1.
Define iterative development and explain how the feedback loop contributes to prototype
development.
Iterative development is a process where a product is built step-by-step, with improvements made
after each version. The feedback loop allows testing and feedback from users, which helps improve
the prototype in the next version.
2. What is document version control, and why is it important in the development of
prototypes?
Document version control tracks changes in documents over time. It is important because it helps
manage updates, avoid confusion, and ensure the team works with the latest version.
3. Explain the benefits of conducting market analysis for a business plan.
Market analysis helps understand customer needs, competitors, and trends. This allows better
planning, product positioning, and decision-making.
4. Briefly explain the term technical specification.
Technical specification is a detailed description of the features, design, and technical requirements
of a product or system.
5. Discuss financial projections and how they assist in making business decisions.
Financial projections are forecasts of future revenues and expenses. They help in budgeting,
planning, and attracting investors by showing the expected business growth.
6. Compare passive investors and active investors.
Passive investors provide funds but do not engage in daily operations. Active investors are involved
in business decisions and may help guide the business.
7. Write the steps in risk management process.
1. Identify risks
2. Assess risks
3. Plan responses
4. Implement responses
5. Monitor and review
8. How does marketing and sales strategy contribute to the growth of startups?
It helps attract customers, increase revenue, and build brand recognition, all of which support
business growth.
9. Define operation plan? What are the steps to build an operation plan?
An operation plan outlines how a business runs daily. Steps: 1. Set goals 2. Define tasks 3. Assign
roles 4. Allocate resources 5. Monitor progress
10. Compare investors and traders.
Investors focus on long-term growth and hold assets for a long time. Traders buy and sell assets
quickly to make short-term profits.
11. Explain the importance of prototype mentor.
A prototype mentor provides expert advice, guides the development process, and helps avoid
mistakes, improving the prototype's success.
12. Explain the core functions of prototype development advisor.
They support planning, resource use, testing, and help maintain quality. They also connect
developers with investors or experts.
13. Explain the types of investors.
Types include angel investors, venture capitalists, crowdfunding backers, and institutional investors.
Each offers different levels of support and funding.
14. Describe the prototype development process, including resource allocation and quality
assurance. Why is engaging with advisors and mentors important during this phase.
The process includes planning, designing, building, testing, and refining the prototype. Resource
allocation ensures materials and manpower are used wisely. Quality assurance ensures standards
are met. Advisors and mentors give valuable feedback and guidance to improve success.