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ENTRP 340 - Exam 1
Entrepreneurship Midterm Exam 1
| Term | Definition |
|---|---|
| Entrepreneurship Definition | a way of thinking, acting, and being that combines the ability to find or create new opportunities with the courage to act on them |
| 6 Features of Entrepreneurship | Entrp is a method that requires practice, Entrps think differently, Entrps act more than plan, Entrps aren't driven purely by profit, Entrps collaborate more than they compete, Entrp is a life skill |
| Corporate Entrepreneurship | the process of creating new products, ventures, processes, or renewal within large corporations |
| Entrepreneurship Inside | employees who think and act entrepreneurially within different types of organizations (AKA Intrapreneurs) |
| Franchising | a method of distributing products or services involving a franchisor (founder) and franchisee (operator that buys the license) |
| Buying a Small Business | Entrepreneur is buying out the existing owner(s) and taking over operations |
| Social Entrepreneurship | the process of sourcing innovative solutions to social and environmental problems |
| Family Enterprising | a business that is owned and managed by one or more family members beyond the founding generation |
| 7 Components of Entrepreneurship Method | An approach or way of doing things, portfolio of skills to acquire, iterative, learning oriented, action focus, requires practice, entrepreneur is in control of practicing the Method |
| Mindset Definition | your lens for viewing the world, interpreting what you see, and reacting or responding to what you hear (subconsciously guides your reactions and decisions) |
| Fixed Mindset | people perceive their talents and abilities as set traits |
| Growth Mindset | people believe that their abilities can be developed through dedication, effort, and hard work |
| Metacognition | our ability to understand and be aware of how we think and the processes we use to think and make |
| Self Leadership | a process whereby people can influence and control their own behavior, actions, and thinking to achieve the self-direction and self-motivation necessary to build their entrepreneurial business ventures |
| Self-Observation | a process that raises one's awareness of how, when, and why they behave the way they do in certain circumstances |
| Self-Goal Setting | the process of setting individual goals for oneself |
| Self-Reward | a process that involves compensating oneself upon achieving a goal |
| Self-Punishment | a process of examining one's mistakes before making a conscious effort not to repeat them |
| Self-Cueing | the process of prompting that acts as a reminder of desired goals and keeps your attention on what you are trying to achieve |
| Improvisation Habit | the art of spontaneously creating something without preparation |
| Characteristics of Opportunity | Most demand high value and some degree of novelty |
| Definition of Opportunity | a possibility of generating value through the introduction of unique, novel, or desirable products, services, and even processes that have not been previously exploited in a particular context |
| Classification Matrix | Innovation (high novelty, high value/usefulness), Invention (low novelty, high value/usefulness) Improvement (low novelty, high value/usefulness), Irrelevant (low novelty, low value/usefulness) |
| Scanning | an alert state that allows one to identify opportunities by scanning the environment |
| Connecting | consciously making links between concepts to create new concepts (bisociation - connect two seemingly unrelated things into something new) |
| Lateral Thinking | uses indirect and creative approaches to solve problems (different angles, more creative) |
| Imagining | an unlimited and renewable resource we all have |
| Observing | shifting your attention outward in order to look at the word in a way you haven't before OR interpreting everything we see in terms of how it impacts us |
| Collaborating | requires group interaction; ideas are generated as a group, and group members build on each other's ideas |
| Find Pathway | Assumes that opportunities exist independent of entrepreneurs and are waiting to be found |
| Search Pathway | used when entrepreneurs are not quite sure what type of venture they want to start, so they engage in an active search to discover new opportunities |
| Effectuate Pathway | more about creating opportunities than about simply uncovering them. |
| Design Pathway | one of the most complex, yet it can be the most value-creating approach; can uncover high-value opportunities because the entrepreneur is focusing on customers’ unmet needs—specifically, latent needs |
| Design Thinking Definition | a human-centered approach to innovation that brings together what people need with what is technologically feasible and economically viable |
| Intersection of Desirability, Feasibility, and Viability | Primary assumption of design thinking is that innovation and valuable solutions are found here |
| Empathy Definition | The combination of social and emotional skills used to better understand the circumstances, intentions, thoughts, feelings, and needs of others (Experiencing feelings WITH others) |
| Divergent Thinking | a thought process that allows us to expand our view of the world to generate as many ideas as possible without being trapped by traditional problem-solving methods or predetermined constraints |
| Convergent Thinking | a thought process that allows us to narrow down the number of ideas generated through divergent thinking in an effort to identify which ones have the most potential |
| 3 Phases of Design Thinking | Empathize & Define, Ideate, Prototype & Test |
| Empathize | First phase of DT; helps us see the world through the eyes of other people |
| Define | Second phase of DT; identifies needs and uncovers problems encountered by users or those you are designing for |
| Ideate | Third phase of DT; involves generating and developing new ideas to address needs based on observations made during the Empathy phase and insights developed in the Define phase |
| Prototype | Fourth phase of DT; select ideas generated in the Ideate phase are transformed into artifacts (prototypes) that require user interaction; model of the product used as a prop for feedback |
| Test | Final phase of DT; requires human interaction, gives you evidence that a new product idea can or cannot work by receiving feedback |
| Interviews and Observations | Used during the Empathize phase |
| Observation | the act of closely monitoring the behavior and activities of users/potential customers in their own environment to arrive at greater empathic understanding |
| Interviews | can be an alternative or complement to observation, collects real and valuable data |
| Business Model Definition | Describes the rationale of how a new venture creates, delivers, and captures value; includes a network of activities and resources that interact to deliver value to customers |
| 4 Parts of a Business Model | Offering, Customers, Infrastructure, Financial Viability |
| The Offering | Identifies what you are offering to a particular customer segment, the value generated for those customers, and how you will reach and communicate with them (CVP) |
