EN Final

validate your product against your competition

A Competitive Position chart is a quick way to

Visually lay out you product that will allow your team and potential customers to converge around an understanding of what the product is and how it benefits customers

A High Level product specification (I.E. Product brochure) is a way to

Entrepreneurs find it is hard to ignore market opportunities. They need to keep focused.

A beachhead market is important because

exclude many potential customers to stay focused on a key group of similar end users who will provide the initial cash flow for your business

As a startup you must

Life styles (SME) business

At its inception Burt's Bees was a

Innovation= invention*commercialization

Bill Aulets Formula for IDE enterprise is

Family and Friends, Business partners, Business plan/pitch competition wins

Bootstrapping capital consist of

is essential to an IDE

Creating an innovative product or service where no market opportunity exist

Knowledge, Imagination, and Evaluation

Creativity is a Combination Of

internally, in contrast to the strong customer focus of many of the other earlier steps

Defining the Core is the first step where we spend a lot of time looking

the customer

Entrepreneurs must see the world through the eyes of

can be learned and anyone can be an entrepreneur if they choose.

Entrepreneurship

learned

Entrepreneurship can be

clearly defined linear path that a new Entrepreneur can follow when launching their new ventures

Entrepreneurship does not have

team sport that relies on the expertise of a team

Entrepreneurship is a

beachhead market is important

Focus can be difficult for entrepreneurs. This is one of the reasons choosing a

a ventures short term success

Improvisation is key for

A team with a B idea

Investors will invest in a

not all of them are created equal

It matter what sequence you tackle risk, because

bootstrapping

Jim Poss was a master at

ever take the same path

No two ventures

Innovation Driven Enterprise (IDE)

Often Requires ,but not always, outside investment to scale quickly

convincing them to make a change from the status quo

Often, your largest obstacle to getting potential customers to buy your product will be

that you talk directly with customers

Primary market research requires

are more successful than those founded by individuals

Research shows that businesses with multiple founders

is arrived at after many iterations with you end user/customer

Spiraling innovation refers to the premise that the ultimate best product/service solution for you new venture

two-sided market

When you need both a buyer and a seller for your business to exist its called a

pitch a company to investors

You only have 3 minutes to

the value of the business goes up proportionately.

A good reason to focus on risk mitigation early in a venture is the fact that each risk you pull off the table,

specific details about the primary customer within your beachhead market.

A persona provides

like end users who will provide the initial cash flow for your business

As a startup you must exclude many potential customers to stay focused on

is almost always a group of more than one person

As described in the book "Disciplined Entrepreneurship" the "Customers Decision-Making Unit (DMU)"

may have a better opportunity to attract a great team that believes in what they are doing

Entrepreneurs that start there business from a place of passion and purpose

increases your level of confidence that you are on the right path and may also help you refine earlier steps

Explicitly identifying the next 10 Customers after the Persona,

have limited time and resources and need to be hyper efficient

Focus is very important because entrepreneurs

why you do something

In Simon Sineks Video " How great leaders inspire, the most important part of the golden circle is

no two ventures take the same path and a decision that is right for one venture may prove disastrous for another

In the Article "The Questions Every Entrepreneur Must Answer" the author states that

tend to be more stable as the venture progresses because they know each other well enough to deal with the inevitable struggles you will face when launching a new venture

In the HBS article "Assembling a Start Up Team" research shows that teams made up of co-workers

Relationships, Roles, and Rewards

In the HBS article "Assembling a startup team" The three characteristic of startup teams that must be aligned for those teams to function well are

the location was better for distribution

In the Roxanne Quimby Case one of the advantages of manufacturing in North Carolina was

Relationships, Roles, and Rewards

In the article "Assembling the startup Team" the author states that the three characteristics of startup teams that must be aligned for team to functions well are

that risk and value are inversely proportional (when you decrease risk, you increase value)

In the article "Beating the Odds When you Launch a New Venture"... we learn

instability in the economy fosters innovation and the building of companies

In the article "Finding Competitive Advantage in Adversity" the author states that

to emphasize discovery-driven planning

In the article "Making Social Ventures Work" the author offers guidelines for launching a successful business in stable markets. One of these guidelines is

Where do I want to go? How will I get there? Can I do it?

In the article "The question every Entrepreneur must answer" the three question Entrepreneur must ask themselves are

not using Salesmanship,not listening to potential customers, and offering discounts

In the article :What Entrepreneurs Get Wrong" the author describes the mistakes entrepreneurs make most frequently when launching a new venture. They are

outside investment to scale quickly

Small Business Enterprises (SME) does not require

Teams

Successful innovation driven enterprises (IDE) are best lead by

the beachhead market

TAM should be between $20 and $100 million per year for

"We humans are not exactly rational in how we think about risk, emotions, and fear in particular, play a big part in out perception of possible loss versus potential gain."

The article "How to Develop a Balanced View of Risk" we learn that

risk mitigaters

The most successful entrepreneurs tend to be the greatest

I have a technology, I have an idea, and I have a passion

The three distinct ways to start a business are

Entrepreneur/visionary, manager, and technician

The threes roles the Entrepreneur must fill at one time or another in their business's journey are to be the

gene and people are not genetically predisposed to succeed and start companies

There is no Entrepreneurship

have paying customers

This single necessary and sufficient condition for a business is to

"selling to everybody" and " the china syndrome"

Two common pitfalls you may face when starting a business are

although most entrepreneurs want to make pots of money and run the show, it's tough to do both

We learned in the Article Founders Dilemma that

lifestyles businesses

We sometimes refer to SME businesses as

Recognize when its time to give up power, Develop post succession roles for yourself, and Be open to external financing

What are the three things in the Article "The Founders Dilemma" that a founder must decide if they want to be rich?