SECTION 3:10 TEST

1. According to Eric Ries, what is a pivot?
A) A complete overhaul of your business vision
B) A change in strategy without a change in vision
C) A shift in vision and strategy
D) A temporary solution to a small problem

2. What is a key factor that helps entrepreneurs know when to pivot?
A) Listening to customer feedback and adjusting accordingly
B) Sticking to their original plan at all costs
C) Avoiding market trends and feedback
D) Waiting until the business is failing to consider changes

3. How did Netflix successfully pivot?
A) By expanding their DVD rental business globally
B) By switching from DVD rentals to streaming services as the future of media consumption moved online
C) By focusing solely on physical media despite digital trends
D) By reducing their investment in new technologies

4. What does the example of Slack demonstrate about pivoting?
A) A pivot always requires a complete change in product
B) A business can pivot based on internal tools or solutions that prove valuable
C) Gaming companies cannot pivot to other industries
D) Pivoting means abandoning the original idea completely

5. According to Mark Zuckerberg, what is the only strategy guaranteed to fail in a fast-changing world?
A) Not taking risks
B) Taking too many risks
C) Focusing on short-term goals
D) Avoiding customer feedback

Answers:

1. B) A change in strategy without a change in vision
2. A) Listening to customer feedback and adjusting accordingly
3. B) By switching from DVD rentals to streaming services as the future of media consumption moved online
4. B) A business can pivot based on internal tools or solutions that prove valuable
5. A) Not taking risks