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,