ENT 311 midterm 1-5

Buying a Small Business

-Entrepreneur purchases existing business -Takes over operations -Less risky than starting from scratch (ex flow dog) Christ C. took over dog aquatic rehabilitation which already had employees and loyal customer base

Family Enterprising

-Family members own and manage -Each generation can make changes to innovate -makes up for 60% of employment, 78% new jobs, and 65% total wages -stable business model -ex: Walmart, Volkswagon

passion vs. determination in ENT

-Passion in the context of entrepreneurship: In the context of entrepreneurship, passioncan be defined as an intense positive emotion, which is usually related to entrepreneurs who are engaged in meaningful ventures, or tasks and activities, and which has the effect of motivating and stimulating entrepreneurs to overcome obstacles and remain focused on their goals. -There is a dysfunctional side to passion: It is possible to become so obsessed by an idea or new venture that we fail to heed the warning signs or refuse to listen to negative information or feedback. Less likely to try new things and can tend to give up easily if becomes hard/obstacles -Determination helps you get over obstacles and problem solve through them to become successful

what is an opportunity

-a favorable set of circumstances that creates a need for a new product, service, or business -include potential economic value, novelty or newness, and perceived desirability -idea must be unique or new to set you apart and must solve a problem (can be either improvement (ehance), invention (novelty for customer) , or irrelevant(not going to sell)) ex: über

power of mindset

-right mindset critical for developing or beginning business ex: sushi jiro mindset (has to be perfect) like go from learning x to get to rice ex: How Franklin Yancy's mindset motivated him to start his own business selling comfortable stadium seats for sporting events a.We could say that Yancey was in the right mindset to start a business because he saw a problem that needed to be fixed and was curious about finding solutions. b.Thanks to experience, he had the confidence to take action by knocking on doors and gaining support for this idea. c.He also believed enough to persist with his idea, even in the face of high financial risk. d.Ultimately it was Yancey's mindset that kept him on the right track and led to his success in multiple businesses.

Serial entrepreneurship

-someone who starts and leads one business after another or, multiple businesses at the same time -They look out for the next big thing or explore ways to implement their diverse range of ideas: Not satisfied with just focusing on one business, they constantly look out for the next big thing or explore ways to implement their diverse range of ideas. a.Natalie Campbell started her first venture running a franchise of fashion chain Morgan de Toi while still in university, before going on to co-found social innovation agency, A Very Good Company.

social entrepreneurship

-the pursuit of social goals while creating a profitable business -Social entrepreneurship has become a global movement, with initiatives launched every year to improve social problems -subcatetory of this is a B-corp form of organization certified by the nonprofit B Lab that ensures that strict standards of social and environmental performance, accountability, and transparency are met. Some B-Corp members includeBetterworldBooks, which donates a book to someone in need every time a book is purchased

Types of Entrepreneurship

1. Corporate Entrepreneurship 2.Franchising 3. Buying small business 4.Social ent-sub cat is b corps 5.Family enterprising 6.Serial ent

Four Parts of the Business Model

1. The offering 2. The customer 3. The infrastructure 4. The financial viability competitive advantage can come from any of these parts

7 lesser known truths about ent

1. there is no such thing as overnight success- truth 1: but it can still be a path for many because they are not reserved for startups and truth 2: ent do not have certain personality traits, and Truth 3: ent can be learned and requires practice Truth 4: ent are not extreme risk takers Truth 5: they collaborate more than compete Truth 6: Ent act more than they plan Truth 7: ent is a life skill

To improve guidelines and their adherence:

1. ·Improvisation is not just for actors or musicians. ·2.There's no such thing as being wrong. ·3.Nothing suggested is questioned or rejected (no matter how crazy it might sound!). 4.·Ideas are taken on board, expanded, and passed on for further input. 5.·Everything is important. 6.·It is a group activity—you will have the support of the group. ·7.You can trust that the group will solve a certain problem. 8.·It's about listening closely and accepting what you're given. ·9.It's about being spontaneous, imaginative, and dealing with the unexpected.

