New Venture Development: Module 4 Quiz

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1. According to Dan, what is one of the first things you should do once you get an idea?

find investors

build a prototype

attract a technical founder

apply to accelerators

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2. An important question to ask yourself early in the idea development stage is

who is the optimal technical co-founder for me?

how much does it cost to be "out-of-the-gate great?"

which investors should I attract first?

what features are optimizations versus intrinsic improvements?

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3. What is most likely Dan's philosophy toward measurements early in the startup process?

it's important to identify as many metrics as possible so you don't miss the market opportunity

you need to get people to say nice things about your product so you can improve it

it's important to be able to add as many features as possible to your initial prototype

you should focus on only a few metrics

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4. In terms of metrics, this measure is almost always the most important for startups

validated intellectual property, such as a patent

new team members

revenues

working prototype

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5. In terms of "learning versus improving" Dan emphasizes that

you should use questions that don't require a commitment from your potential customers

you should just go ahead and ask people what they think of your idea

you should go straight to strangers for answers

you should ask customers if they like data

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6. An important process-oriented lesson from Dan's Fake it Till You Make it talk is

avoid making mistakes so you don't waste time

do as little as necessary to prove what you're doing is valuable

you need to be able to change your vision to fit the features you've identified for your customers

make sure your prototype has as many features as possible so your customers can show you which ones they like

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7. In terms of Dan's "useful questions" slide, the most important trick he's learned to use is

getting them to sign a purchase order for your product

find out what they think is the most INTERESTING about your product

force them to say good things about you

give the customer your pitch and then ask them to give the pitch back to you

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8. Each of the following is an example of "hacking real improvement in four weeks" EXCEPT

having three great people who are lined up to go full-time once you reach 20,000 users

getting a letter of intent from potential customers

getting people to simulate an actual purchase as closely as possible

moving everyone who is part time to full time on your team

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