New Venture Implementation Exam 1

What does lean startup do

favor experimentation ovEr elaborate planning, customer feedback over intutition iterative design over traditional big design up front development

what steps are in grow/ROI

managing, decision making, internal

1450 ad innovation

microscope and printing press

What is the second lessson you should learn

network to build your trigger community

what drives entrepreneurship

nonfinancial reasons, had a good business idea, wanted to generate income, lacked job options and other

What steps are in discoery/opportunity

observation, frustration, problem and solution

execturion handrail

operator to team

what are types of market entry barriesr

patenets and licenses, established brands, established distribution networks, exclusive rights to resources, gov regulation and laws, achieved economies of scale, business tactics, switching costs, capital investment requirements, high research and development costs

What does mindfullness mean

paying attention to whats happening in the present moment in the mind, body and external environment with an attitude of curiousity and kindess, both inward an d otuward

What is the 4th lesson you should learn

philosophy is alive and well

Heraclitus

said everything that exists is in a state of flux whatever is, is changin meaning you cannot step into the same river twice

What is Maslows hammer

"If all you have is a hammer, everything looks like a nail"

Trade secret

A confidence know how that has value to suffer of s business, Amy info that can be used in operation of a business that is valuable

Trade secret

A formula practice, process, design instrument pattern commercial method or compilation of info which is not generally known or reasonably ascertainable by others and by which a business can obtaining an economic advantage over competitors or competitors

Perceptual maps

A graph of how various products are perceived by customers along 2/3 product attributes or customer satisfaction variables

Design thinking

A human centered approach to innovation that draws from the designers toolkit to integrate the needs of people, the possibilities of technology and the requirements for business success-Tim brown

Design thinking

A methodology that imbues full spectrum of innovation activities with a human centered design ethos ( thorough understanding, direct observation, of what people want d. Need in their lives and what they like or dislike about products

In commercial innovations what does success depend on

A series of innovations often carried put by consumer insight, technology, business model, brand distribution

Hypothesis statement

A statement of expected outcome, educated, reasonable guess, tentative outcome and testable and falsifiable prediction

Attribution secrets

Actual secrets are little importance to those who knew it

MVP company examples

Airbnb, Groupon, twitter and Spotify

Copyright

Authored work and rights to reproduce/distribute display & duration is authors life + 70 years and is fed protected and original requirements for protection

Benefit leader examples

BMW apple and Zara

What are the taxonomys of secrets

Based on motivation, value, derivation and nature of secrets

If your plan is to be a benefit leader a What should you keep in mind

Be fit leadership means sign in up for constant innovation, providing superior benefits alone can be very difficult to maintain, and providing diff benefits requires more creativity but can be easier to maintain over the long run , provide uniquely superior benefits

Who is especially fitted for tradition secrets

Beaurcracies because of mechanism for periodic review and revision of regulatory and cultural structures

How to make design thinking a part of the innovation drill

Begin at the beginning, take a human catarrh approach, try early and often a and seek outside help , blend big and small projects, budget to pace of innovation, find talent any way you van and design for cycle

What leads to value created relative to competitor product

Benefit and cost position relative to competitor

What are the two possible choices with substitutes

Benefit or cost leadership

What is net value

Benefits minus cost

Enduring genius of ballpoint pen

Biro in Budapest started it but didn't buy us rights, Reynolds international started making but it was very unreliable but had 2 year guarantee ( worse versions came out which led to collapse of the industry, then marchel birch perfected it

Activators to problem solving

Brainstorm/ideate, rephrase the problem, expose and challenge assumptions, 30000 ft altitude:chunk up, on the ground: chunk down, multiple perspectives, diff Lang constructs, make it engaging and reverse the problem

What were the fist products to be protected by copyright

Britain with the passage of a law known as the statute of Anne 1710

Big data

Broad term for data sets so large or complex that tradition data apps are inadequate.. usually refers simply to use of predictive analytics or certain advanced methods to extract value

