ENT 3613 Module 3

A method for rigorously exploring factors that contribute to a problem is called 5-why analysis. problem finding excursions. step analysis. experimental staging.

5-why analysis

In the context of understanding and addressing frustrations through creative action, which of the following is most critical to testing, evaluating, learning, and improving your proposals? Imagining Judging Acting Creating

Acting

Michelle was trying to describe her new consulting company to a potential client, and decided to help her visualize the service by saying "it's like a fancy salon - we talk to you about what you want and then assign our staff member best suited to meet your needs!" Which of the following visualization techniques was Michelle employing in this case? Storytelling and illustrative examples Analogies and metaphors Symbols and ceremonies Minimum viable products

Analogies and metaphors

Which of the following questions is most directly related to learning about customer pains? Are there upfront costs, a steep learning curve, or other obstacles preventing adoption? What jobs, if completed would give the user a sense of self-satisfaction? What would make your customers' jobs or lives easier? How do your customers measure success and failure?

Are there upfront costs, a steep learning curve, or other obstacles preventing adoption?

Which of the following is not typically described as part of a customer persona? Favorite brands and influencers Current behaviors and habits Demographic information Attributes of alternative solutions

Attributes of alternative solutions

Based on our discussion about "creating" problems, why can't money by happiness? Because when you consume something it disappears and can no longer satisfy you. Because love is the only thing that can make you happy. Because people tend to focus on worst-case scenarios when they gain more resources. Because people often increase their aspirations as they acquire more stuff.

Because people often increase their aspirations as they acquire more stuff.

Which of the following is critical to motivating attention and engagement when addressing frustrations through creative action? Learning Acting Desire Imagining

Desire

Adam Grant recently wrote an excellent book describing "originals" - employees and entrepreneurs who engage in problem finding and championing creative solutions. According to Dr. Ford's description of Grant's research, which of the following best describes the entrepreneurial mindset attributes possessed by these "originals"? Coachability, empathy, and customer focus Divergent thinking, preparation, and initiative Intelligence, self-esteem, and ambition Desire, curiosity, and aspiration-performance gaps

Desire, curiosity, and aspiration-performance gaps

One phase in the process of designing delightful customer experiences requires entrepreneurs to characterize their target market in highly specific terms. Which of the following phases does this best describe? Prioritizing customer jobs Identifying customer pains Developing a customer persona description Selecting a customer segment

Developing a customer persona description

Which of the following best describes the learning objective for Module 3? Developing your ability to create novel and valuable solutions Developing your ability to empathize with the interests, preferences and circumstances of others Developing your ability to deeply understand and articulate problems Developing your ability to judge the likely success of the venture proposals

Developing your ability to deeply understand and articulate problems

What phrase is often used to remind entrepreneurs to focus on solving very specific problems for relatively narrow audiences in order to create extraordinary value for those people? Don't boot the ball Don't live beyond your means Don't howl at the moon Don't boil the ocean

Don't boil the ocean

A fascinating cognitive bias that leads relatively unskilled individuals to suffer from "illusory superiority" (severely overestimating their own ability) because they don't know enough to evaluate their own (in)ability accurately is called the Dunning-Kruger effect. undeveloped wisdom bias. ability confirmation bias. Keber-Theodore effect.

Dunning-Kruger effect

Which of the following is a useful and popular method for understanding the causes of a problem? Fact or fiction analysis Why-why-why scoreboard Fishbone diagram Business model canvas

Fishbone diagram

What creates opportunities for entrepreneurs? Frustration Luck Investors Problems

Frustration

The population of the United States is aging rapidly. This might lead an entrepreneur to conclude that problems related to vision loss, hearing loss, limited mobility, etc. are likely to change in the future. Which of the following problem characterizations is best illustrated by this example? Frequency Pervasiveness Growth Importance

Growth

Which of the following is not a reason why we have trouble understanding problems? High empathy Low myopia High absorptive capacity Confirmation bias

High empathy

Learning about problems so you understand them better most directly improves which of the following elements of creative action cycles? Creating Acting Imagining Justifying

