Lesson-1-Startups-in-a-Nutshell (1)

A startup is a company that is confused about __________.

What its product is, who its customers are, how to make money.

A startup is a human institution designed to create a new product or service under conditions of __________.

Extreme uncertainty.

The key to developing a startup is to search for a __________ and __________ business model.

Repeatable and scalable.

The number 1 reason why startups fail is due to __________.

No market need.

The three major roles in a startup team are __________, __________, and __________.

Hustler, Hacker, Hipster.

Important Startup Fundamentals include __________, __________, and __________.

Product/Service, Customers, Revenue Stream.

To create a startup idea, you should look for __________ to solve.

Problems.

The five stages of the Design Thinking process are empathize, define, __________, prototype, __________.

Ideate, Test.

The __________ is a repeatable framework used to plan and document the design thinking process.

Design Thinking Canvas.

The Lean Startup Methodology focuses on __________, iterative product releases, and validated learning.

Business-hypothesis-driven experimentation.

The Lean Startup encourages entrepreneurs to focus on building a __________.

Minimal Viable Product (MVP).

A startup team can be defined as an organization designed to solve problems in a __________.

Creative and innovative way.

What is the first step in building a startup? __________.

Look for a problem.

The goal of the Customer Development Model is to figure out exactly who your __________ are.

Customers.