Georgetown Ventures New Member Quiz
Georgetown Ventures New Member Quiz
Welcome to the Georgetown Ventures New Member Quiz! This quiz is designed to test your knowledge about the various divisions within Georgetown Ventures and the startup process. Whether you're a new member or just curious, this quiz will help you understand the essential concepts and methodologies that drive early-stage entrepreneurship.
- Covering key divisions and their responsibilities
- Understanding the startup process step-by-step
- Learning about customer discovery and market research
Name the division: Conduct market research, develop strategies, turn MVP into successful profitable business
Launchpad
Creative
Accelerator
Name the division: Teach early-stage entrepreneurs lean startup methodologies (SWOT analysis, value proposition, business model); Gather customer research through surveys and interviews; End goal: establish MVP
Launchpad
Creative
Accelerator
Name the division: Responsible for publicizing events and activities of GV and startups to develop awareness on-campus; Work directly with entrepreneurs to help them with marketing and building brand; Reach out to entrepreneurs, VCs, angel investors, alumni, and companies to build GV mentorship and partnership network with goal of producing events and fundraising
Launchpad
Creative
Accelerator
Which step comes second in the startup process?
Identify a problem
Create a business plan
Validate business plan
Chose a solution
What is the main reason that startups fail?
Poor planning, unexpected costs
Underestimating the competition
Not caring enough about the consumer
Run out of cash
The process of talking to potential customers. Goal is to see if your business plan will turn into a profitable business.
Top-down research
Customer discovery
Bottom-down research
Creating a hypothesis
Understanding generic principles about the market to quantify the market (size, barriers to entry, etc.), market sizing, industry trends, competitive analysis
Top-down research
Bottom-down research
Discovering an unmet need, observation, focus groups, surveys, feedback
Top-down research
Bottom-down research
What does this describe: Way of organizing aspects of business plan to help you think about key things necessary to run a company; can help to construct a convincing pitch
What are some ways you can speak to your customer? (select more than one if applicable)
Using personal connections (contacts of potential customer)
Unconventional online methods (Groupme, Reddit, Slack, Social media, etc.)
Forcing your friends to participate in a survey
Connecting with only people who think will be fit to be a customer
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