Prototype

Build a representation of one or more of your ideas to show to other stuff

Customer risk

Build path to customers- find who has pain and narrow to early adopter gradually hips develop inbound channels

Transient advantage

Business strategy that accepts that competitive advantages are often short lived and focused on innovation strategies that continually build new advantages

Patents

Can be utility or design, important to know

Product attribute

Characteristics of a product which makes it distinct from other products and highlights benefits which positively affect the products appeal and acceptance in the market

What are ways to gain a cost advantage over competitors

Cheaper inputs, more efficient processes, technology cheaper shipping

Wave of transient advantage

Companies in high velocity industries must learn to cycle rapidly though stages of competitive advantage and need capacity to develop and manage s pipeline of initiatives

Ways to think about MVP

Definition of an MVP, build an MVP to learn more about your solution, use your MVP to wash out product, customer and market risk and build s physical service or digital MVP of your solution

Rashomon effect

Describes how different. Interpretations of the same events can add up to a fu,,era more detailed account or contradict or make it difficult to determine truth

What are the 3 product differentiation strategies focus on

Differences in product attributes, appeal of its distribution system , and the nature of then service you offer

Two options of secrets

Discretionary or mandatory

If your goal is to be a cost leader what should, you keep in mind

Don't lean on low price when you can't lead on low cost, do what the talents you lend your org, realize some markets will force you to become cost leader

Build an MVP to learn

Each time you build an MVP you also define what you are trying to measure, goal is to max learning - Steve blank

What kind of culture about entrepreneurial ideas should we follow

Feedback is to help improve the business mode,s to he,p improve experiments and to help produce stronger evidence that th ideas Can work

Steps to design thinking to address problems and solutions

Empathy to observations to define to problem to ideate to solution to prototype to MVP to feedback to reflect to secrets to empathy

Observe frustrations

Feeling of frustration comes as a result of not being able to satisfy wants needs or desires through your own actions and efforts

Customer risk

First identify who had the pain then narrow to early adopters(on to start with outbound channels and gradually build up,

7 dangerous misconceptions

First mover trap, Superiority trap, quality trap, hostage resources trap, white space trap, empire building trap and sporadic innovation trap

Trade secret

Formula process device that gives your company advantage

Examples of factual secrets

Formulas, algorithms, laws of anther and objective truths

Milestone 1

Frustration statement- customer group activity, lack of good true beautiful, Pain experience

What are factors of investors

Funding sources, valuation, investor and business story

What happened with gutneberg and fist

Fust lent him money and didn't get his rio fast enough so sued and won and had his foreman working for him so took over everything gutneberg did

Example of illusory value secret

Geraldo Rivera tv show about all Capones vault ( assumed that it was secret , contained items from al Capone, had been bricked over by Capone, and had not been opened since but really it was a coal bin

Who was Johannes Gutenberg

German blacksmith, goldsmith, prineter and publisher who introduced pringing in europe

Product risk

Getting the product right make sure it is worth solving, define smallest MVP, build and validate then verify

Physical model example

Globe, each of us for humans, chemicals In chemistry

What are the 3 options you have with gendering data

Go write your gut , use secondary research data. Generate own primary data

Marketing scientific method examp,

Goal: improve sales , models : current and modified ads, data : responses to each ad in trials, evaluation : deciding which ad most closely achieves your goal in numbers of responses, revision: adopting an ad for general distribution

Scientificmethod example op with journalism

Goal: stimkting article . Model: current draft, dat: reactions of you and others to the draft , evslaution: are the reactions achieved by your draft those you want, revision : new drafts

Example of scientific method with cooking

Goal: to prepare food dish, model: the recipe, dat: tastings during prep, evaluation: decisions on how it tastes, revisions : changes to the recipe

5 elements of the scientific method

Goal; method hypotheses data and revision

Example of indirect complements

Good distribution contracts l, regulatory trade body, apple App Store approval, trade body approval, safety body approval

How do indirect complements reduce customer risk example s

Good product testimonials, good product reviews , customer goodwill faith( authority endorsement and others that enhance legitimacy