Imagining

Recall Sinead Burke's memorable TED Talk where she describes problems she faces as a little person less than 4' tall using public restrooms or boarding a plane. Which of the following entrepreneurial methods would benefit most directly from her descriptions of her experiences? Journey mapping Developing customer personas Completing a lean canvas Designing a prototype

Journey mapping

In his TED talk describing how great leaders inspire action, how does Simon Sinek describe the recipe for success? Money, a good idea, and grit A good idea, the right people, and the right marketing conditions Money, the right people, and the right marketing conditions Commitment, talent, and the right people

Money, the right people, and the right marketing conditions

What advice, inspired by Apple's early focus, did Simon Sinek's offer to aspiring leaders in his popular TED Talk on "How Great Leaders Inspire Action?" Customers like beautifully designed technological tools. Sell at higher prices to make them appear as they have higher value. People don't buy what you do, but how you do it. People don't buy what you do, they buy why you do it.

People don't buy what you do, they buy why you do it.

What creates opportunities for entrepreneurs? Frustration Luck Investors Problems

Problems

Tong decided to buy a mouth moisturizer spray in hopes that it would help him fight bad breath. Which of the following best describes the type of pain Tong hopes to avoid? Risks Undesired outcomes or problems Unexpected gains Obstacles

Undesired outcomes or problems

Understanding people's current experiences within the universe of available solutions allows entrepreneurs to understand what is. where it's at. who is. what if.

What is

When are people more likely to be frustrated? When their current circumstances are below their aspirations When their current circumstances exceed their aspirations When they lower their aspirations When they are focused on worst-case scenarios

When their current circumstances are below their aspirations

Which of the following questions is most directly related to learning about customer gains? What tasks are you responsible for completing each day? Which is more important to you, lower prices or higher quality? Do you find it difficult to follow the instructions for your current solution? What issues or concerns keep you up at night?

Which is more important to you, lower prices or higher quality?

The primary elements of the value proposition canvas include creativity and judgment diagrams. competitor profiles and profit map. a customer profile and value map. customer demographics and cash flow diagram.

a customer profile and value map.

A common negotiation tactic is to present an extreme proposal at the beginning of the discussion. This is justified by research demonstrating that opponents will be influenced to accept a position closer to an extreme proposal than they would have if it had not been presented. This well-established decision-making bias is called gain preferences. loss aversion. anchoring and adjustment. behavioral decision theory.

anchoring and adjustment.

The Value Proposition Canvas provides entrepreneurs with a tool for organizing their hypotheses related to people and their problems. Thus, it provides a means of -impressing investors. articulating and testing assumptions. -enrolling others in an entrepreneurial journey. -improving the efficiency of the startup process.

articulating and testing assumptions.

Nicole interviewed dozens of potential customers and learned that people really hate to wait in line at fast-casual restaurants. Thus, she determined that the primary value proposition for her restaurant "speed pass" system was to help people complete customer jobs. avoid risks. enjoy desired gains. avoid undesired outcomes (pains).

avoid undesired outcomes (pains).

An important reason why individuals are often resistant to creative proposals is that research on problem framing shows that people prefer Coke over Pepsi. avoiding bad outcomes over attaining good outcomes. pursuing long-term outcomes over short-term outcomes. attaining large outcomes rather than experimenting with small outcomes.

avoiding bad outcomes over attaining good outcomes.

If you want to promote a discussion that explores a wide range of novel proposals, what type of problem framing should you employ? Broad Narrow Short Tall

broad

The customer segment of the Value Proposition Canvas focuses on gains, pains, and customer jobs. customer alternatives. customer needs. customer habits.

customer jobs.

Determining that many students place a high priority on control and being their own boss is an example of a priority related to alternatives. gains. pains. jobs.

gains

The starting point for developing any new venture value proposition is to identify people with frustrating problems. offer novel alternatives to customers. learn about current practices and alternatives. imagine earning huge amounts of money.

identify people with frustrating problems.

If a particular problem hurts customers a lot, thereby imposing considerable frustration, an entrepreneur could characterize that problem as frequent. pervasive. important. growing.

important

In her TED talk describing some of the challenges she faces as a little person, Sinead Burke shares that design is a way in which products and services can be improved. to inspire people to achieve greatness. in which all people can feel included in the world. for organizations to optimize productivity.

in which all people can feel included in the world.

