ECON 125 Midterm: combination of other sets
incongruities
don't make sense/don't feel right, stems from assumptions about customers, ex: US healthcare system
Andrew kelly- UNC system office
education gaps are hugely based on population in NC, rural students meet admission requirements but don't attend college
6 stages of design thinking
empathize, define, ideate, prototype, test, implement
testing is:
feedback from target users, way to develop empathy form users (validate or invalidate assumptions)
4 principles of design thinking
focus on human values, showing not telling, bias toward action, learning mindset
Passacaglia and Fugue
Johann Sebastian Bach
The empathy map is useful to an entrepreneur in documenting: A. The financial situation B. A profile of customer sentiment C. The big idea D. The production planning process
A profile of customer sentiment (b)
In the movie Moneyball, Peter Brand, the economics major from Yale, believes that: A. Success in baseball is impossible for small market teams. B. Scouts can evaluate players better than computer models can. C. A statistical model can effectively estimate a player's value. D. Players can best be evaluated by physical characteristics such as height, weight, etc.
A statistical model can effectively estimate a player's value (C)
Keith Sawyer charts the creative process as: A. A clearly defined series of peaks and valleys B. A straight line up and to the right C. A relatively flat line with occasional deviations D. A zig-zag line
A zig-zag line (D)
According to Porter, strategy is about being different. It means deliberately choosing a different set of _______ to deliver a unique mix of value. A. Investors B. Customers C. Activities D. Efficiencies
Activities (C)
The customer feedback has been excellent and a prototype of your idea has attracted over a thousand users but the parent of one of the team members says you should slow down until you can prove that your customers will pay for your product. Your response should be: A. Seek more than one opinion B. Explore alternative revenue streams C. Keep building your user count D. All of the above
All of the above (D)
12. Ultimately your company decided not to proceed, but the CEO agreed to allow you and your team to spin out the app and develop it on your own. Which of the following questions are essential to answer before deciding whether or not to spin out? A. Whether you will be given unlimited access to the company's existing customers and the large number of patients they care for. B. How much more in development and marketing costs will be required before reaching break even. C. Whether large customers will buy from an unproven start up. D. All of the above.
All of the above. (D)
While Steve Jobs was in exile from Apple his assessment of the success of Microsoft software was: A. The cream always rises to the top B. Superior technology is more important than the business model C. An inferior product has won D. Simplicity beats complexity every time
An inferior product has won (C)
Ben & Jerry's
Antonio L McBroom, started as ice-cream Cooper at ben and Jerrys, became manager, invented franchise and bought the site on Franklin st
Music Slides: Song
Artist
Keith Sawyer quoted Drucker as saying the gravest mistakes are made as a result of: A. Asking the wrong questions B. Evaluating data incorrectly C. Rushing to judgment D. Failing to consider all of the facts
Asking the wrong questions (A)
Sing, Sing, Sing
Benny Goodman and His Orchestra
Born to Run
Bruce Springsteen
Peggy Sue
Buddy Holly
Fill in the blank. Complete this Steve Jobs quote: "In a place of ______, you see so much more than you could see." A. Preparedness B. Calm C. Experience D. Passion E. Focus
Calm (B)
Ornithology
Charlie Parker and Miles Davis
All systems are go. Your potential customers like your product and you have a great strategy. You still half the semester remaining. You should concentrate your efforts for the next few weeks on: A. Continuing to ask the question who are our customers and users and what additional information can we learn from them that might be useful. B. Looking for investors. C. Developing and polishing the final presentation. D. Taking all possible steps to keep the idea a secret so it can't be copied.
Continuing to ask the question who are our customers and users and what additional information can we learn from them that might be useful (A).
Jud Bowman's ultimate success in raising capital for his company illustrates: A. Being young is often an advantage. B. It is not what you know but who you know. C. Do not be discouraged in the face of repeated rejection. D. Build a great team and capital will follow.