Externally generated and survey

Google search to find relevant survey data collected by someone else

Patent

Grants property rights on innovation allowing the holder to exclude others form making the product

Factors of complements which reduce market risk

Growth area, positive media report, competitive product failure, competitive company bankruptcy or acquisition and sophisticated money and advisory board

Wha were the 2 problems to be solved before the pieces of interchangeable type could become effective

Had to be a way of holding numerous pieces together and impressing the. Steadily and heavily onto the service

questions regarding prototype

How can I show my idea, remember s prototype is just a rough draft

Market risk

Identify competition through existing alternatives & pick s price for your solution, test pricing first by measuring what customer say, then by what they do and optimized your cost structure to make the business model work

Steps to tackles risks

Identify system constraint, exploit system constraint, subordinate all resources, elevate system constraint

Patents

If you want to delve deeper at some point in your product development : uspto and ucf legal research

What does a reduction in the price of one complement do

Increase demand for the other and vice versa

What does increasing the price of a sub do

Increases demand for substitute

What does a lower price of coke do

Increases quantity demanded that

Trade secret

Information and have the rights to use/sell, duration is upon disclosure and not fed protected and valuable secret

Examples of direct complements

Ink key printer and ink, pb and j, gas & cats, hardware, smartphone and apps barrels and bourbon

What is the second phase

Innovate

What are the attributes that aspiring entrepreneurs typically display

Innovative thinking, self control, an inclination to take initiative and the presence of entrepreneurial mentors who can both model and support young people's entrepreneurial interests

Design project spaces

Inspiration , ideation, implementation

Barriers to entry example

Intellectual property( licenses, brand , distribution networks, gov regulations, exclusive rights to resources and sign up important opinion leaders for endorsements and many others see prep article

Patent

Invention and right to make/use/sell and duration is 20 yrs utility and 24 hrs design and are fed protected and utility novel requirements for protection and design: ornamental/obvious novel

Non obvious patent

Invention can't be exactly the same as prior products which means there is no prior art, patent office must decide whether the invention sought to be patented would have been obvious to s person having ordinary skill in the set to which the claimed invention pertains and most difficult requirement to meet

What is sophisticated money

Investment from venture capitalists or others with high investment criteria

Why is an important thing to think about with MVP

It's not the only keychains eh h fewer features it's the simplest thing that you can show to customers to get the most learning st that point in time, could be a PowerPoint , wireframe clay model

"Goods"

Items that can be seen and touched, such as books,pens, salt shoes hats

Inspiration

Opportunist problem or both

Physical models

Organisms and their properties, replicas structures and demonstrations

What is the story of viagra

Originally tested as anti hyper extensive and anti angina drug, didn't work for that.. men didn't want to stop taking it and the questions led to the discovery that viagra caused erections

What are Silicon Valley companies looking to gains share of

Part of the 7.7 trillion in revenue from auto sales and trans services that are generated each year

Discretionary secret

Part of the secret is kept so the others don't see the big picture

U.S. Business man who founded paper mate

Patrick Frawley in 1949 now part of Rubbermaid

Frustration

People groups pain without or with a particular good or service

Milestone 4

Test hypotheses- data, info snd knowledgea

In class substitute searches

The bests a man can get: dollar shave club and Harry's, a new business could change the way men shave, razor wars harry raised millions, and a 10 mo old startup convinced investors to give them millions to buy old German razor factory

What are some closer common attributes

The creative edge,, drive and control, and eye for business , proximity to pros

Externally regulated secret

The evert keeling is dictated by somebody other than keeper of the secret

Substitutes defined

Two goods are substitutes if using more of good c replaced the use of good d

Direct complements

Two goods us unit of good a requires use of more good b

What is the safety body

UL

What was the in class exercise about hypothesis

Ucf students who got caught in the rain want an inexpensive and convenient way to sit dryly in class and one solution is to create and sell s towel rental service in each class building

Complements ways to think and act

Understand classic economic view of substitutes and complements, understands the scope of complements, identify direct and indirect complements and acquire complements to create barriers to entry and transient competitive advantage

