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techno
| Question | Answer |
|---|---|
| the practice of applying innovative and technology driven solutions to create and grow successful business ventures | technopreneurship |
| it combines elements of entrepreneurship, technology, and innovation to develop products services or platforms that disrupt existing markets or create new ones | technopreneurship |
| 4 Characteristics of Technopreneurship: | 1. innovation and creativity 2. risk taking 3. technology-driven 4. value creation |
| technopreneurs identify opportunities to leverage technology and develop innovative solutions that need market needs | Innovation and Creativity |
| Technopreneurs embrace uncertainty and are willing to take calculated risks to pursue their entrepreneurial ventures. | Risk-Taking |
| Technopreneurship relies on leveraging technology as a core component of business models, operations, or products/services. | Technology-driven |
| Technopreneurs seek to create value for customers, society, and stakeholders through their technological innovations. | Value Creation |
| refers to the distinctive benefit that a product, service, or business offers to Its customers. | Value proposition |
| Itis the reason why customers should choose a particular product or service over alternatives available in the market. | Value proposition |
| It explains the specific benefits that customers can expect to achieve by using the product or service. | Customer Benefits |
| It emphasizes the unique features, attributes, or capabilities of the product or service that sets it apart from competitors. | Unique Selling Point |
| It highlights the competitive advantage of the product or service, showcasing how it offers superior value compared to alternatives available in the market. | Competitive Advantage |
| It should be communicated in a concise, clear, and compelling manner. | Clear and Compelling Message |
| Providing evidence or proof of the value proposition's claims helps build trust and credibility. | Social Proof |
| a tool used to design and improve products and services by. understanding the customers' needs and the value that the product or service delivers to them. | Value Proposition Canvas |
| 2 Components of a Value Proposition | Customer profile Value proposition |
| this right side section outlines the characteristics of the target customer segment, including their jobs, pains, and gains. | Customer profile |
| this left side section describes the product or service being offered and how it creates value for customers. | Value proposition |
| the tasks or problems that customers are trying to accomplish or solve | Jobs |
| the negative experiences, obstacles, or risks that customers face in trying to accomplish their jobs | Pains |
| the benefits, outcomes, or positive results that customers seek to achieve when trying to accomplish their jobs | Gains |
| the features and attributes of the offering that address customer needs and preferences | Products and services |
| how the offering alleviates or eliminates customer pains | Pain relievers |
| how the offering provides benefits or creates gains for customers | Gain creators |
| a plan for how a business creates value for its stakeholders, including customers: how the business’offerings are made and distributed to the intended customers; and how income will be generated through this process. | Business model |
| Business model based on providing advertisers access to highly targeted customer niches. Businesses earn income by charging advertisers for ad placements, clicks, impressions, or conversions. | Advertising (Youtube) |
| involves selling the rights to operate a business under an established brand and proven business model. | Franchise (Potato Corner) |
| A business model in which a firm provides a basic version of its service for free and makes money by selling a premium version of the service. | Freemium (Games) |
| involve granting rights to use intellectual property, such as patents, trademarks, or copyrighted content, in exchange for royalties or licensing fees. | Licensing Business Model (NBA) |
| ell-established business model that relies on driving down costs and making money by servicing a large number of customers. | Low-Cost (AirAsia) |
| A business model in which a manufacturer both produces and sells (online, offline, or both) a product. | Manufacturer/Retailer (Apple) |
| A model in which a business acts as a matchmaker between individuals with a service to offer and others who want the service. | Peer to Peer (Grab) |
| create value by facilitating interactions between different user groups. They act as intermediaries, connecting buyers and sellers, service providers and consumers, or content creators and users. | Platform Business Model (Tiktok) |
| This model involves the sales of dependent goods for different prices-one good is sold at a discount, with the dependent good sold at a considerably higher margin. | Razor and Blades (Playstation) |
| Service-based businesses offer intangible services to clients, such as consulting, professional services, or maintenance and repair. | Service-based Business Model (Barbershop) |
