QUIZ: Business Model Development Share on Twitter Share on Facebook Share on Google+ Share on Pinterest 1. Where can Business Model Innovation be applied? To products and services To disruptive innovation only To services only To products only Continue >> 2. What is the main goal of the early stages of Business Model Innovation? Getting further funding for later stages Filling out the first business model canvas Finding an appropriate business model for your product or service Finding the right partners for development and sales Continue >> 3. What are the key characteristics of an appropriate business model? Nice-looking visuals in the business model canvas It is profitable, implementable, and scalable Minimum 30% revenue after the second year No empty boxes in the business model canvas Continue >> 4. What are the three questions any business model needs to answer? What actionable metrics to define? Which qualitative metrics to be used? How is value created, delivered, and captured? How can quantitative metrics be applied? Continue >> 5. How can uncertainties about your business model be reduced? By launching a simple website/ landing page Through iterations and validated learning from customers, users, and partners By developing a storyboard By creating a video Continue >> 6. What 3 things does a business model describe? Flexibility Feasibility Desirability Viability Continue >> 7. What do the value streams represent? How to establish customer relationship with customers and partners The flow of money or other deliverables from one entity to another The way a product is created Only the flow of money from one object to another Continue >> 8. Which category of people can you consider your competitor? Members of your own industry sector offering similar solutions Customers deciding not to solve the problem you are addressing with your products Start–ups rising in your location Substitute solutions designed to solve similar problems Continue >> 9. For whom should you be delivering a valid value proposition? For all customer segments in your industry For only one customer segment in a business model For at least one specific customer segment For all customers segments your competitor is targeting Continue >> 10. What is the function of the common value proposition? To ensure the minimum value a product must bring to be able to compete To build trust at the competitor side To summarize all unique value propositions To mirror the common understanding of the product's value Continue >> 11. What are the 3 main components of the lean start-up principle applied in the test cycles? Build – Measure – Verify Build – Measure – Learn Test – Verify – Rebuild Verify – Learn – Build Continue >> 12. How do you best test the viability of your business model? Use a mix of experiments and lots of quick iterations Use iterative testing, but with one experiment only. There is no need to test at all. Use one experiment only and one time testing. Continue >> 13. Which of the following best defines a Minimum Viable Product (MVP)? Cost / revenue calculation based on the business model logic plus assumptions regarding addressable market, number of deals p.a., average deal size, average costs etc. Standardized and “language” template for describing a business model Cost-efficient representations of the assumed value proposition, which can be tested on customers with regard to their willingness to invest scarce resources, e.g. time or money Description of how value is created, delivered, and captured Continue >> 14. What is the idea behind an MVP? To build a beta version of the product that is as close as possible to the planned end product To build a cost-efficient ‘representation’ (prototype) of the assumed value proposition or other business model elements, which can be tested on the customer with regard to willingness to invest scarce resources To build a variety of low-cost prototypes at the same time to find out which one attracts the customer the most To build a prototype including more features and functions than the envisaged end product in order to provide the end user with all possible alternatives. Continue >> 15. What is the meaning of the term “pivoting”? To change one or many elements of your business model To ideate on a challenge to your business model To define a hypothesis based on the most critical assumption in your business model To create a baseline for your business model, consisting of a network and an enterprise view Continue >> 16. What is a business case? A cost-efficient representation of the assumed value proposition which can be tested with the customer A standardized template for describing a business model A cost/revenue calculation based on the business model logic A description of how value is created, delivered, and captured Continue >> 17. What is the typical time horizon for a business case? 3-6 months Only one year 3-5 years 10-15 years Continue >> 18. What is a game plan? A workshop agenda A guideline on how to populate a baseline An execution plan for viability testing A visualized project plan Continue >> 19. What is the typical horizon for a game plan? Short-term (5-14 days) Mid-term (3-12 months) Long-term (2-5 years) Strategic / visionary (3-20 years) Continue >> 20. What is the main purpose of the qualitative evaluation of a business model? To find a most appropriate business model based on rated criteria To create a baseline, including the network and enterprise view, for a business model To iterate a business model until a most appropriate is found To test the key assumptions with a Minimum Viable Product (MVP) Continue >> QUIZ: Business Model Development Excellent Share your Results : Facebook Twitter Google+ QUIZ: Business Model Development Outstanding Share your Results : Facebook Twitter Google+ QUIZ: Business Model Development Very Good Share your Results : Facebook Twitter Google+ QUIZ: Business Model Development Good Share your Results : Facebook Twitter Google+ QUIZ: Business Model Development Satisfactory Share your Results : Facebook Twitter Google+ QUIZ: Business Model Development Sufficient Share your Results : Facebook Twitter Google+ QUIZ: Business Model Development Barely Sufficient Share your Results : Facebook Twitter Google+ QUIZ: Business Model Development Insufficient Share your Results : Facebook Twitter Google+ QUIZ: Business Model Development Very Insufficient Share your Results : Facebook Twitter Google+ QUIZ: Business Model Development Totally Insufficient Share your Results : Facebook Twitter Google+ PLAY AGAIN !