Customer vs. Consumer

A consumer is someone who uses and disposes of a good or service A customer is someone who may buy the good or service, but is not always the consumer of the good or service

how to adjust to a growth mindset

Adjust our mindset and take action even in uncertain circumstances: Our mindset is not dependent on luck, nor is it fixed: we each have the capability to adjust our mindset to recognize and seize opportunities, and take action even under the most unlikely or uncertain circumstances, as long as we work hard and practice.

How to build a network

An incubator is an organization that helps early-stage entrepreneurs to refine an idea,while also providing access to a whole network of other startups, mentors, and other valuable resources. a.Leading incubator 500 Startups based in Mountain View, California, offers entrepreneurs seed funds, expert guidance, and access to investors. ● An accelerator provides tailored support for existing startups that have already built a successful product or service (usually through an incubator) by helping to develop, scale and grow their business. a.Typically, accelerators offer startups free office space, feedback, and access to investors. b.Y Combinator also based in Mountain View, California, is considered to be the most successful accelerator for startups having facilitated the growth of such companies as Airbnb, Dropbox, Stripe, Reddit, Twitch, Coinbase, and Weebly.

6 stat. for idea generation

Analytical strategies: Involve taking time to think about a problem by breaking it up into parts, or looking at it in a more general way in order to generate ideas about how certain products or services can be improved or made more innovative. Search strategies: Involve using memory to retrieve information to make links or connections based on past experience that are relevant to the current problem using stimuli. Imagination-based strategies: Involve suspending disbelief and dropping constraints in order to create unrealistic states, or fantasies. Habit-breaking strategies: Techniques that help to break our minds out of mental fixedness in order to bring about creative insights; one strategy is to think about the opposite of something you believe, in order to explore a new perspective. Relationship-seeking strategies: Involve consciously making links between concepts or ideas not normally associated with each other. Development strategies: Employed to enhance and modify existing ideas in order to create better alternatives and new possibilities.

cognitive traits of ent

Cognitive styles attributed to successful entrepreneurs: Cognitive styles attributed to successful entrepreneurs thus include a higher degree of intelligence, creativity, and self-efficacy—all of which influence opportunity recognition, and may explain why some entrepreneurs are more likely to become aware of opportunities while others may remain oblivious.

customer segments

Creating a product or service that the customer would be willing to buy: By understanding the motivations, desires, and unmet needs of your customers, you are better able to create a product or service that they will be willing to buy. a.Market research indicated that young men shied away from Diet Coke because they associated it with women who were trying to lose weight, and in response, a new CVP was created, resulting in Coca-Cola Zero, which many people believe is clearly aimed at men.

alterness and opportunies

Discoveries are made by those entrepreneurs with alertness: Researchers have suggested that opportunities are everywhere but these discoveries are made by those entrepreneurs who have alertness, the ability to identify opportunities in their environment. The example of Post-its is one such discovery: Dr Spencer Silver was not actively searching for an opportunity to invent sticky notes, but became alert to the idea through experiments and proceeded to collaborate with a colleague to create Post-its that would prove to be a huge market success in the future.

Self-Efficacy and Entrepreneurial Intentions

Entrepreneurial self-efficacy can enable the entrepreneur to more effectively confront demands: Recent research suggests that entrepreneurial self-efficacy can enable the entrepreneur to more effectively confront demands or stressors and thus improve entrepreneurial performance. Self-confidence, self-efficacy, and arrogance: Arrogance leads a person to believe that he or she achieved success without help from others; further, the arrogant person may feel entitled to success and entitled to "bend the rules" to get ahead. The GSES was designed by researchers as an assessor of our own actions and results: The General Self-Efficacy Scale (GSES) was designed by researchers to assess the degree to which we believe our actions are responsible for successful results. GSES: Measure of self-efficacy levels worldwide: The GSES has been used worldwide since the 1990s to measure the self-efficacy levels of a whole range of ages, nationalities, and ethnicities and is thought to be an accurate way of testing self-efficacy levels.

