Test on Lean Canvas: A Business Planning Tool

Question 1: For an idea stage venture using Lean Canvas, the process primarily involves documenting initial assumptions without requiring their validation until a Minimum Viable Product (MVP) is ready for launch.

A. Ano

B. Ne

Explanation: The study materials state that for an idea stage venture, an effective use of Lean Canvas requires identifying and validating key assumptions around each component to develop a feasible venture idea. This validation is important for checking the feasibility of the venture idea early on, rather than waiting until an MVP is ready.

Question 2: According to the study materials, what is the primary purpose of Key Metrics within the Lean Canvas framework?

A. To identify the top three problems a product or service aims to solve.

B. To track business performance, manage operations efficiently, and make informed strategic decisions.

C. To outline the top three features or solutions to address identified problems.

D. To detail the main costs involved in operating the business.

Explanation: The study materials state that "Key Metrics identifies the key performance indicators to measure your business's success" and are "essential for any business to track its performance, manage operations efficiently, and make informed strategic decisions." The other options describe other components of the Lean Canvas: problems, solutions, and cost structure.

Question 3: A key assumption to validate when establishing revenue streams is whether the chosen channels are accessible and effective in reaching target customers.

A. Ano

B. Ne

Explanation: The 'Establish Revenue Streams' step focuses on validating viability, pricing, and scalability of revenue models. The assumption about channels being accessible and effective in reaching target customers is part of the 'Determine Channels' step, not 'Establish Revenue Streams'.

Question 4: When identifying key metrics for a new venture, which of the following are important assumptions to validate?

A. That the metrics are relevant and aligned with business goals.

B. That the metrics can be accurately measured and tracked.

C. That the metrics provide actionable insights for decision-making.

D. That the customer acquisition channels are cost-effective.

Explanation: According to the study materials under '8. Identify Key Metrics', the assumptions to validate include Relevance (metrics are relevant and aligned with business goals), Measurability (metrics can be accurately measured and tracked), and Actionability (metrics provide actionable insights for decision-making). The cost-effectiveness of customer acquisition channels is an assumption to validate when determining channels, not when identifying key metrics.

Question 5: The Net Promotion Score (NPS) is a metric that primarily assesses customer satisfaction and does not directly measure customer loyalty.

A. Ano

B. Ne

Explanation: The study materials state that the Net Promotion Score (NPS) measures both customer satisfaction and loyalty by asking customers how likely they are to recommend the business to others.