| A business model in which the customer pays a monthly, quarterly, or yearly subscription fee to have access to a product or service. | Subscription (Netflix) |
| A business model calling for a firm to sell its products or services, made by others, directly to consumers at a markup from the original price. | Traditional Retailer (SM) |
| a tool that provides a visual framework for designing, analyzing, and communicating various aspects of a business model. | Business Model Canvas |
| It was developed by Alexander Osterwalder and Yves Pigneur as a way to help entrepreneurs and organizations understand, innovate, and describe their business models. | Business Model Canvas |
| identifies the different groups of customers or market segments that the business serves. | Customer Segments |
| describes the unique value and benefits that the business offers to its customer segments. | Value Proposition |
| specifies the channels or methods through which the business delivers its value proposition to customers. | Channels |
| defines the types of relationships the business establishes and maintains with its customers, such as personal assistance, self-service, or automated services. | Customer Relationships |
| outlines the sources of revenue and how the business generates income from its value proposition. | Revenue Streams |
| identifies the strategic assets, resources, or capabilities that are essential for the business to operate and deliver its value proposition. | Key Resources |
| describes the core activities and processes that the business engages in to deliver its value proposition and create value for customers. | Key Activities |
| specifies the external entities or partners that the business collaborates with to enhance its value proposition, resources, or reach. | Key Partnerships |
| represents the costs and expenses incurred by the business in its operations and the delivery of its value proposition. | Cost Structure |
| 4 Common Types of Partnerships | 1. Joint Veture 2. Network 3. Consortium 4. Strategic Alliance |
| An entity created by 2 or more firms pooling a portion of their resources to create a separate, jointly owned business. | Joint Venture |
| A hub-and-wheel configuration with a local company at the hub organizing the interdependencies of a complex array of firms. | Network |
| A group of organization with similar needs that group together to create a new company to address those needs. | Consortium |
| An arrangement between 2 or more companies that establishes an exchange relationship between them but has no joint ownership involved. | Strategic Alliance |
| Developed by Ash Maurya, this is a variation of the traditional Business Model Canvas that specifically focuses on the needs of startups and early-stage ventures. | Lean Model Canvas |
| represents the distinctive factors or assets that give the business a competitive edge over competitors. It could include proprietary technology, exclusive partnerships, unique expertise, or other resources that are difficult for others to replicate. | Unfair Advantage |
| describes the customer problem or pain point that the business aims to address. It focuses on understanding the specific needs, challenges, or frustrations of the target customers. | Problem |
| outlines the unique solution or value proposition that the business offers to solve the identified problem. | Solution |
| identifies the key performance indicators (KPIs) that are essential for measuring the success and progress of the business. | Key Metrics |
| early version or prototype of a product that may not be polished or complete but that functions well enough that you can begin to market it or test it with potential users | Minimum viable product (MVP) |
| statement that defines a business' primary long-term goal, explains what the business will do, what value it will provide to the end customer, and how it will accomplish that action | Mission statement |
| problem that people have with a product or service that might be addressed by creating a modified version that solves the problem | Pain point |
| well-structured and defined goals that are Specific, Measurable, Achievable, Realistic and Timely | SMART goals |
| picture of what the business will become in the future or what it will grow into | Vision statement |
| formal document that typically describes the business and industry, market strategies, sales potential, and competitive analysis, as well as the company's long-term goals and objectives | Business plan |
| process that significantly impacts the market by making a product or service more affordable and/or accessible often by smaller companies in an industry | Disruptive innovation |
| idea of what an entrepreneur wants a venture to become, what it will look like, what the driving forces are, and what values and culture should surround it | Entrepreneurial Vision |
| market system in which independent contractors fill a variety of positions | Gig economy |
| people or businesses that provide work similar to an employee without being part of the payroll for the contracting business, and who pay their own taxes and pay for their own benefits | Independent contractor (freelancer) |
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