part of business model: customer

Individuals or businesses willing to pay for what you are offering (three types users, purchasers, and influencer)

entrepreneurial mindset

It has the ability to alter one's way of thinking to see the endless possibilities: The Entrepreneurship Method requires a specific mindset so that entrepreneurs have the ability to alter their ways of thinking. And requires to control impulses

Franchising

It is a license purchased by an entrepreneur from an existing business allowing the entrepreneur to trade under the name of that business: A franchiseis a type of license purchased by an entrepreneur (franchisee) from an existing business (franchisor) that allows the entrepreneur to trade under the name of that business. advantages of owning own business thats pre-established by just paying royalties

Managerial vs Entrepreneurial thinking:

Managers lead corporations but entrepreneurs lead startups: Entrepreneurial ventures are not smaller versions of large corporations; managers lead corporations but entrepreneurs lead startups. A startup environment has to face many more risks than a corporate organization: Leading in a corporate environment is very different than leading a startup environment because there is a lot more uncertainty and risk in the startup environments AND a lot less information and data too. a.A dinner party example can illustrate the difference between entrepreneurial and managerial thinking: if you are throwing a dinner party for a group of friends, you might draw up a menu, buy the ingredients, and cook the meal according to a set of instructions in the cookbook —here you are approaching the dinner party as a manager. b.In contrast, you might ask each person to bring one ingredient without telling them what to bring and 10 people show up with different ingredients; theirs plus the ingredients you already have in your kitchen tell you what you have to cook with; now, the group must come together, use the ingredients and create dinner—this is an example of entrepreneurial thinking—creating something without a concrete set of instructions.

market opportunity and product application

Market opportunity: market demand: A market opportunityis often identifiable by the degree of customer or market demand for a specific product application. Product application: goods and services: A product applicationrefers to the goods or services created to meet this demand, thereby providing a solution to a customer problem. Importance of market research: Before you jump into a new venture, you need to do some market research to figure out if your idea will translate into a successful business.

Networking and entrepreneurship and 3 main advantages

Network building develops social capital: This refers to our personal social networks populated with people who willingly cooperate, exchange information, and build trusting relationships with each other. Interacting socially will help you build social capital: Anywhere that provides the opportunity to interact socially will help you build social capital if you recognize the value in purposeful relationships. There are three dimensions of social capital. a.Bonds:connections with people who are just like us, such as family, friends, and others, who have a similar cultural background or ethnicity. b.Bridges:Links that go further than simply sharing a sense of identity; for example, making connections with classmates or colleagues who may have different backgrounds, cultures, or other characteristics. Linkages:Connections to people or groups regardless of their position advantages: •Private information. •Access to diverse skillsets. •Access to power. •People who can introduce you to the rightpeople

ent as method continued

No longer about growing a venture using a linear step-by-step process: Entrepreneurship is no longer about a path of starting and growing a venture using a linear step-by-step process. It is an ongoing method of creating opportunities to navigate an ever-changing world: It is a much messier, ongoing method of creating opportunities, taking smart action, learning and iterating, and using a portfolio of skills to navigate an ever-changing world.

virtual networking

One of the speediest ways to connect with others is through social media: It is the simplest too. Twitter, LinkedIn, Facebook, Instagram, and YouTube all provide ways to connect with people who are experts in the field: Along with potential stakeholders—or fellow entrepreneurs—anyone who can potentially help you develop, build, and grow your entrepreneurial venture.

types of cvp and customer segments

Problems with marketing and execution: Many entrepreneurs have the idea in mind but may not be so clear on the marketing or the execution. Delineating the value of an idea to meet customer needs: This is where the CVP really fulfills its potential, as it delineates the value of your idea in meeting customer needs.

