Lean Startup Methodology Practice Exam

Question 1 Lean Startup Methodology

What is the difference between Series B and Series C?

Growth driven by users inviting other users — the key metric is the viral coefficient (k). If k > 1, growth is exponential. Series B scales proven models ($15M–$50M); Series C+ expands into new markets, acquisitions, or prepares for IPO ($50M+). Eric Ries identifies three engines: Sticky (retention-driven), Viral (referral-driven), and Paid (advertising-driven) — each with its own key metrics. Growth driven by high customer retention — the key metric is churn rate, and growth occurs when new customer acquisition exceeds churn.

Question 2 Lean Startup Methodology

What is the purpose of an MVP?

The simplest version of a product that allows you to collect the maximum amount of validated learning about customers with the least effort. The tasks, problems, or needs the customer is trying to address — functional, social, or emotional. To test a core hypothesis about your product with real customers as quickly and cheaply as possible — not to build a polished product. A pivot where a single feature of the product becomes the entire product — what was part of the offering is now the whole focus.

Question 3 Lean Startup Methodology

What is the Lean Startup methodology?

The opposite of zoom-in: the current entire product becomes just one feature of a larger product needed to solve the customer's problem. Running two versions of a feature simultaneously with different user groups to measure which performs better on a specific metric. A framework by Eric Ries for building businesses and products through validated learning, rapid experimentation, and iterative development to reduce waste and uncertainty. 1. Problem 2. Solution 3. Market size 4. Product 5. Business model 6. Traction 7. Team 8. Competition 9. Financials 10. Ask.

Question 4 Lean Startup Methodology

What is the "Lean" in Lean Startup?

Borrowed from lean manufacturing (Toyota Production System) — the principle of eliminating waste (anything that doesn't create value for the customer). A structured course correction — changing one element of your business model (customer, problem, solution, channel, etc.) based on validated learning. A short-term debt instrument that converts into equity at a later funding round, typically with a discount rate and/or valuation cap. An MVP where you personally deliver the service to each customer by hand — validating that people want the outcome before scaling.

Question 5 Lean Startup Methodology

What are "gains" in the Value Proposition Canvas?

Positive outcomes or benefits the customer desires or would be surprised by — including functional, social, and emotional gains. Achieving the same solution using a different technology — often to improve performance, reduce cost, or reach a new platform. The tasks, problems, or needs the customer is trying to address — functional, social, or emotional. Whether users come back and continue using the product over time — often the most critical metric for long-term success.

Question 6 Lean Startup Methodology

Name five common types of pivots.

It tells a relatable story that makes the audience feel the pain — ideally with data quantifying the problem's severity and scope. 1. Zoom-in pivot 2. Zoom-out pivot 3. Customer segment pivot 4. Customer need pivot 5. Channel pivot. Visionary customers willing to take risks on unproven products. They provide critical feedback, case studies, and early revenue. Typically $3M–$15M raised when a startup has demonstrated traction and PMF; used to optimise the product and scale the business model.

Question 7 Lean Startup Methodology

What is the "Engine of Growth" concept?

Eric Ries identifies three engines: Sticky (retention-driven), Viral (referral-driven), and Paid (advertising-driven) — each with its own key metrics. To test a core hypothesis about your product with real customers as quickly and cheaply as possible — not to build a polished product. Scaling the business (hiring, marketing spend) before achieving product-market fit — the #1 cause of startup failure according to Startup Genome. 1. Zoom-in pivot 2. Zoom-out pivot 3. Customer segment pivot 4. Customer need pivot 5. Channel pivot.

Question 8 Lean Startup Methodology

What is validated learning?

Sustaining innovation improves existing products for current customers; disruptive innovation creates new markets or displaces incumbents with simpler, cheaper alternatives (Clayton Christensen). A structured course correction — changing one element of your business model (customer, problem, solution, channel, etc.) based on validated learning. If a co-founder or employee leaves before 12 months, they receive no equity — protecting the company from short-term departures. The process of demonstrating empirically that a team has discovered valuable truths about present and future business prospects through experiments.

Question 9 Lean Startup Methodology

What are the four stages of customer development?

A framework by Eric Ries for building businesses and products through validated learning, rapid experimentation, and iterative development to reduce waste and uncertainty. You drive end-user demand into the sales channel, scaling marketing and sales activities based on the validated model. Changing the distribution or sales channel (e.g., from direct sales to self-serve, or from web to mobile) while keeping the product largely the same. 1. Customer Discovery 2. Customer Validation 3. Customer Creation 4. Company Building.

