Chapter 10 Review

Process of ongoing market research and data analysis to prove a business idea is truly a business opportunity.

• ideation

• viability

• business model validation

• lean start-up

A question about a prospective business opportunity that

provides guidance to market research done for the business.

• research objective

• research cycle

• lean start-up

• business model validation

A six step process that entrepreneurs used to answer a question about their business through gathering and analyzing data.

• business model validation

• lean startup

• minimum viable product

• research cycle

A prototype or first attempt at bringing a product or service to market quickly and cheaply that the entrepreneur tries to sell to get feedback from potential

customers.

• lean startup

• minimum viable product

• business model validation

• ideation

A shorter version of a business plan that allows the business to enter the market as soon as possible with very limited resources and using ongoing research to fine tune the business as it grows.

• business plan

• lean startup canvas

• prototype

• minimum viable product

Reorder the following parts of the Research Cycle

• Identify research objectives

• Determine methods and sources

• Draw Conclusions

• Collect Data

• Analyze data

Market research is an ongoing process.

• True

• False

Validating a business through research can help a business avoid costly mistakes.

• True

• False

Drawing conclusions is the first step in the research cycle.

• True

• False

The ongoing market research cycle should be the driving force of any business planning process.

• True

• False