Ways to think and act

Use evidence based entrepreneurship, define goal using the solution statement, select model, test hypotheses, collect interpret & evaluate data and revise model and be sterilized with the anecdotal method

3 approaches leaders can take

Use your intuition, start with 3 universal risks, talk to domain experts

What are the 3 main ways to use perceptual map

Value, competitive, and innovation opportunity analysi

Cost leader examples

Walmart amazon and southwest

Sampling models examp,e

Way subjects are chosen to study,

Questions to ask regarding define

What are their needs and insights

Example of housing market crash affecting other things complement example

White oak is used for whiskey oak barrels, low supply because no one wants to enter that profession still but whiskey sales are increasing

Questions to ask regarding empathize

Who is my user, and what matters to this person

Trademark

Word phrase symbol that distinguishes the source of goods

Ways to think and act about problem

Write the problem statement, use design thinking to refine your problem statement, use various problems defining tools, put problem in s business category and choose growth area

Example of wizard of oz map

Zappos s

What is a need

applies to the bare minimum physiccal neccesities that allow you to survive: food, shelter and clothing

Test

Share your prototyped idea with your original user for feedback

Johann Gutenberg lifetime

1394-1468, began as goldsmith

What is an arena

A combo of a customer segment an offer and a place in which that it is delivered

What are challenges in big data

Analysis, capture, data, curation, search, sharing, storage, transfer visualization querying & info privacy

Model

Any and all abstractions of what is being studied, any simplification, sub or standing for what you are studying

What example was used in class on complements

Apple, rules for apps

Perceptual secrets

Are less objective and subject to interpretation based on context, supposition or individual thought process of the secret keeper or obtainer

What did early printers call their craft

Art of artificial writing

Inhibitors to problem solving

Asymmetric info, irrelevant facts, unwarranted constraints, hammer and nail issue, multiple goals, complexity:KISS principle, past experiences, sunk costs, confirmation bias and groupthink

Evaluate

Compare data to your model

Entrepreneur viewpoint of complement

Complements are factors external to the food either necessary or unnecessarily which reduce product customer and market risk, can be direct or indirect and others may define complements as key resources for a company

Indirect complements

Complements that reduce product risk

What are the 4 types of ip

Copyrights, patents,trademarks and trade sexrets

What is porters theory about the 2 strategic choices to gain competitive advantages

Cost or benefit leadership

Design patents

Cover the ornamental design to th articles of manufacture, must be novel ornamental and non obvious. Only covers ornamentals aspects

Utility patents

Cover the unctions features of an invention that can be a process, machine comp of matter or s new and useful improvement to one of those items

Define

Create a point of view that is based on user needs and insights

WHat did Gutenberg do

Created the first european printing press in 1439

Benefit leader traits

Creativity, engineering and design

Data matrix table characteristics

Data source and methodology

What does the demand for Pepsi do

Decrease so demand curve shifts to the left

Substitutes ways to think and act

Establish product differentiation from existing goods or services using cost benefit approach, refine solution statement to reflect differentiation product attributes and create multiple perceptual maps

What do barriers of entry benefit

Existing companies already operating in an industry because they protect an established company's revenue as and profits from being whittled away by new competitors

Experimental and externally generated

Experiment performed by someone else

Internally generated and experimental

Experiment performed by you

Build an MVP

Explainer video, landing page, wizard of oz MVP, concierge MVP, piecemeal MVP, raise funds from customers and single featured MVP

7 inspurational mvp examplr s

Explainer video, landing page, wizard of oz mvp, concierge mvp , piecemeal mvp, raise funds form customers , singe. Featured mvp

Taxonomy based on nature of secrets

Factual, perceptual and attribution

What is the trade body

Fair trade

Who came up with the idea of "mindfulness"

Jon Kabat Zinn a molecular biologist and professor at medicine emeritus university of mass. med school

What company went beneath the surface and has implemented changes successfully

Kaiser permanente

How did laslo biro come up with the ballpoint pen

Kids were playing outsid in the rain and one rolled marble int the water leaving a line from its path