Question 10 Lean Startup Methodology

What is an "Unfair Advantage" on the Lean Canvas?

1. Customer Segments 2. Value Propositions 3. Channels 4. Customer Relationships 5. Revenue Streams 6. Key Resources 7. Key Activities 8. Key Partnerships 9. Cost Structure. A framework by Eric Ries for building businesses and products through validated learning, rapid experimentation, and iterative development to reduce waste and uncertainty. Whether users have a great first experience — reaching the "aha moment" that demonstrates the product's value. Something that cannot be easily copied or bought by competitors — e.g., insider knowledge, proprietary technology, network effects, team expertise.

Question 11 Lean Startup Methodology

What is the "Jobs to Be Done" (JTBD) framework?

A framework by Eric Ries for building businesses and products through validated learning, rapid experimentation, and iterative development to reduce waste and uncertainty. Typically $3M–$15M raised when a startup has demonstrated traction and PMF; used to optimise the product and scale the business model. An MVP where the product appears automated to the user but is actually operated manually behind the scenes — testing demand before building technology. A theory by Clayton Christensen: customers don't buy products — they "hire" them to do a job. Understanding the job leads to better innovation.

Question 12 Lean Startup Methodology

What is an MVP (Minimum Viable Product)?

A testable assumption about how new customers will discover your product — testing whether your growth model actually works. Dave McClure's framework: Acquisition → Activation → Retention → Revenue → Referral — tracking the full user lifecycle. To test a core hypothesis about your product with real customers as quickly and cheaply as possible — not to build a polished product. The simplest version of a product that allows you to collect the maximum amount of validated learning about customers with the least effort.

Question 13 Lean Startup Methodology

What is a value hypothesis?

A testable assumption about whether your product delivers enough value that customers will use it and pay for it. A methodology by Steve Blank for testing business model hypotheses through direct customer engagement across four stages. Positive outcomes or benefits the customer desires or would be surprised by — including functional, social, and emotional gains. Eric Ries identifies three engines: Sticky (retention-driven), Viral (referral-driven), and Paid (advertising-driven) — each with its own key metrics.

Question 14 Lean Startup Methodology

What is a "smoke test"?

Metrics that look impressive but don't inform decisions — e.g., total registered users, page views, or downloads without engagement context. 1. Zoom-in pivot 2. Zoom-out pivot 3. Customer segment pivot 4. Customer need pivot 5. Channel pivot. Scaling the business (hiring, marketing spend) before achieving product-market fit — the #1 cause of startup failure according to Startup Genome. A test to gauge demand before building — e.g., a landing page with a "Buy Now" button that tracks clicks to validate willingness to pay.

Question 15 Lean Startup Methodology

What is the "riskiest assumption test" (RAT)?

A test to gauge demand before building — e.g., a landing page with a "Buy Now" button that tracks clicks to validate willingness to pay. A non-binding document outlining the key terms and conditions of an investment — including valuation, amount, board seats, and protective provisions. Identifying your startup's most dangerous assumption and designing an experiment to test it first — failing fast on the biggest risk. Start with industry research data on total market size and narrow down based on your segment — e.g., "The global CRM market is $80B."

Question 16 Lean Startup Methodology

What is a pivot in Lean Startup?

A structured course correction — changing one element of your business model (customer, problem, solution, channel, etc.) based on validated learning. The Lean Startup by Eric Ries, published in 2011, drawing on lean manufacturing, agile development, and customer development. Running two versions of a feature simultaneously with different user groups to measure which performs better on a specific metric. "How would you feel if you could no longer use this product?" If >40% answer 'very disappointed', you likely have product-market fit.

Question 17 Lean Startup Methodology

What is a pitch deck?

Not a spreadsheet tool — it's a record of each pivot a startup makes, documenting what was learned and why the direction changed. An MVP where the product appears automated to the user but is actually operated manually behind the scenes — testing demand before building technology. You test whether your problem and solution hypotheses are correct by talking to potential customers — "getting out of the building." A 10–20 slide presentation used to communicate a startup's vision, opportunity, product, traction, team, and fundraising ask to investors.

Question 18 Lean Startup Methodology

What is product-market fit (PMF)?