ENT mindset and practice

Repeating the same action makes one reach a plateau of capability: However, research has shown that people who spend a lot of time simply repeating the same action on a regular basis reach a plateau of capability regardless of how many hours they have put in. It is importance to carry out deliberate practice: To achieve high levels of performance, high performers engage in deliberate practice, which involves carrying out carefully focused efforts to improve current performance.

why are some ent more better at opportunities ideas than others

Some entrepreneurs are more adept at spotting opportunities because: Some researchers believe that entrepreneurs may be more adept at spotting opportunities than non-entrepreneurs for several reasons. They have access to more information: They have access to more information. They are risk takers: They may be more prone to pursuing risks rather than avoiding them. They may possess different cognitive styles from those of non-entrepreneurs.

how to identify a good opportunity

The essential tenets of all favorable opportunities: Favorable opportunities are those that are valuable, rare, costly to imitate, and fit the capabilities of the entrepreneur. What valuable, rare, fit, and costly opportunities mean: Valuable means there is a market of customers; rare means that they offer some novelty that doesn't currently exist for customers; costly to imitate creates barriers to entry to other entrepreneurs; and fit aligns with the skills and knowledge of the entrepreneur or founding team. steps: find, search, effectuate, design

Types of Revenue Models

Unit Sales Revenue Model •Measures the amount of revenue generated by the number of items sold. •Retail businesses: Rely on the unit sales model by selling directly to consumers. •Includes physical goods and intangibles like digital products. Advertising Revenue Model •Amount of revenue gained through advertising products and services. •Has evolved from its traditional format to encompass the digital world. Data Revenue Model •It is used when they generate revenue by selling high-quality, exclusive, valuable information to other parties. •Data brokers: Collect third-party information with people with whom they have no relationship. •Facebook, Google, and Amazon collect data directly from users. Intermediation Revenue Model •Describes the different methods by which third parties can generate money. •Brokers: People who organize transactions between buyers and sellers. •eBay, Airbnb, WeWork Licensing Revenue Model •Gives permission to other parties to use protected intellectual property. •Licensing frequently takes place in the technology industry . •Software, apps, part of the franchising model licensing use of brand name and images. •Images and likenesses Franchising Revenue Model •Describes how the owner of an existing business sells the rights to another party to trade under the name of that business. •The franchisor helps the franchisee by providing support in: •Marketing, operations, financing. •Ryan Zink Interview Subscription Revenue Model •Involves charging customers to gain continuous access to a product or service. •Online news content, streaming music services, Harry's Razors, Butcher Box. Professional Revenue Model •Provides professional services on a time and materials contract. •Lawyers, Doctors, Dentists, Architects, Accountants. Utility and Usage Revenue Model •Charges customers fees on the basis of how often goods or services are used. •Hotels, rental cars, some streaming content services (extra charge for some content) Freemium Revenue Model •Involves mixing free basic services with premium or upgraded services. •Businesses create at least two versions or tiers of products or services. •The company gives away the low-end version of the service for free.

Customer Journey Map

Visual depiction of customer's interaction with an organization. risk of not doing this is an unsatisfied customer

confirming findings

Website Analytics a.Website analytics will provide you with lots of information, including your customers' location, the amount of traffic to your site, and the number of clicks on each page. b.Analytics also expose weaknesses in your site by showing you points in the process where your customer may have become frustrated and abandoned the site. Social media tools a.Social media tools are also a useful source of data; for instance, SocialMention is a tool that provides information from blogs, comments, and videos about what people are saying about your brand, and advises you whether those mentions are positive or negative. b.This type of customer feedback is extremely useful when it comes to gaining insights into your customer's journey. c.You could also consider running a survey to find out your customers questions, feelings, and thoughts. Direct Customer Contact Feedback about customer experience: Sitting down and talking with your customers is one of the most valuable ways you can get feedback about their customer experience. a.Sitting down and talking with your customers is one of the most valuable ways you can get feedback about their customer experience. b.It can be difficult to organize but very worthwhile if you can manage it.