Examples of hypotheses handrail

Kite, glider and powered aircraft with passenger

Asymmetry of information

Knowing and ignorant party

What are discovered sevrets

Knowledge

In class examples of trial and error

Lamp switch and wheel of fortune

Phases of competitive advantage

Launch process , build idea to scale, capture profits and share, reconfigure and disengages

Empathize

Learn about the audience for whom you are designing by observation and interview

Externally regulated secrets

Legal requirements(insider trading) , social control(is them in startup) and tradition/momentum (bureaucracy)

Build step

MVP -simplest

Entrepreneurs are ___ not ___

Made, born

Product risk

Make sure there is problem worth solving, define smallest MVP, build/validate MVP at small scale then verify st large scale

Hypothesis value

Makes thinking more precise, define variables, guides research design and adoption of evidence based entrepreneurship

Trademark

Mark and rights to use/sell , duration is upon abandonment and are fed protected and distinctive requirement for protection

What leads to economic profits

Market economics and value created relative to competitor product

Where should you focus your resources if you choose benefit leadership

Marketing and engineering organization

Benefit strategy

Max benefits to your customers while reasonably controlling costs

Examples of control reason for secret

Military plan, financial,neat a bargaining positions in negotiations, trade secrets safe combos

Cost strategy

Minimize costs to your customers while providing benefits that are good enough

What was the group activity on MVP

New type of eye dispenser

Abstract mode, examples

Newtons laws or medical statement

Anecdotal method

Not necessarily true or reliable because based on personal accounts rather than facts/research

What must a utility patent/invention have

Novel, non obvious and useful

Solution ways to think and act

Obey the capstone statement, brainstorm goods, services or combo and refine problem statement, write a solution statement, beware of inhibitors to problem solving, embrace activators to problem solving and be open to reversing: solution to problem

Goal

Objective of doing the study

What are ways to think and act with observations

Observe self others & nature, mindfulness: transcendent quotidians moments and big data approaches

What are ways to think and act with frustrations

Observe the frustrations of self to identify problems needing solutions, define the pain using transcendentals and anti transcendentals(true good beautiful false bad ugly) write statements

Barriers to entry

Obstacles that prevent new competitors from easily entering an industry of area of business.

Trends with startups

Offshoring, decentralization of access

Hypotheses

Predictions using the model with a written hypotheses statement that must be testable and falsifiable

Abstract models

Predictions, theories,mayor theses, many math and computer models

What do you need to do after solution statement

Probe by testing hypotheses so I don't spend s lot of time creating something no one wants

Milestone 2

Problem statement- customer segment and gain experienced, activity

Innovation

Process of creating s new good or service from a discovery

Ideation

Process of generating developing and testing ideas,

Cost leaders

Process operations and supply chain

Reasons mvps fail

Product failure, customer failure, , market failure , and team failure

How can MVP wash out risk

Product, customer and market risk

Innovate product milestones

Product, intellectual property, substitutes, complement and test hypotheses

Copyrights

Protect original works of authorship,m

"Services"

Provided by other people such as doctors lawn care workers dentists barbers and waiters

Intellectual property ways to think and act

Pursue IP: patents, copyright & trademark, conceal IP: trade secret/know how, explore ready made creations

Agile developmennt

Set of principles which requirements and solutions evolve through collaborative effort or self organizing cross functional teams

What are 7 tips for good survey questions

Question is interpreted in s consistent manner, question people are willing to answer, answered truthfully, with s known answer, avoid double barreled questions, avoid biased terms or wording and pretest your questions

Who said mvps suck

Rand fish kin only use the mvp to work out quirks

Sampling models

Random choice,more sons, personal preference

"Combo"

Read wiki entry on goods & services focus on service good continuum section

Taxonomy based on value

Real, illusory and irrelevant

Intellectual property

Refers to creations of the mind, such as inventions, literary & artistic works, designs & symbols, names & images used in commerce

Two main secret categories

Regulation of secret keeping behavior is largely from beliefs and motivation of secret keeper and when the where the regulating is external in the form of an entity distinct from secret keeper

