NPTEL Entrepreneurship Essentials Week 5 Assignment Answers 2024

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NPTEL Entrepreneurship Essentials Week 5 Assignment Answers 2024

1. How does a lean startup work? Choose the best option from the following:

a. Write a business plan, approach investors, follow the build, operate, and validate iterative process of product development.
b. Define hypothesis based on a pain, build MVP, get it validated by early adopters, rebuild based on learning, eliminate anything that will not cause change in customer value.
c. Have a lean team, lean business model, lean customer base, and lean logistics to ensure quick execution, higher margin, and sustainable business process.
d. Define leap of faith, prepare business model canvas, validate hypothesis, refine your product, follow build, measure, and learn process.

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2. All the following statements describe some of the key components of lean startup process. Choose the most appropriate option.

a. Agile process, lean process, minimize marketing costs, superior value proposition, cutting all possible costs.
b. Lean manufacturing, charge early, product-market-fit, pre-emptive strategies, and hiring the best talents.
c. Business model canvas, validated learning, and minimum viable prototype.
d. Build, measure, and learn iterative process, agile process with all possible cost cutting.

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3. Crossing the chasm refers to crossing from which phase to which phase?

a. Early adapter to late majority
b. Early adapters to early majority
c. Early majority to late majority
d. Early majority to laggards

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4. Waterfall model of product development uses:

a. The validated learning processes.
b. An iterative process of product development.
c. Validation is not done until the product is ready, and the company begins to sell it.
d. The build, measure and learn process of the design thinking strategy.

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5. Agile process is?

a. About reducing waste at all possible steps and eliminating everything if it does not affect the value perception of the customers.
b. An iterative process in collaboration with potential end-users for validation or otherwise at every stage of product development and refine the product according to feedback.
c. A linear process in which validation is done by actual customers as the product is development process is completed and refinement is made based on customers’ feedback after they use the products.
d. Is a part of lean manufacturing that emphasizes minimizing waste, improving efficiency, and maximizing value to customers through continuous improvement of the processes..

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6. A startup begins with two hypotheses: A value hypothesis and a growth hypothesis. What is the growth hypothesis?

a. The proposed business will generate enough value for the founders, their families, and their fortune will grow fast enough.
b. The proposed product or service will help create economic growth for the nation and its citizens and improve the quality of their lives.
c. The product or service will be superior to those of competitors and create value for the customer and they will come repeatedly to buy the products of the company.
d. There is an adequate existing market, and the market is likely to experience significant growth for the business to scale.

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7. A startup begins with two hypotheses: A value hypothesis and a growth hypothesis. What is the value hypothesis?

a. The proposed business will generate enough value for the founders and their families.
b. The product or service is a fit to the customers’ needs and customers will perceive our value proposition as superior compared to those of the competitors.
c. The business will create significant value for stakeholders in general and it will emerge as a success story.
d. There is a lot of value in the market, and the business will capture substantial market share in a given time horizon.

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8. Choose the correct statement from the following:

a. The center of the circle of competence is the vision of a new enterprise.
b. The circle of competence is the center of the knowledgebase of an organization and the company derives its competitive advantage from it.
c. The circle of competence is the center of your cognitive talent and your learning begins from this point to gain core competency.
d. The circle of competence is the domain where you have deep knowledge in, and you are likely to succeed by taking up jobs or business in that domain.

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9. A startup begins with a leap of faith. What is a leap of faith in this regard?

a. It is an assumption that the product will sell even if the customers are not aware of the pain they suffer from.
b. It is in the context of faith that customers will be forgiving about nominal limitations in the product or service and will buy repeatedly and increasingly.
c. The trust that the proposed business will achieve growth and the company will leapfrog its profitability.
d. It is an assumption without data or known credential that the customer will buy the product when made available.

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10. Which of the following are true in respect of lean startup concept?

A. Lean startup attracts angels and venture capitalist to invest in the business.
B. Lean startup reduces the chances of failure of product being developed and accelerates product development process.
C. Lean startup focuses on cost optimization and reduces the cost of product development.
D. Lean startups emphasize on empathizing with customers and employees, validated learning and lean investment.
E. Lean startup promotes entrepreneurial ecosystem and reduces chances of failure.
Options:

a. A & E
b. B & C
c. B & D
d. C & E
e. A & B

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