Turbulence and how it can create new opportunities for economic progress

While it can be difficult to see entrepreneurial possibilities in the midst of unemployment, economic recession, war, and natural disasters, it is this sort of turbulence that pushes us into creating new opportunities for economic progress.

customer value proposition

a cluster of benefits that an organization promises customers to satisfy their needs •The three qualities of an effective CVP. •Better value than the competition. •Measurable in monetary terms. •It must be sustainable. (can be executed for extended period of time) Jobs, Pain Points, & Needs •Successful CVP: Understanding what the customer wants. •Businesses survive because they successfully answer three questions. •It is about one big benefit. •Credibility in the eyes of the customer. Dramatic difference relates to uniqueness

Buyer Persona and key points for building a persona

a semi-fictional representation of your ideal customer based on market research and real data about your existing customers. value/fears, goals and challenges, demographics, pain points, hobbies, shopping preferences, apps most frequently used, culture, day in their life etc.

point of difference

a unique product characteristic or benefit that sets it apart from a competitor

four main elements that define a market

a.A set of actual or potential customers, b.for a given set of products or services, c.who have a common set of needs or wants, and d.who reference each other when making a buying decision.

five categories of potential customers and beach heading

a.Innovators (2.5 percent of customers): These are the first customers to try a new product; people who are enthusiastic about new technology and are willing to take the risk of product flaws, or other uncertainties that may apply to early versions. b.Early adopters (next 13.5 percent of customers): This is the second fastest group to adopt a product; early adopters are usually influential people from business or government who make reasoned decisions as to whether are not to exploit the innovation for competitive advantage. a.Early majority (next 34 percent of customers): People in this category tend to take interest in a new product as it begins to have mass market appeal; they are both practical and extremely risk-averse, preferring to wait and see how others view the technology before they buy it themselves. b.Late majority (next 34 percent of customers): These customers are typically skeptical, pessimistic, risk-averse, and less affluent than the previous groups. c.Laggards (final 16 percent of customers): People in this final category are the last to adopt a new innovation. They tend to have a negative attitude toward technology in general and have a strong aversion to change. crossing the chasm is transition from early adopters to early majority to do this you beach head a customer. beach heading attack a certain market to generate a larger following

assumption of Ent method (6)

a.It applies to novices and experts: It applies to novices and experts regardless of experience levels. b.It is inclusive: It is inclusive, which means it works for any organization at any stage of business. c.It requires continuous practice: It requires continuous practice with a focus on doing in order to learn. d.It works in an unpredictable environment: It is designed for an unpredictable environment. e.It changes how we think: It changes how we think and act under conditions of uncertainty. f.Entrepreneurship needs to be viewed as a method: Viewing entrepreneurship as a method caters to its uncertain and unpredictable nature and represents a body of skills that together comprise a toolkit for entrepreneurial action.

five types of influencers

a.Users:These are customers who will actually use your product. b.Influencers (or opinion leaders): Sometimes the biggest influence on the success of a service or product comes from "customers" with no involvement. Celebrities, journalists, industry analysts, and bloggers have the power to influence our decisions and increasingly, social media influencers—who have managed to establish credibility through online platforms—that are becoming the new face of marketing. c.Recommenders:Popular bloggers, experts in an industry, or CEOs of major corporations carry a lot of weight when they evaluate your product and tell the public about it. d.Economic buyers: These are the customers who have the ability to approve large-scale purchases, such as buyers for retail chains, corporate office managers, and corporate VPs. e.Decision makers: These are similar to economic buyers, but they might have even authority to make purchasing decisions as they are positioned higher up in the hierarchy.

defining customer segment and six aspects

a.Who are they? Find out their demographic (age, gender, education, income, and so on). b.Where are they? Note where your customers are located in geographical terms. c.How do they behave? List all behavioral or lifestyle habits demonstrated by your customers. d.What are their needs? It is essential that you record your customers' needs to clarify your offering. a.Demographics:While demographics are useful data in identifying your target end user, they may not be entirely accurate when it comes to understanding your end user. b.Psychographics:Psychographics is a method used to describe the psychological attributes (attitudes, values, or fears) of your target end users. Unlike demographics which provide basic information about your users, psychographics presents a more detailed overview, such as their aspirations, who they admire, what they believe, and so on. c.Proxy Product: These products give you an idea of what else the user is likely to buy; people who already buy from high-end fashions brands are more likely to buy an expensive piece of clothing. d.Watering Holes: Watering holes are the places where users meet and swap information; they are also the best spots for word-of-mouth recommendations; there are many different types of watering holes, both formal and informal. e.Day in the Life: One of the most useful ways entrepreneurs can create a profile of their end users is to walk in their shoes for a day; this method is particularly effective after you have spent some time observing and talking to a group of end users. f.Biggest Fears and Motivators: Finding out what keeps your end users awake at night and obtaining their top priorities is a valuable way of understanding their biggest fears and motivators.