How users find and arrive at your product — measured by traffic, sign-ups, or app installs by channel. The point where your product satisfies a strong market demand — customers are buying, using, and recommending it, and you can barely keep up. 1. Problem 2. Solution 3. Market size 4. Product 5. Business model 6. Traction 7. Team 8. Competition 9. Financials 10. Ask. To be the chief experimenter — running the learning loop, making pivot-or-persevere decisions, and ensuring the team stays focused on validated learning.

Question 19 Lean Startup Methodology

What are "customer jobs" in the Value Proposition Canvas?

The tasks, problems, or needs the customer is trying to address — functional, social, or emotional. The rate at which a startup spends money each month — calculated as total monthly expenses (gross) or expenses minus revenue (net burn). 1. Problem 2. Solution 3. Market size 4. Product 5. Business model 6. Traction 7. Team 8. Competition 9. Financials 10. Ask. Running two versions of a feature simultaneously with different user groups to measure which performs better on a specific metric.

Question 20 Lean Startup Methodology

What is burn rate?

Pre-seed → Seed → Series A → Series B → Series C+ → IPO/Exit. The rate at which a startup spends money each month — calculated as total monthly expenses (gross) or expenses minus revenue (net burn). 1. Problem 2. Solution 3. Market size 4. Product 5. Business model 6. Traction 7. Team 8. Competition 9. Financials 10. Ask. Visionary customers willing to take risks on unproven products. They provide critical feedback, case studies, and early revenue.

Question 21 Lean Startup Methodology

What is a "Wizard of Oz" MVP?

The startup transitions from a learning organisation to a mission-focused company with formal departments and processes. An MVP where the product appears automated to the user but is actually operated manually behind the scenes — testing demand before building technology. Sustaining innovation improves existing products for current customers; disruptive innovation creates new markets or displaces incumbents with simpler, cheaper alternatives (Clayton Christensen). Eric Ries identifies three engines: Sticky (retention-driven), Viral (referral-driven), and Paid (advertising-driven) — each with its own key metrics.

Question 22 Lean Startup Methodology

What is the "Lean Canvas" by Ash Maurya?

Multiply your price × number of potential customers you can identify — more credible to investors because it's based on real data. 1. Problem 2. Customer Segments 3. Unique Value Proposition 4. Solution 5. Channels 6. Revenue Streams 7. Cost Structure 8. Key Metrics 9. Unfair Advantage. An adaptation of the Business Model Canvas optimised for startups, replacing Partners, Activities, Resources, and Relationships with Problem, Solution, Key Metrics, and Unfair Advantage. Continuing on the current strategic path because experiments confirm your hypotheses are correct and your approach is working.

Question 23 Lean Startup Methodology

What is pre-seed funding?

Weekly retention provides faster signals in early-stage products; monthly retention is standard for SaaS and gives a smoother long-term view. The reduction in existing shareholders' ownership percentage when new shares are issued in a funding round. Airbnb: Nights booked · Slack: Daily active users sending messages · Shopify: Gross Merchandise Value (GMV). Very early capital (typically $50K–$500K) from founders, friends, family, or angel investors to develop an idea and build an initial MVP.

Question 24 Lean Startup Methodology

What are the five customer segments in the technology adoption lifecycle?

A strategic tool by Alexander Osterwalder with 9 building blocks that describe how a company creates, delivers, and captures value. How users find and arrive at your product — measured by traffic, sign-ups, or app installs by channel. A framework by Eric Ries for building businesses and products through validated learning, rapid experimentation, and iterative development to reduce waste and uncertainty. 1. Innovators 2. Early Adopters 3. Early Majority 4. Late Majority 5. Laggards.

Question 25 Lean Startup Methodology

What book introduced the Lean Startup?

1. Landing page MVP (gauge interest) 2. Wizard of Oz MVP (manual backend) 3. Concierge MVP (manually serve each customer). Airbnb: Nights booked · Slack: Daily active users sending messages · Shopify: Gross Merchandise Value (GMV). The Lean Startup by Eric Ries, published in 2011, drawing on lean manufacturing, agile development, and customer development. Very early capital (typically $50K–$500K) from founders, friends, family, or angel investors to develop an idea and build an initial MVP.

Question 26 Lean Startup Methodology

What is a zoom-in pivot?