Do not be discouraged in the face of repeated rejection (C)
You have identified a serious customer pain point in the food service industry that can be addressed with existing new technology. You have run the idea by a group of industry veterans who dismiss the idea as impractical and unlikely to be adopted. Your response should be: A. Don't be discouraged. Industry insiders are often the last to respond to customer pain. B. Establish an industry advisory board and let that committee design your product. C. Focus on a product that industry veterans will accept. D. Go back to the industry veterans and convince them your solution makes sense.
Don't be discouraged. Industry insiders are often the last to respond to customer pain (A).
In Jud Bowman's search for initial capital he began with friends and family. One of his initial sources was: A. His grandmother B. His doctor C. His elementary school teacher D. His professor at Stanford
His grandmother (A)
The Rite of Spring
Igor Stravinsky
Another manager asked you to describe your strategy for the app. The BEST answer is: A. Gain first mover advantage by launching as soon as possible even though similar apps will inevitably appear soon after. B. Focus on execution by working harder than the competition. C. Incorporate a set of interlocking features including some from the legacy EHR business that will result in sustainable competitive advantage. D. Adopt a viral strategy relying on cool design and word of mouth to create a defensible competitive position.
Incorporate a set of interlocking features including some from the legacy EHR business that will result in sustainable competitive advantage. (C)
According to Business Model Generation which of the following is NOT a building block of the business model? A. Revenue Streams B. Cost Structure C. Customer Segments D. Infrastructure
Infrastructure (D)
According to Drucker, innovation based on new knowledge is: A. Innately unpredictable B. Almost always highly profitable C. Rapidly achieved D. All of the above
Innately unpredictable (A)
The major advantage of the Lean Start-Up approach is: A. It will allow you to fail quickly and inexpensively, maximizing your chances of success. B. It will ensure you will not underestimate your costs. C. It will allow you to cover all the bases from the outset. D. It will keep you from getting distracted with input from outside the office.
It will allow you to fail quickly and inexpensively, maximizing your chances of success. (A)
Whole Lotta Shakin' Goin' On
Jerry Lee Lewis
Lawdy Miss Clawdy
Lloyd Price
Heebie Jeebies
Louis Armstrong
Your group determines that your idea has the potential to revolutionize an industry based upon new knowledge being developed in the lab of a preeminent scientist who is convinced his discoveries will result in a multi-billion dollar business. You should: A. Develop a relationship with the scientist and start putting in place a structure to commercialize his work as soon as it is developed. B. Raise capital and attempt to buy a license to the new knowledge when such a license becomes available. C. Create a new company with the preeminent scientist as CEO. D. Pivot and come up with an approach that does not rely on new knowledge still under development.
Pivot and come up with an approach that does not rely on new knowledge still under development (D).
You talked to 5 customers and got a mixed response to your idea. You should: A. Come up with a new idea. B. Process the customer feedback you have received and then talk to more customers. C. Contact your coach for the right answer. D. Complete every box on the business model canvas and the correct approach to the customer will emerge
Process the customer feedback you have received and then talk to more customers. (B)
Tristan Und Isolde: Prelude
Richard Wagner
According to Porter, a good strategy will provide: A. Sustainable competitive advantage B. Deep understanding of the customer C. A superior management team D. A clear product road map
Sustainable competitive advantage (A)
What was the first electronic product that Steve Jobs and Steve Wozniak created and sold? A. The Cream Soda Computer B. The Blue Box C. The Apple I D. The Macintosh
The Blue Box (B)
Based on Drucker. which is a defining characteristic of an entrepreneur? A. The ability to accumulate wealth B. The ability to clearly predict the future C. The ability to take action D. The ability to eliminate risk
The ability to take action (C)
One of your managers characterized the environment for healthcare in the United States as chaotic and unpredictable and asked if the project should be delayed until the new Affordable Care Act had more time to play out. Your BEST response is: A. The company has already invested in the project and to stop now will result in a million dollar loss. B. Times of rapid change are ideal for innovation though the company may best accomplish this by spinning off a separate business. C. Unless the company moves quickly it will surely lose the opportunity to provide smart phone access. D. Without a cellphone application the company will look bad to its shareholders.