All Benefits Value Proposition

approach to CVP involves identifying and promoting all the benefits of your product or service to target customers, with little regard to the competition or any real insight into what the customer really wants or needs; being overly product-focused, you are promoting features and benefits that customers may not even need.

prior knowledge and pattern recognition

building opportunities relies on prior knowledge and pattern recognition ** differentiation can be small but significant Prior knowledge is gained from life and work experiences: Researchers have identified two major factors in the building of opportunities: prior knowledge and pattern recognition—prior knowledgeis preexisting information gained from a combination of life and work experience. Allen Lim:Allen Lim, founder of Skratch Labs, a company that provides tasty, natural hydrated food and drinks to athletes, was able to apply the knowledge he gained while working as a sports scientist and coach for professional cycling teams Another key factor in building and recognizing opportunities is pattern recognition:the process of identifying links or connections between apparently unrelated things or events; some of the simplest ideas are born from making links from one event to the other. Selin Sonmez and Niko Georgantas's luggage storage company:To solve their problem of having to lug their baggage around on the first and last day of their travels, Selin Sonmez and Niko Georgantas co-founded luggage storage company Knock City, which partners with different shops to allow people to drop off their luggage for $2 an hour

creativity habit and six road blocks

creativity-capacity to create new ideas and creativity is in our dna 1. fear -most detrimental 2. no appetite for chaos 3.preference for judging over generating ideas 4.dislike for incubating ideas 5.percived lack of challenge 6. inability to distinguish reality from fantasy

entrepreneurship method

embodies methods for thinking, acting, identifying opportunities, and approaching problems that enable people to manage change, adjust to new conditions, and to take control of actualizing personal goals, aspirations, and even dreams.

market sizing and subgroups and why it is important

estimating profitability of service/product based on potential customers numbers •TAM, or Total Available Market •SAM, or Serviceable Available Market •SOM, or Share of Market a.Calculates sales and profits: It calculates the number of sales and resulting profits of new products or customer segments. b.Identifies growth opportunities: It identifies growth opportunities in different product lines and customer segments. c.Pinpoints competitive threats: It helps to pinpoint competitive threats and how to develop strategies for those threats. d.Thinking of exit strategies: It forces you think about exit strategies or pivot points in the future. e.A sense of market trends: It gives you a sense of market trends and their potential to impact your business in the future. f.As proof for investors: It is important for investors who want to see evidence of a large enough market to justify their investment.

IDEATE model (identify, discover, enhance, anticipate, target, evaluate)

food truck example: •Using the identifystage we could observe that food trucks are popular but customers really want more healthy options; a possible idea could be a food truck that serves fresh seasonal salads and healthy grain bowls, and the menu changes with the seasons. •Building on this food truck concept in the discoverystage, the opportunity could morph into an entirely different concept that takes into consideration social and environmental changes; plates, cups, and utensils would be compostable in order to be healthy for the planet too! •As you enter the enhance stage, you could morph the food truck opportunity again—maybe the food truck turns into "fresh food" vending machines that are in strategic urban locations and the machines are restocked daily or placed in airports as more and more people want access to healthy food to bring on their flights. •Applying the original food truck concept to the anticipate stage could result in an entirely new concept—here we are forced to think about future scenarios. •We can morph the food truck concept and anticipate the future by thinking about creating a fleet of food trucks that act as "mini" produce markets which would travel through low income areas selling healthy food at reasonable prices while also educating the public on how to eat healthy on small budgets.

how new ideas are made

go through many many ideas before finding out if they are good or not and collaboration is key to know if the idea is good or not