Growth driven by high customer retention — the key metric is churn rate, and growth occurs when new customer acquisition exceeds churn. A theory by Clayton Christensen: customers don't buy products — they "hire" them to do a job. Understanding the job leads to better innovation. Airbnb: Nights booked · Slack: Daily active users sending messages · Shopify: Gross Merchandise Value (GMV). A pivot where a single feature of the product becomes the entire product — what was part of the offering is now the whole focus.

Question 27 Lean Startup Methodology

What is the LTV/CAC ratio and what's a healthy target?

A framework by Eric Ries for building businesses and products through validated learning, rapid experimentation, and iterative development to reduce waste and uncertainty. Customer Lifetime Value ÷ Customer Acquisition Cost. A healthy ratio is 3:1 or higher — meaning each customer is worth 3× what it costs to acquire them. 1. Customer Segments 2. Value Propositions 3. Channels 4. Customer Relationships 5. Revenue Streams 6. Key Resources 7. Key Activities 8. Key Partnerships 9. Cost Structure. "How would you feel if you could no longer use this product?" If >40% answer 'very disappointed', you likely have product-market fit.

Question 28 Lean Startup Methodology

What is SAM (Serviceable Addressable Market)?

The point where your product satisfies a strong market demand — customers are buying, using, and recommending it, and you can barely keep up. Growth driven by high customer retention — the key metric is churn rate, and growth occurs when new customer acquisition exceeds churn. The portion of TAM that your product can realistically serve given your business model, geography, and capabilities. The startup transitions from a learning organisation to a mission-focused company with formal departments and processes.

Question 29 Lean Startup Methodology

What is a customer segment pivot?

An MVP where the product appears automated to the user but is actually operated manually behind the scenes — testing demand before building technology. 1. Zoom-in pivot 2. Zoom-out pivot 3. Customer segment pivot 4. Customer need pivot 5. Channel pivot. Keeping the product the same but targeting a different customer segment than originally intended — the product solves a real problem, just for different people. Running two versions of a feature simultaneously with different user groups to measure which performs better on a specific metric.

Question 30 Lean Startup Methodology

Give examples of North Star Metrics.

Dave McClure's framework: Acquisition → Activation → Retention → Revenue → Referral — tracking the full user lifecycle. Airbnb: Nights booked · Slack: Daily active users sending messages · Shopify: Gross Merchandise Value (GMV). A methodology by Steve Blank for testing business model hypotheses through direct customer engagement across four stages. To be the chief experimenter — running the learning loop, making pivot-or-persevere decisions, and ensuring the team stays focused on validated learning.

Question 31 Lean Startup Methodology

What is a "minimum viable team"?

Whether users recommend the product to others — viral coefficient, NPS, and organic sharing rates. Sustaining innovation improves existing products for current customers; disruptive innovation creates new markets or displaces incumbents with simpler, cheaper alternatives (Clayton Christensen). Very early capital (typically $50K–$500K) from founders, friends, family, or angel investors to develop an idea and build an initial MVP. The smallest team needed to execute the Build-Measure-Learn loop effectively — typically a hacker (builder), hustler (seller), and designer.

Question 32 Lean Startup Methodology

What happens during Customer Discovery?

A structured course correction — changing one element of your business model (customer, problem, solution, channel, etc.) based on validated learning. A framework by Eric Ries for building businesses and products through validated learning, rapid experimentation, and iterative development to reduce waste and uncertainty. 1. Customer Segments 2. Value Propositions 3. Channels 4. Customer Relationships 5. Revenue Streams 6. Key Resources 7. Key Activities 8. Key Partnerships 9. Cost Structure. You test whether your problem and solution hypotheses are correct by talking to potential customers — "getting out of the building."

Question 33 Lean Startup Methodology

What should the "Ask" slide include?

An MVP where the product appears automated to the user but is actually operated manually behind the scenes — testing demand before building technology. Very early capital (typically $50K–$500K) from founders, friends, family, or angel investors to develop an idea and build an initial MVP. A theory by Clayton Christensen: customers don't buy products — they "hire" them to do a job. Understanding the job leads to better innovation. The amount you're raising, the key milestones the funds will achieve, and the expected runway — giving investors a clear picture of the opportunity.

Question 34 Lean Startup Methodology

What happens during Customer Creation?

