EN Final
validate your product against your competition
A Competitive Position chart is a quick way to
Visually lay out you product that will allow your team and potential customers to converge around an understanding of what the product is and how it benefits customers
A High Level product specification (I.E. Product brochure) is a way to
Entrepreneurs find it is hard to ignore market opportunities. They need to keep focused.
A beachhead market is important because
exclude many potential customers to stay focused on a key group of similar end users who will provide the initial cash flow for your business
As a startup you must
Life styles (SME) business
At its inception Burt's Bees was a
Innovation= invention*commercialization
Bill Aulets Formula for IDE enterprise is
Family and Friends, Business partners, Business plan/pitch competition wins
Bootstrapping capital consist of
is essential to an IDE
Creating an innovative product or service where no market opportunity exist
Knowledge, Imagination, and Evaluation
Creativity is a Combination Of
internally, in contrast to the strong customer focus of many of the other earlier steps
Defining the Core is the first step where we spend a lot of time looking
the customer
Entrepreneurs must see the world through the eyes of
can be learned and anyone can be an entrepreneur if they choose.
Entrepreneurship
learned
Entrepreneurship can be
clearly defined linear path that a new Entrepreneur can follow when launching their new ventures
Entrepreneurship does not have
team sport that relies on the expertise of a team
Entrepreneurship is a
beachhead market is important
Focus can be difficult for entrepreneurs. This is one of the reasons choosing a
a ventures short term success
Improvisation is key for
A team with a B idea
Investors will invest in a
not all of them are created equal
It matter what sequence you tackle risk, because
bootstrapping
Jim Poss was a master at
ever take the same path
No two ventures
Innovation Driven Enterprise (IDE)
Often Requires ,but not always, outside investment to scale quickly
convincing them to make a change from the status quo
Often, your largest obstacle to getting potential customers to buy your product will be
that you talk directly with customers
Primary market research requires
are more successful than those founded by individuals
Research shows that businesses with multiple founders
is arrived at after many iterations with you end user/customer
Spiraling innovation refers to the premise that the ultimate best product/service solution for you new venture
two-sided market
When you need both a buyer and a seller for your business to exist its called a
pitch a company to investors
You only have 3 minutes to
the value of the business goes up proportionately.
A good reason to focus on risk mitigation early in a venture is the fact that each risk you pull off the table,
specific details about the primary customer within your beachhead market.
A persona provides
like end users who will provide the initial cash flow for your business
As a startup you must exclude many potential customers to stay focused on
is almost always a group of more than one person
As described in the book "Disciplined Entrepreneurship" the "Customers Decision-Making Unit (DMU)"
may have a better opportunity to attract a great team that believes in what they are doing
Entrepreneurs that start there business from a place of passion and purpose
increases your level of confidence that you are on the right path and may also help you refine earlier steps
Explicitly identifying the next 10 Customers after the Persona,
have limited time and resources and need to be hyper efficient
Focus is very important because entrepreneurs
why you do something
In Simon Sineks Video " How great leaders inspire, the most important part of the golden circle is
no two ventures take the same path and a decision that is right for one venture may prove disastrous for another
In the Article "The Questions Every Entrepreneur Must Answer" the author states that
tend to be more stable as the venture progresses because they know each other well enough to deal with the inevitable struggles you will face when launching a new venture
In the HBS article "Assembling a Start Up Team" research shows that teams made up of co-workers
Relationships, Roles, and Rewards
In the HBS article "Assembling a startup team" The three characteristic of startup teams that must be aligned for those teams to function well are
the location was better for distribution
In the Roxanne Quimby Case one of the advantages of manufacturing in North Carolina was
Relationships, Roles, and Rewards
In the article "Assembling the startup Team" the author states that the three characteristics of startup teams that must be aligned for team to functions well are
that risk and value are inversely proportional (when you decrease risk, you increase value)
In the article "Beating the Odds When you Launch a New Venture"... we learn
instability in the economy fosters innovation and the building of companies
In the article "Finding Competitive Advantage in Adversity" the author states that
to emphasize discovery-driven planning
In the article "Making Social Ventures Work" the author offers guidelines for launching a successful business in stable markets. One of these guidelines is
Where do I want to go? How will I get there? Can I do it?
In the article "The question every Entrepreneur must answer" the three question Entrepreneur must ask themselves are
not using Salesmanship,not listening to potential customers, and offering discounts
In the article :What Entrepreneurs Get Wrong" the author describes the mistakes entrepreneurs make most frequently when launching a new venture. They are
outside investment to scale quickly
Small Business Enterprises (SME) does not require
Teams
Successful innovation driven enterprises (IDE) are best lead by
the beachhead market
TAM should be between $20 and $100 million per year for
"We humans are not exactly rational in how we think about risk, emotions, and fear in particular, play a big part in out perception of possible loss versus potential gain."
The article "How to Develop a Balanced View of Risk" we learn that
risk mitigaters
The most successful entrepreneurs tend to be the greatest
I have a technology, I have an idea, and I have a passion
The three distinct ways to start a business are
Entrepreneur/visionary, manager, and technician
The threes roles the Entrepreneur must fill at one time or another in their business's journey are to be the
gene and people are not genetically predisposed to succeed and start companies
There is no Entrepreneurship
have paying customers
This single necessary and sufficient condition for a business is to
"selling to everybody" and " the china syndrome"
Two common pitfalls you may face when starting a business are
although most entrepreneurs want to make pots of money and run the show, it's tough to do both
We learned in the Article Founders Dilemma that
lifestyles businesses
We sometimes refer to SME businesses as
Recognize when its time to give up power, Develop post succession roles for yourself, and Be open to external financing
What are the three things in the Article "The Founders Dilemma" that a founder must decide if they want to be rich?