ENT as habit

it is a habit that must be practiced and learned through habit loop-brain decides whether certain behavior should be repeated and more rewards felt=more likely to loop

difference between managerial and ent thinking

managerial: 1. big planning 2.wait until you get what you need 3. expected return 4. linear 5.optimization 6.avoid failure at all cost 7. competitive 8. knowable 9.plan to act ENT:-ex:curry in a hurry 1.small actions 2.start with what you have 3.accetpable loss 4.iterative 5.experimental 6.embrace leveraging and failure 7.collaberative 8.unknowable 9.act to learn

know difference between moths and process

method: 1.set of practices 2.phases of learning 3. Iterative 4.creative 5.action focus 6.investment learning 7. collaborative vs. process: 1.known inputs and predicted outputs 2.steps to complete 3.linear 4.predictive 5.planning focus 6.expected return 7.competive

exlusionary persona

model of customer you don't want

Resonating focus value proposition

product-market fit- is the "gold standard"; all-benefits and points-of-difference CVPs each provide a laundry list of the presumed benefits to the customers, and the differences between your products or services in comparison with the competition, but a resonating-focus CVP drills down to what is most important to the customer.

self-selected stakeholders

self-selected stakeholders; these are the people who "self-select" into an entrepreneur's network in order to connect them with resources such as subject-matter expertise, funding, advice, introductions to others, etc. to steer the venture in the right direction.

Corporate Entrepreneurship

the use or application of entrepreneurship within an established firm (also known as intrapreneurship) see value in enhancing competitive competition ex: Deloitte owned design consultancy market gravity holds annual corporate ent award to encourage this behavior (google, zappos, and apple all have this spirit as well) -Inside ent and consists of employees that think entrepreneurially with support from coworkers and managers (ex:Peter Modigliani, a defense department acquisition analyst, at Massachusetts-based, Mitre, an organization that provides guidance to the federal government, breaks the traditional boundaries set by the chain of command by liaising with people inside and outside the organization to generate different perspectives.)

How Entrepreneurs Think

they ask why not instead of why and see things in a different perspective

Entrepreneurship

way for developing a set of skills including finance, social, communication, marketing, problem solving, and creative thinking A way of thinking, acting, and being. It combines the ability to find or create new opportunities with the courage to act on them.

offer: part of business model and customer value prop.

which 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. Customer value proposition describes what products your business offers: The offering includes the customer value proposition (CVP), which describes exactly what products or services your business offers and sells to customers.

self-leadership habit

•: Process where people can influence and control their own behavior. •To build their entrepreneurial business venture. •It consists of three main strategies: •Behavior-focused strategies- a.help increase self-awareness to manage behaviors particularly when dealing with necessary but unpleasant tasks, and these include self-observation, self-goal setting, self-reward, self-punishment, and self-cueing.. •Natural reward strategies.- a.endeavor to make aspects of a task more enjoyable by building in certain features, or by reshaping perceptions to focus on the most positive aspects of the task and the value it holds. •Constructive thought pattern strategies.- a.help us to form positive and productive ways of thinking that can benefit our performance.

Revenue Model

•A revenue model identifies how.... •The company generates revenue •Covers COGS (cost of goods sold) and Fixed Costs (overhead) •Realizes a profit (revenue less COGS and Overhead)

financial viability: part of business model

•Defines the revenue and cost structures a business needs to meet its operating expenses. •A business model is more than a financial model. no margin=no mission

business model

•Describes how a new venture creates, delivers, and captures value. •Evidence is gathered from talking to people, investigating and asking questions in the real world. •Built over time by collecting evidence that what you are creating works. Startup: Temporary organization in search of a scalable business model

value of team diversity

•Diversity is found in people's career paths and goals. •Homogeneous teams: Members feel included. •Heterogeneous teams: Greater mix of experiences and skills. •Great hybrid: Homogeneous values and work ethic/heterogeneous skills and experiences. •Founders, cocreators, and challengers by day. •Coffee pot washers and equipment repair people by night. •Groupthink and healthy conflict: A healthy team could be considered as one whose members are from diverse backgrounds. •

deliberate practice shapes the brain

•Engaging in deliberate practice shapes the brain and improves performance. •Regular practice without focused effort only reinforces mindless, automatic habits. -feedback is important and skills are transferable in ent