Created by Y Combinator, a simpler alternative to convertible notes — it grants the right to future equity without interest or maturity dates. You drive end-user demand into the sales channel, scaling marketing and sales activities based on the validated model. Geoffrey Moore's theory that there is a gap ("chasm") between early adopters and the early majority — startups must target a niche to cross it. A strategic tool by Alexander Osterwalder with 9 building blocks that describe how a company creates, delivers, and captures value.

Question 35 Lean Startup Methodology

What are the signs of premature scaling?

Whether users have a great first experience — reaching the "aha moment" that demonstrates the product's value. 1. Spending heavily on marketing before retention is strong 2. Hiring ahead of revenue 3. Building features no one asked for 4. Low engagement despite high sign-ups. Metrics that look impressive but don't inform decisions — e.g., total registered users, page views, or downloads without engagement context. A tool that zooms into two blocks of the BMC: Customer Profile (jobs, pains, gains) and Value Map (products, pain relievers, gain creators) to ensure fit.

Question 36 Lean Startup Methodology

What is a cap table?

Changing the distribution or sales channel (e.g., from direct sales to self-serve, or from web to mobile) while keeping the product largely the same. A capitalisation table — a spreadsheet showing equity ownership, dilution percentages, and the value of equity in each funding round. Tracking groups of users who share a common start date to understand how behaviour changes over time — essential for measuring true retention. The reduction in existing shareholders' ownership percentage when new shares are issued in a funding round.

Question 37 Lean Startup Methodology

What is TAM (Total Addressable Market)?

The tasks, problems, or needs the customer is trying to address — functional, social, or emotional. The rate at which a startup spends money each month — calculated as total monthly expenses (gross) or expenses minus revenue (net burn). The total revenue opportunity available if your product achieved 100% market share — the broadest measure of market size. "How would you feel if you could no longer use this product?" If >40% answer 'very disappointed', you likely have product-market fit.

Question 38 Lean Startup Methodology

What are "pains" in the Value Proposition Canvas?

A structured course correction — changing one element of your business model (customer, problem, solution, channel, etc.) based on validated learning. Negative outcomes, risks, or obstacles the customer experiences when trying to get their jobs done. Whether users have a great first experience — reaching the "aha moment" that demonstrates the product's value. 1. Problem 2. Solution 3. Market size 4. Product 5. Business model 6. Traction 7. Team 8. Competition 9. Financials 10. Ask.

Question 39 Lean Startup Methodology

What is the difference between monthly and weekly retention?

Weekly retention provides faster signals in early-stage products; monthly retention is standard for SaaS and gives a smoother long-term view. An adaptation of the Business Model Canvas optimised for startups, replacing Partners, Activities, Resources, and Relationships with Problem, Solution, Key Metrics, and Unfair Advantage. Tracking groups of users who share a common start date to understand how behaviour changes over time — essential for measuring true retention. Metrics that demonstrate cause and effect and can inform business decisions — e.g., activation rate, retention rate, revenue per user.

Question 40 Lean Startup Methodology

What is the "innovation accounting" concept?

A method for measuring startup progress using actionable metrics, learning milestones, and validated experiments — replacing vanity metrics with real learning velocity. "How would you feel if you could no longer use this product?" If >40% answer 'very disappointed', you likely have product-market fit. Keeping the product the same but targeting a different customer segment than originally intended — the product solves a real problem, just for different people. You test whether you have a repeatable, scalable sales process — proving customers will actually pay for your solution.

Question 41 Lean Startup Methodology

What is a technology pivot?

Identifying your startup's most dangerous assumption and designing an experiment to test it first — failing fast on the biggest risk. Whether users come back and continue using the product over time — often the most critical metric for long-term success. Achieving the same solution using a different technology — often to improve performance, reduce cost, or reach a new platform. The total revenue opportunity available if your product achieved 100% market share — the broadest measure of market size.

Question 42 Lean Startup Methodology

How do you calculate TAM using a bottom-up approach?

Multiply your price × number of potential customers you can identify — more credible to investors because it's based on real data. Whether users have a great first experience — reaching the "aha moment" that demonstrates the product's value. "You can always feel when product/market fit isn't happening … and you can always feel it when it is happening." It's unmistakable when demand outstrips supply. The maximum valuation at which the investor's money converts to equity, protecting early investors if the next round's valuation is very high.

Question 43 Lean Startup Methodology

Name three types of MVPs.

