
D) The entrepreneur first has to develop the value proposition, and then the customer segment

Question 18

What is the relation between the lean canvas and the business model canvas?

A) The lean canvas is an adaptation to the business model canvas with a more actionable focus
B) They are practically the same
C) The business model canvas is an adaptation to the lean canvas with a more actionable focus
D) Nothing, they are completely different

Question 19

What are the nine basic building blocks of the lean canvas?

A) Customer segment; problem; solution; unique value proposition; revenue streams; channels; key metrics; cost structure and unfair disadvantage
B) Customer segment; problem; solution; unique value proposition; revenue streams; channels; key metrics; cost structure and unfair advantage
C) Customer segment; problem; solution; shared value proposition; revenue streams; channels; key metrics; cost structure and unfair advantage
D) Customer segment; problem; solution; unique value proposition; revenue streams; channels; quality; cost structure and unfair advantage

Question 20

Which four boxes in the lean canvas differ from the original business model canvas?

A) Problem, solution, key metrics and unfair advantage
B) Customer segment, solution, key metrics and unfair advantage
C) Problem, solution, revenue streams and unfair advantage
D) Problem, solution, key metrics and cost structure

Question 21

The Unique value proposition (UVP) is considered to be the most difficult building block of the lean canvas, why?

A) Because the entrepreneur should determine what makes her or his product or service stand out to herself or himself
B) Because the entrepreneur should determine what makes her or his product or service stand out to customers
C) Because the entrepreneur should determine what makes her or his product or service stand out to employees
D) Because the entrepreneur should determine what makes her or his product or service stand out to competitors

Question 22

Key metrics is one of the building blocks of the lean canvas, which explains how success is measured. Which question(s) has (have) to be answered for that purpose?

A) What key activity/action should be used to measure the value proposition?
B) How is success defined and what is needed to achieve to make the product or venture?
C) Answers a and b.
D) Neither answer a nor answer b.

Question 23

Unfair advantage is one of the building blocks of the lean canvas, but what does it mean?

A) Non-ethical advantage
B) Illegal advantage
C) Unique advantage
D) Competitive advantage

Question 24

The design thinking process is ideally suited for the finalization process of innovation.

Question 25

Emphasize, the first stage in the design thinking process in this chapter, is aimed at the better understanding the persona for whom one is attempting to design a solution.

Question 26

Design thinking methods allow for experimentation.

Question 27

Business models typically have three critical components: value judgement, value delivery and value capture.

Question 28

The aim of the lean startup approach is to build companies and launch products slower.

Question 29

The lean start-up approach asserts the idea that elaborate business plans are inefficient use of time during the start-up phase.

Question 30

Churn rate, in the context of the lean start-up approach, is the turnover rate of customers over a specified period.

Question 31

Entrepreneurs are everywhere or entrepreneurship is management do exclude each other as key principles of the lean start-up model.

Question 32

Viralness, in the context of the lean start-up approach, refers to how rapidly but limitedly knowledge or purchase of a product or service spreads.

Question 33

Innovation accounting is one the five key principles of the lean start-up model.

Question 34

Focus on how to measure progress is one aspect of innovation accounting.

Question 35

Validated learning is not one the five key principles of the lean start-up model.

Question 36

Validated learning means that start-ups exist to learn how to build a sustainable business.

Question 37

MVP, in the context of lean canvas, stands for most viable product.

Question 38

The lean canvas can be filled out in any order.

Question 39

The customer segment box is said to drive the rest of the lean canvas

Question 40

Unique value proposition (UVP) is one of building blocks of the lean canvas.

Question 41

Unfair advantage is competitive advantage in the lean canvas.

Question 42

What is design thinking according to Brown (2008, p. 92)?

Question 43

List the five stages of the Design Thinking Framework utilized in this chapter.

Question 44

How can design thinking methods enable social entrepreneurs?

Question 45

A business mode is a "recipe" for what?

Question 46

What are the three critical components that business models typically have?

Question 47

Describe value identification.

Question 48

Describe value delivery.

Question 49

Describe value capture.

Question 50

What are the five key principles of the lean start-up model?

Question 51

What are the three key elements of the lean start-up model?

Question 52

Mention the nine basic building blocks of the original business model canvas.

Question 53

Mention the nine basic building blocks of the lean canvas.

Question 54

In the lean canvas the unfair advantage, also called competitive advantage, helps the entrepreneur to identify … ?

Question 55

The lean canvas is an adaptation to the business model canvas with a more actionable focus. There are four boxes that are different in the lean canvas. Name them all four and elaborate on how these four differences lead to a more actionable focus.

Question 56

The lean canvas represents a set of nine connected building blocks. Write an essay on the connectedness of these nine building blocks.

Question 57

Picture the development of a social enterprise from start to growth to maturity. Explain how the approaches design thinking, lean start-up and business model canvas play a role for the entrepreneur in each of the three development stages. Choose one approach per stage.