Infastructure: part of business model

•Inclusive of all the resources an entrepreneur must have to deliver the CVP. •Facilities •Technology •Raw material •Talent/labor force •Capital (we will talk a lot about this through the term) •Other?

types of business models

•Innovation, disruption, differentiation, and imitation. •Easier to make quick changes to the business model during the startup stage. The ability to change business models is not as quick for established organizations. Types of Business Models: a. Innovation: Business models can create a whole new market where new customers are offered a new product or service; the advent of social media sites such as Facebook illustrates a type of business model known as Innovation. b. Disruption: The emergence of MOOCs—Massive Open Online Courses—disrupted higher education when students opted for these free courses rather than paying tuition at colleges and universities; this emergence of MOOCs is the business model Disruption. Differentiation: Fulfilling unmet needs of customers using an existing product or service is called Differentiation; Quip, an electric toothbrush, for example, founded by entrepreneur and inventor Simon Enever. Imitation: Finally, the Imitation business model should really be avoided; imitation without differentiation is not the greatest form of flattery.

customer value proposition :pains felt by customer

•Lack of time: The example waiting time in hospitals. •Lack of money: Delivering previously unaffordable products or services for less money. •Lack of skills: People might like to accomplish a task but lack the specialized skills to get the job done. •Lack of access: Prevents them from getting a job done.

types of customer segments (5 types)

•Mass market: Many customers. •Niche market: Customers with specific needs. •Segmented market: Breaking customer segments into groups. •Diversified market: Variety of services. •Amazon - many different markets, one platform •Multisided markets: Two or more customer segments.

what is mindset and what are the two types

•Mindset: The established set of attitudes held by someone. •Mindsets can change or be altered. •Carol Dweck'stwo different types of mindsets. •Fixed mindset.-a.people perceive their talents and abilities as set traits and believe that brains and talent alone are enough for success and go through life with the goal of looking smart all the time. b.They take any constructive criticism of their capabilities very personally, and tend to attribute others' success to luck or unfair advantage. •Growth mindset.-a.people believe that their abilities can be developed through dedication, effort, and hard work and they think brains and talent are not the key to lifelong success, but merely the starting point. b.Upside of the growth mindset: People with a growth mindset are eager to enhance their qualities through lifelong learning, training, and practice; unlike people with fixed mindsets, they see failure as an opportunity to improve their performance, and to learn from their mistakes.

revenue and cost drivers

•Revenue Drivers •More factors than just buying or selling need to be taken into consideration. •The first key revenue driver is customers. •The second key driver is frequency. •The third driver is selling process. •The fourth driver is price. •Testing hypotheses is the best way. Cost Drivers •Two different types of costs should be taken into consideration: •COGS (Cost of Goods Sold) and operating expenses (overhead) •COGS, the actual cost of producing the physical good or the service, occur when a sale takes place. •Operating expenses are the costs of running your business. •AKA Overhead and Administration/indirect costs

method of entrepreneurship

•Systematic way of approaching task. •From entrepreneurship to business success. •The Entrepreneurship Process: An Outdated View.

improvisation habit

•The art of spontaneously creating something without preparation. •There is always the possibility of obstacles. •Need to find a way to quickly adapt to circumstances. •Major business schools offer courses on improvisation to teach: Creativity, leadership, negotiation, teamwork, and communication. •Practicing improvisation, out loud, in a group, is an antidote to inherent fear.

buisness model canvas 9 parts:

•The four parts of the BMC: •What the offering constitutes. •What customers relate to. •What the infrastructure includes. •What financial viability means. Knowing how a customer intends to create, capture, and deliver value: To know how a company intends to create, deliver, and capture value for customers, we need to look at a more in-depth study of the business model canvas (BMC). 9 parts: •Customer value proposition. •Customer segments. •Channels. •Customer relationships. •Key activities. •Key resources. •Key partners. •Revenue streams. •Cost structure.