JTBD helps you identify the right problem to solve; Lean Startup helps you validate and iterate on the solution efficiently. 1. Landing page MVP (gauge interest) 2. Wizard of Oz MVP (manual backend) 3. Concierge MVP (manually serve each customer). 1. Zoom-in pivot 2. Zoom-out pivot 3. Customer segment pivot 4. Customer need pivot 5. Channel pivot. 1. Customer Discovery 2. Customer Validation 3. Customer Creation 4. Company Building.

Question 44 Lean Startup Methodology

What is the Viral Engine of Growth?

Growth driven by users inviting other users — the key metric is the viral coefficient (k). If k > 1, growth is exponential. Metrics that look impressive but don't inform decisions — e.g., total registered users, page views, or downloads without engagement context. Customer Lifetime Value ÷ Customer Acquisition Cost. A healthy ratio is 3:1 or higher — meaning each customer is worth 3× what it costs to acquire them. Visionary customers willing to take risks on unproven products. They provide critical feedback, case studies, and early revenue.

Question 45 Lean Startup Methodology

What are the typical startup funding stages?

Weekly retention provides faster signals in early-stage products; monthly retention is standard for SaaS and gives a smoother long-term view. Geoffrey Moore's theory that there is a gap ("chasm") between early adopters and the early majority — startups must target a niche to cross it. Growth driven by high customer retention — the key metric is churn rate, and growth occurs when new customer acquisition exceeds churn. Pre-seed → Seed → Series A → Series B → Series C+ → IPO/Exit.

Question 46 Lean Startup Methodology

What is a "pivot table" in Lean Startup?

Focusing on a single key metric at each stage of your startup that best measures progress toward your current goal. An adaptation of the Business Model Canvas optimised for startups, replacing Partners, Activities, Resources, and Relationships with Problem, Solution, Key Metrics, and Unfair Advantage. Not a spreadsheet tool — it's a record of each pivot a startup makes, documenting what was learned and why the direction changed. Customer Lifetime Value ÷ Customer Acquisition Cost. A healthy ratio is 3:1 or higher — meaning each customer is worth 3× what it costs to acquire them.

Question 47 Lean Startup Methodology

What does "Retention" measure in AARRR?

Whether users come back and continue using the product over time — often the most critical metric for long-term success. 1. Zoom-in pivot 2. Zoom-out pivot 3. Customer segment pivot 4. Customer need pivot 5. Channel pivot. A timeline over which founders or employees earn their equity — typically 4 years with a 1-year cliff, meaning 25% vests after year 1, then monthly. 1. Problem 2. Solution 3. Market size 4. Product 5. Business model 6. Traction 7. Team 8. Competition 9. Financials 10. Ask.

Question 48 Lean Startup Methodology

What is a "Concierge" MVP?

The maximum valuation at which the investor's money converts to equity, protecting early investors if the next round's valuation is very high. Growth driven by paying to acquire customers (ads, sales) — sustainable when Customer Lifetime Value (LTV) exceeds Customer Acquisition Cost (CAC). An MVP where you personally deliver the service to each customer by hand — validating that people want the outcome before scaling. Focusing on a single key metric at each stage of your startup that best measures progress toward your current goal.

Question 49 Lean Startup Methodology

What happens during Company Building?

Created by Y Combinator, a simpler alternative to convertible notes — it grants the right to future equity without interest or maturity dates. The rate at which a startup spends money each month — calculated as total monthly expenses (gross) or expenses minus revenue (net burn). To be the chief experimenter — running the learning loop, making pivot-or-persevere decisions, and ensuring the team stays focused on validated learning. The startup transitions from a learning organisation to a mission-focused company with formal departments and processes.

Question 50 Lean Startup Methodology

Name all nine blocks of the Business Model Canvas.

An adaptation of the Business Model Canvas optimised for startups, replacing Partners, Activities, Resources, and Relationships with Problem, Solution, Key Metrics, and Unfair Advantage. Dave McClure's framework: Acquisition → Activation → Retention → Revenue → Referral — tracking the full user lifecycle. A timeline over which founders or employees earn their equity — typically 4 years with a 1-year cliff, meaning 25% vests after year 1, then monthly. 1. Customer Segments 2. Value Propositions 3. Channels 4. Customer Relationships 5. Revenue Streams 6. Key Resources 7. Key Activities 8. Key Partnerships 9. Cost Structure.