What are the problem defining tools

Rephrase problem, expose and challenge assumptions, chunk up & down, find multiple perspectives, use effective Lang, make it engaging, reverse the problem, gather facts and problem solve your problem statement

10 moat effective ways to define problem

Rephrase the problem, expose and challenge assumptions , chunk up, chunk down, find multiple perspectives, use effective language constructs, make it engaging , reverse the problem, gather facts, problems solve your problem statement,

Who got together to study entrepreneurs minds and what did they study

Researchers from tufts and Stanford and studies 5000 college age career people goals characteristics and life experience across 3 years

Revision

Revise model in accordance with the data

Copyright

Right to make a copy

Who coined transient advantage

Rita gunner McGrath in hbr 2013

Unfocused examples

Sears Kmart and jcpenney

Example.s of kefgal requirements secrets

Sec disclosures, clearances corp securities,

examples of irrelevant secrets

Secret handshakes, costumes , frats and secret sauce

Self regulated secret.

Secret kept based on internal perception of risk (rational or irrational)

Ill surly value

Secret with this value is a markedly inaccurate valuation assumption made by secret keeper it those on the outside attempting to derive or reveal the secret

Reasons to care about secrets

Secrets have a largely static attribute that had a unitary value, secret is abstract quality defined by context of relationships, all secrets have intrinsic value,

Taxonomy based on motivation

Self regulated secrets for risk aversion and externally regulated secrets

Different categories of secrets

Self regulated secrets, embarrassment, control relationship of embarrassment control and privacy, externally regulated secrets, legal requirements, social cohesion, tradition, valuation of secrets, real value, illusory value, irrelevant secrets, derivation of secrets, discretionary. Mandatory, factual, perceived nature, perceptual secrets, attribution secrets

What are possessors of secrets

Self, nature and others

What is the driving trend recently

Share of young and old drivers licenses is declining

Milestone 3

Solution statement- customer segment, gain experienced, activity and create and a good service or combo

Example of social cohesive secret

Some one ordering hot dog in Chicago. Chicago hot dog tradition already has set ingredients so if you specifically ask for certain things they know you are a tourist and you never ask for ketchup

What was gutnebergs crucial invention

Specially designed mold for casting similar pieces of type quickly and in large numbers

What should you do with solution

Start with a problem find a solution

Who said in the process was he magic

Steve jobs

Data

Study design collection interpretation and evaluation to decide if hypotheses is correct

Survey and internally generated

Surveys written by you

Cost benefit analysis

Systematic approach to estimating the strengths and weakened sensor alternatives that satisfy transactions activities or functional requirements for business

Ways to think and act

Taxonomy of secrets, possessors of secrets, asymmetry of info, and concealment

There is no novelty if

The invention was known to the public before the applicant filed for patent protection, was described in a printed publication before the applicant filed for patent protection or invention was described in s publisher patent app or issued patent that was filed before the app filed for patent protection

Product differentiation

The process of distinguishing a product or service from others to make it more attractive to s particular target market

8 shifts for transient advantage

Think about arenas not industry, set broad themes an pet people experiment, adopt metrics that support entrepeneuri growth, focus on experiences and solutions to problems, build strong relationships and networks, avoid brutal restructuring learn healthy disengament, get systematic about early stage innovation , experiment iterate and learn,

Person who used desgig. Thinking

Thomas Edison

What is the goal of build measure learn

To mac learning though incrimentak and iterative engineering

Hypothesis handrail

discover to operator

startegies to get over long term barriers

behave like a leader, understand your strengths and weakness, be true to your customers, communicate regularly, create referral system

Market risk

building a viable business- identify competition through alternatives, test price, then by what they do, optimize your cost structure to make business model work

What are the three things learned after watching tradition startup regimen

business plans rarely survive first contact with customers, no one besides venture capitalists and late soviet union requries 5 yr plans, start ups are not smaller versions of large companite