Times of rapid change are ideal for innovation though the company may best accomplish this by spinning off a separate business. (B)
Anson Dorrance
US is becoming dynastic in the "world's game", capitalize on women World Cup bump, social change through the sport
When Bowman saw an early smartphone and became convinced there was a huge opportunity available to him he was looking at the relationship between which two elements of the BMC? A. Value Proposition and Customer Segments B. Value Proposition and Key Activities C. Key Partners and Cost Structure D. Revenue Streams and Customer Relationships
Value Proposition and Customer Segments (A)
Don Giovanni K.527:Overture
Wolfgang Amadeus Mozart
10. Another manager asked your opinion on the most cost effective way to roll out the new app. Your BEST answer is: A. Release the app in the Apple Store and downloads will immediately follow. B. Advertise the app on the Super Bowl and in other high profile media. C. Work with your large hospital customers to get their patients to download the app and expand your marketing to other large groups of patients once hospitals adopt the app. D. None of the above is a good way to roll out the app.
Work with your large hospital customers to get their patients to download the app and expand your marketing to other large groups of patients once hospitals adopt the app. (C)
Case Study Questions
You graduated from UNC five years ago having studied entrepreneurship and since graduation you have been working at a company that provides electronic medical records (EMRs) to large hospitals. For the last year, you and a team of your colleagues have been developing a smartphone application that allows patients to make appointments, check-in online for a visit, pay their bills, and view their medical records from all of their physicians and caregivers. Senior management of your company has called a meeting to determine whether they should continue to support your project, and you are gathering the team to develop responses to the questions you anticipate. Management has announced to the company that your project will require the team to think like entrepreneurs. During the meeting you were asked the questions set forth below. Given management's emphasis on entrepreneurial thinking and the lessons you have learned in class so far, decide the BEST answer to each question.
psychological safety
a sense of confidence that the team will not embarrass, reject or punish someone for speaking up
entrepreneurs need 2 things
ability to take action, relentless pursuit of change
Components of Google's high performing teams
alignment, high-quality interaction, strong sense of renewal, psychological safety
Steve Malik
bought NC American soccer league's Carolina rail hawks and rebranded them as NCFC, also bought Nation women soccer league's western NY's flash and relocated them to Cary, renamed NC Courage
cary clark and mike reed, programmers and graphic designers, left apple and created Skia, acquired by google, led to android and Chrome
empathy map
collaborative tool that can be used by teams to gain a deeper insight into their customers
two thinking processes
convergent and divergent thinking
entrepreneurial foundational underpinnings
customer-centered, learning and entrepreneurial mindset, high performing teams
brainstorming rules
defer judgment, encourage wild ideas, build on ideas of others, stay focused on topic, one conversation at a time, be visual, go for quantity
3 big trends (opportunities for innovation)
demographics, arithmetic, technology
kelly hogan- inclusive teaching, pedagogy
discrepancy between students and teachers where students are taught in the same traditional matter without considering unique backgrounds and skill sets, Hogan is a pioneer for inclusive teaching- 2 components: practice and structure
Nicole hurd- college advising corps
disparity between HS students and their counselors, created college advising corps which puts recent college grads alongside hs counselors with help with FAFSA, applications, etc
Cindy Parlowe Cone
former head coach of Portland Thorns FC, retired pro player, 2 time olympic gold medalists, wants to economically and capitalize on this movement towards being more inclusive of women's soccer and other sports
stages of teams
forming, storming, norming, performing
gig economy
free market system in which temporary positions are common and organizations contract with individual workers for short-term engagements
dinr case study
funded by own savings and crowdfunding, good job of finding niche market and participated in crowdfunding (behavorial response), bad job of identifying why no returning customers, testing on extreme users, only did 1 month of testing, used all savings, made assumptions, had no mentors
secondary research
gathering statistics, reports, studies and other data from organizations such as government agencies, trade associations, and your local chamber of commerce
crowdfunding test
getting people to fund your product as a way to see the amount of people willing to invest and use it
Our Higher Calling- Buck and Holden Thorpe
gov will support higher ed if higher ed provides public goods, college completion rate extremely low, Americans don't see college as worth the investment
matt springer- primary and secondary education
high performing teachers are single greatest resource- hard to attract these teachers to low performing schools
new knowledge
high risk + high reward, "AHA" moments, riskiest kind of innovation
why prototype?
