SECTION 3:3 TEST

1. According to Bill Gates, what will happen if a business is not on the internet?
A) The business will thrive in local markets
B) The business will be out of business
C) The business will grow through traditional means
D) The business will not face much competition

2. What does time to market refer to?
A) How long it takes to develop a business plan
B) How quickly an idea can be turned into a product or service available to customers
C) The time spent in research and development
D) How long it takes to analyze the competition

3. What does Jeff Bezos emphasize about balancing speed in business?
A) Speed is always more important than quality
B) It’s crucial to be fast, but equally important to do things right the first time
C) Quality should be prioritized, regardless of speed
D) Businesses should focus solely on speed, not execution

4. How can entrepreneurs create agility and flexibility to speed up execution?
A) By reducing bureaucracy and fostering a culture of experimentation and innovation
B) By avoiding innovation and sticking to traditional methods
C) By focusing on slow, deliberate planning
D) By relying on long development cycles

5. What is the purpose of launching a Minimum Viable Product (MVP)?
A) To release a perfect product to the market
B) To provide core functionality and allow for feedback-driven improvements
C) To avoid getting feedback from customers
D) To delay the product launch until all features are complete

Answers:

1. B) The business will be out of business
2. B) How quickly an idea can be turned into a product or service available to customers
3. B) It’s crucial to be fast, but equally important to do things right the first time
4. A) By reducing bureaucracy and fostering a culture of experimentation and innovation
5. B) To provide core functionality and allow for feedback-driven improvements