Good trigger question

can you find a question to build a life around

Ideate

come up with as many creative solution as possible

how to create market entry barriesr

create and maintain economic moat, identify and understand intangible assets, understand reasons for customer goodwill, develop cost advantages,

500 bc innocation

crossbow

Startup staircase

discover/opportunity, innovate/product, synthesize/models, launch/operations, and grow/ROI

what steps does the person themselves go through

discoverer, innovator, entrepreneur, operator, team

What does product differentiation entail

differentiating its products from competitors as well as firms own products

3 principles of lean startups

entreprenerus have to accept that all they have on day one is a series of untested hypothese, ger of the building approach (customer development) and agile feveliplemt

WHat is an oppportunit ucost

every economic decision we make is the value of next best alternative

What is a startup desgined to do and who said it

grow fast, everything else we associate with startups follows from growth, a startuo diesnt need to work on technolofy or take venture funding or have some sort of exit- paul graham

850-900 ad innocation

gun powder

What are the big 6 traits for students and profs

having at least 1 professor who made them excited about learning, feeling professors cared about them as aperson, having a mentor who encouraged them to pursue goals and dreams, working on a project that took a semester or more to complete, having an internship/job that allowed them to apply what they were learning in the class and being active in extracurricular activities and org.'s during colleg

What categories does the mindfullness report making recommentdations

health, education, workplace and criminal justice

5 things every start up needs to know

identify trade secrets my , maintains trade secrets and confidential info, exclude confide tusk info from certain filings, realize value of trade secrets to your business, and create employee awareness of trade secrets

What is the wants

include those desires that you are able and also unable to pay for and are unlimited

What traits did those seeking to be entrepreneurs have

innovation, self starters, career purpose, started a club/organized people, financial awareness and entrepreneurial parent

Who is an indistry with high entry barriers most attractive to

investors and financiesrs

WHat is m papes take on "secrets"

it starts up like the universe started up with a big bang, tThe opposite is a non existent company,

sections of sketching out your hypothese

key partners, key activites, value prop, customer relationships, segments, key resources, channels, cost structure and revenue streams

What steps are in the launch/operations

legal, financials, insurance anrustration capture, external frustration capture

small business entrepreneur

lifestyle business usually funded by personal, mostly service, founder keeps control and few formal policies, selling or passing business on, local regional online, equity hold by owner and employees usually have non

What does scarxity force us to do

make choices

pre 1000 bc innovation

pottery, metal, tools, writing sysytems, beer wine, boats, coins sundial

What is the third lesson you should learn

prepare for a rollercoaster ride

What is mike papes definition of entreprenruship

process of creating, selling or providing a new good or service to satisfy customers frustration

What steps are in innovate/product

product, intellectual property, substitutes, complements

What does the typical mindfulness practice involve

sitting with your feet planted on the floor and spine upright

Types of startups

small business, win the world entrepreneur and intrepreneur

recent tech innovations

steam engines, telegraph, factories, telephone, tv, airplane, cars, pc, internet, smartphone, genetic engineering...

760 ad innovation

stirrup

Steps of rollercoaster ride

techcrunch initiation, wearing off of novelty, trough of sorrow, releases of improvement, crash of ineptitude, wiggles of false hope, promised land, acquisition of liquidity and upside of buyer

Parmenides

that which truly exists is not in flux and whatever is, is

What are some bad

the by products of production and consumption that we would prefer to do without

mental capital

the cognitive and emotional resources that ensured resilience in the face of stress and flexibility of the mind and learninig skills to adapt to a fast changing employment market and working lives

WHat steps are in synthesize/models

value prop model, marketing model, financial model, and business model

240 bc innovation

waterwheel and roman aqueducts

"bird in hand"

when expert entrepreneurs set out to build a new venture, they start with their means, who i am, what i know, and whom i know, they imagine possibilities that originate from their means

What is a startups big bag

when founders discover a secret about the world through intense observation which is ultimately translated into a frustration-satisfying product people want to buy