| The Customers | The people who populate the segments of a market that your offering is serving |
| The Infrastructure | generally includes all the resources that an entrepreneur must have in order to deliver on the promise of the CVP |
| Financial Viability | the revenue and cost structures a business needs to meet its operating expenses and financial obligations |
| 4 Problems Experienced by Customers | Lack of time, money, skills, and access |
| Lack of time | Speed a process/service up |
| Lack of money | delivering previously unaffordable products or services for less money or even for free can help beat the competition and open up a whole new market |
| Lack of skills | provide easy-to-use solutions that convert complex, professional-level tools and skills into consumer products |
| Lack of access | Becoming more accessible |
| Types of Value Propositions | All-benefits, Points-of-difference, resonating-focus (product-market fit) |
| All-Benefits | identifying and promoting all the benefits of a product or service to customer segments, with little regard for the competition or any real insight into what the customer really wants or needs |
| Points-of-Difference | a type of value proposition that focuses on the product or service relative to the competition and how the offering is different from others on the market |
| Resonating-Focus (Product-Market Fit) | BEST; "just what the customer wants," "gold standard," meets the needs and values of customers |
| Types of Customer Segments | Mass Market, Niche Market, Segmented Market, Diversified Market, Multisided Market |
| Mass Market | Large group of customers with very similar needs and porblems |
| Niche Market | Small market segment consisting of customers with specific needs and requirements |
| Segmented Market | Divided into groups according to customers' different needs and problems |
| Diversified Market | Offers a variety of services to serve two or more customer segments with different needs and problems that bear no relationship to each other (Amazon) |
| Multisided Market | Markets with two or more customer segments that are linked but are independent of each other (eBay, newspaper) |
| Business Model Canvas definition | a one-page plan that divides the business model into nine components in order to provide a more thorough overview |
| BMC is about | creating value and delivering that value efficiently |
| Goal of BMC | to lay out your assumptions so that you can test them |
| Customer Definition | someone who pays for a product or service |
| Market definition | a place where people can sell goods and services (the supply) to people who wish to buy those goods and services (the demand) |
| End User | The customers who will actually use your product |
| Influencers | Customers with a large following who have the power to influence purchase decisions |
| Recommenders | People who may evaluate your product and tell the public about it (bloggers, industry experts, smaller influencers) |
| Economic Buyers | Customers who have the ability to approve large-scale purchases, such as buyers for retail chains, corporate office managers, and corporate VPs |
| Decision Makers | Customers similar to economic buyers who are positioned higher up in the hierarchy and so have even more authority to make purchasing decisions |
| Saboteurs | Anyone who can veto or slow down a purchasing decision; intentionally work to harm the company's reputation |
| Innovators | (2.5%) first customers to try a new product; wealthier than other adopters; can afford to take a risk on a new innovation |
| Early Adopters | (13.5%) second group; not motivated by their enthusiasm for new technology; usually influential people from business or government who make reasoned decisions as to whether to exploit the innovation for competitive advantage. |
| Early Majority | (34%) tend to take interest in a new product once it begins to have mass market appeal; practical and extremely risk adverse; look for opinions/support |
| Late Majority | (34%) typically skeptical, pessimistic, risk averse, and less affluent; look for affordable simpler products/systems |
| Laggards | (16%) last to adopt a new innovation; negative attitude toward change/new tech; may never be persuaded to buy |
| Buyer Personas? | Demographics, psychographics, proxy products |
| Importance of Buyer Personas | powerful way to anticipate buyer behavior and help create more targeted messaging in order to attract your ideal customers. |
| TAM | Total Available Market - total market demand for a product or service |
| SAM | Serviceable Available Market - section of the TAM that your product or service intends to target |
| SOM | Share of Market - portion of the SAM that your company is realistically likely to reach |
| Demographics | useful in identifying target end user, may not be entirely accurate when it comes to understanding end user |
| Psychographics | describe the psychological attributes (attitudes, values, or fears) of target end users; more in-depth |
| Proxy Products | An idea of what else potential customers are likely to buy or are currently using |
| Experiment Definition | a test designed to help you prove or disprove the validity of a hypothesis |
| Experiments... | guide us toward which customer opinions to listen to, what important products or service features should take priority, what might please or upset customers, and what should be worked on next; help us validate potential business ideas |
| Interview | a fast and inexpensive way to get feedback, validate needs, and acquire new ideas from your assumed target market |
| Paper Testing | creating a paper test (rapid prototype) to outline your visions and spot any mistakes before the process goes any further (involves storyboaring) |
| Advertising | involves spreading the word about your business using brochures or social media directed to your relevant target market and assessing the level of response |
| Button to Nowhere | great way to measure user interest in a new feature -- the more clicks, the higher the likelihood that your new feature will attract interest |
| Landing Page | call to action "Click here for more information" -- gauge the level or customer response to your business's website |
| Task Completion | involves watching someone use your product to understand what works and what doesn't |
| Protoype | an early version of a product; allows you to model a product so customers can physically interact with a product before money is invested to build it |
| Preselling | a testing technique that involves booking orders for your product before it has been developed; most commonly used in crowdfunding sites |
| Live Product and Business | Up and running for real |
| Low-Fidelity Prototype | Rapid prototypes; quickly created models used to visualize a product or service (mock-ups, storyboards, LEGO); lacks functionality |
| Medium-Fidelity Prototype | 3D printing for physical prototypes |
| High-Fidelity Prototype | represent the most realistic version of the product before its final release (MVP - minimal viable product); don't overbuild |
Created by:
lexi.welte
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