ideate, problem-solve, communicant, start a conversation, fail quickly and cheaply, test possibilities
primary research
info comes directly from source (potential customers), compile yourself o ray someone hired via surveys, focus groups, etc
GE Adventure Series & Kids in MRI
kids scared of going in MRI, doctors wanted to make it more kid friendly, thought of bubbles, disco balls, etc., eventually made it animal themed and machine was a spacecraft
get up and do it test
like Annie's pretzel example, Antonio L McBroom could have tested his idea without spending so much time and money
industry market structure
look for rapid change in industry- growth (smartphone industry), maturing (blockbuster killed by Netflix)
wizard of oz test
make user believe product is running fully functionally, while behind the scenes you're doing the work to make it appear that way, simulation of actual product (ex: Zappos)
types of prototyping
model, role-play, story, mock-up, diagram, advertisement
concierge test
no technology involved, you're performing the service you're offering, user is aware of what's happening
Angel patel- Kid's code
only 40% of high schools in US offer comp sci and coding classes, she created kid's code which allows her to teach students in lower socioeconomic classes coding/comp sci
class 1 core modules
opportunity identification; prototyping, testing, iterating; feasibility and viability; art of pitching
prototype
original, tangible model that a user can interact with
changes in perception
peoples' likes change, ex: auto industry- cars used to be more valuable, now not as much bc of Uber
demographics
population size, employment, educational changes, ie baby boomers
design challenge statement
problem you've come up with using POV, ____ is a challenge for ____ because _____
how to test prototype
prototype as if you're RIGHT, test as if you're WRONG, don't sell idea, ask open ended and neutral questions
situational humility + curiosity =
psychological safety
minimum viable product (MVP)
putting out an idea of what the product might be and seeing if anyone responds to it, allows team to collect max amount of validated learning about customers with least effort
empathy maps help us:
removing bias, discovering weaknesses, uncovering user needs, understanding what drives user behaviors, guiding us towards meaningful innovation
Eric johnson- college board and adversity score
sat/act is an oversimplification of college readiness, Eric worked with college board to create the environmental context dashboard (give colleges more info about applicants), then evolved into adversity score (controversial bc excluded those with high SES/untroubled backgrounds), then Landscape (breaks down single number adversity score into multiple scores including SES, neighborhood, HS, crime stat, etc
chilean mining crisis
situational humility and curiosity makes psychological safety
how to maximize testing and feedback
solicit feedback (I like, I wish, I want, test alternate forms of prototype), test of right people (extreme users, regular users, across regions), ask the right questions, be neutral when presenting ideas, adapt while testing, let the user contribute ideas
how to prototype
start building, don't spend too much time on a prototype, identify problem you're testing for, build with user in mind
process needs
taking a process that already exists and improving it by incorporating new or missing link, ex: Medfusion
Drucker's 7 areas of opportunity
the unexpected, the incongruity, process need industry, market structure change, demographics, changes in perception, meaning and mood, and new knowledge
the unexpected
unexpected failure/catastrophe- 2008 banking meltdown, hurricane Katrina, facebook
how might we questions (HMWQ)
used to ponder potential solutions to the design problem created using POV template
Point of View (POV)
user + need = insight, define user, identify needs, express key insights
7 elements of empathy mapping
user, think and feel, hear, see, say and do, pains, gains
divergent thinking
where we imagine new and original ideas, which are different form what has come before but may be rough to start with, happens subconsciously
convergent thinking
where we judge and criticize ideas, refine them, combine them, and improve them, happens consciously
behavioral testing
wizard of oz test, concierge test, crowdfunding test, get out and do it test
Alexandra ravanelle- expert in gig economy
workers in gig economy don't have protection of normal jobs, need to better prepare workers in gig economy in a way that doesn't marginalize vulnerable workers and shrink the middle class
mackenzie thomas
works at google, apple and google look through limited lens and unintentionally exclude others from different backgrounds, if we don't deliberately include everyone, we're unintentionally excluding them