Design thinking steps

Empathize, define, ideate, prototype; and test

What are the definitions of entrepreneur

to undertake, one who undertakes new project

What is the first phase

Discovery- process of uncovering a secret

Taxonomy based on derivation

Discretionary and mandatory

What are undiscovered secrets

Ignorance

"pilots in the plane"

by focusing on activiities within their control, expert entrepreneurs know their actions will result in the desired outcomes, an effectual worldview is rooted in the belief that the future is neither fund nor predicted but rather made

What is a problem

A problem is a perceived gap between the existing state and desired state. A human problem is typically accompanied by the emotion of frustration

Mindfulness

A state of active open attention to the present and means you live in the moment and awaken to experience, observe thoughts from a distance without judging good or bad

Self regulated secrets for risk aversion example

Embarrassment(reputation) and control(not letting others know for power)

Asymmetry of info

In contract theory & economics info asymmetry deals with study of decision in transactions where one party has more info than the other, creates an imbalance if power which can cause the transactions to go awry

THe corollary for an entereprise is

a companay is permanent organization designed to execute a repeatable and scalable business model

Gutenberg did what

a metal worker, brought together the metal type, ink & press to create the innovative movable type printing press, used printing press to produce books, bibles, fust loaded 1600 guilders @ 6%, in 1456 fust demanded pmt of 2026 guilders, 20000 guilders in debt from bibles, fust sued and won, gave up his press and bibles to fust, bankrupt and not heard from agaun

What is economics

a social science that studies how people allocate their limited resources to try and satisfy their unlimited wants and it is the study of how people make choices

What is a startup and who coined the definition

a temporary organization designed to search for repeatable and scalable business model and steve blank

eyeglasses and clock

all round 1300-40 AD

What is the first lesson you should learn

be a great jockey on a great horse- be a great team with a great product

What experiences did the professor go through

biochemist to entrepreneur to venture capitalist to prof.. steps being trigger question, experience and communities

What 7 principles do entrepeneurs follow

bird in hand, affordable loss, lemonade, patchwork quilt, pilot in the plan, microscope telescope(observe), the scream(identify frustration)

intrepreneur

employees work for the paycheck maybe a small equity stake, policy/procedure oriented work culture, hiearchical mangement style with team framework,, can make proposals but will go through extenisce review and approval process

What nonfinancial reasons drives entrepreneurship

enjoy the work:have passion for it, be own business, have job security, stay home with children, work from home m, set own hours

What is scarcity

exists because nature does not provide us with all of the resources required to satisfy our unlimited wants and usually time is scarcest resource

affordable loss

expert enrepreneurs limit risk by understanding what they can afford to lose at each step, instead of seeking large all or nothing opportunities, choose goals and actions where ther is upside even if the downside ends up happening

"patchwork wuilt"

expert entrepnerus build partnerships with self selecting stakeholders,, obtain pre commitiments from keypartners earyl on to reduce uncertainty and co create new market with its interested participants

"lemonade"

expert entrepreneurs invite the surpise factor, instead of making what if scenarios deal with worst case scenarios, experts interpret bad news and suproses as potential clues to create new markets

WHat is a startup and who said it

extreme uncertainty, a human institution designed to deliver a new product/servuce under conditions of extreme uncertaninty, eric ries

professors trigger experience

father having heart issues

Example of modern day entrepreneur

fred smith, owner of greyhound, platootn leader and forward air controller in the marines,

Investor does what in startup staircase

funding sources, valuation, investor and business story

win the world entrepreneur

global, desire to have the worlds best service/good, usually funded by VC's, usually tech oriented, control with board of directors, upside is to be acquired or IPO, founders/employees usually have equity

What is young entrepreneurs study definition of entrepreneurhsip

the process of creating something new with value by devoting the necessary time and effort, assuming the risks and receiving resulting rewardsq

What is howard steveson defintion of entrepreneurship

the pursuit of opporunity without regard to resources currently controlled

What is a trade off

the sacrifice of one good to purchase or produce anoterh

WHat are resources

things/goods used to produce other goods and services to satisfy peoples wants

What are some goods

those items that give us satisfaction when we consume the,