The process by which individuals influence others to pay attention to an issue is best described as problem branding. issue selling. product pitching. customer discovery.

issue selling

In her TED talk describing some of the challenges she faces as a little person, Sinead Burke ends her talk saying, "Design is an enormous privilege, but it is a bigger investment." it begins with small change." it is a small aspect of creativity." it is a bigger responsibility."

it is a bigger responsibility."

Frustration results when people perform poorly, want something they don't have, or experience hassles. In the language of value proposition design, these issues are referred to as inputs, processes, and outputs. primary, secondary, and tertiary issues. jobs, gains, and pains. motivation, learning, and judgment.

jobs, gains, and pains.

Conventional thinking resulting from being too focused on one's current role and routines is often described as myopia (nearsightedness). writers block. empathic resistance. absorptive capacity.

myopia

Creative problem-solving is often provoked by careful analysis. cohesive teams. high job satisfaction. novel questions.

novel questions.

A common analogy that entrepreneurs use to describe attributes of their customers and the markets they serve is pain. flying. working out. baseball.

pain

If a particular problem is commonly experienced, thereby affecting many people, an entrepreneur could characterize that problem as frequent. important. growing. pervasive.

pervasive.

Exploring the round half of the Value Proposition Canvas that articulates a customer segment's circumstances with respect to important jobs, desired gains, and unwanted pains is best thought of a useful tool for assessing problem-solution fit. problem prioritization. problem finding. creating solutions.

problem finding

Dr. Ford suggested that the best approach to enjoying a fulfilling career, one where you create value and make an impact, is to stop thinking about "getting" a job and to start thinking "doing" work that connects the professional connections you know, and the employment opportunities they control. place you want to live, local employment opportunities, and living expenses. problems you care about, the talents you possess, and the things you like to do. major you select, the income you want to earn, and the work experiences you need to pursue.

problems you care about, the talents you possess, and the things you like to do.

Developing a compelling narrative and telling and engaging story are especially essential with respect to creating ______________ for yourself and others. purpose and meaning. opportunity and profits. self-esteem. startup success.

purpose and meaning

If someone is currently satisfied, you might be able to create frustrations and problems for them by increasing their opportunity costs. raising their aspirations. focusing their attention on best-case scenarios. providing them with more resources.

raising their aspirations.

A consultant to a congressional subcommittee investigating the causes of mass school shootings suggested a rigorous method for identifying and distinguishing symptoms from causes so that the group could formulate effective policies. Her method began by describing the problem as "mass school shootings" and they asking "why" they happen. Then for each cause identified, she continued asking "why" each of those occurred, and so on up to five times (i.e., "5-why" analysis). This method for rigorously exploring factors that contribute to or cause a problem is called root-cause analysis. multi-step convergent thinking. a problem finding excursion. design thinking.

root cause analysis

What is a 5-why analysis also known as? Cause-effect analysis Step analysis Root cause analysis Problem-solution analysis

root cause analysis

Brandon decided to invest in an expensive designer suit so that others would view him as a highly successful young professional. Which of the following types of customer jobs is motivating Brandon's purchase in this example? Functional job Emotional job Supporting job Social job

social job

Your ability to create value and make an impact lives at the intersection of: problems you care about, outcomes you desire, and outcomes of fulfillment. talents you possess. talents you strive for. unsolved problems.

talents you possess

When entrepreneurs offer novel alternatives to customers they increase customer frustration. they reinforce current practice. they expand existing markets. they create new possibilities.

they create new possibilities.

Framing a problem by highlighting the need to act quickly in order to avoid pains or realize gains refers to importance. aversion. urgency. latency.

urgency.

Entrepreneurs (and all design thinkers) consider current norms, practices, and experiences as a means of imagining where to invest. ways to maximize personal wealth. what could be. branding campaigns.

what could be

Learning and imagining revealed gaps between investment projections and investor requirements. novel solutions and new opportunities. what is and what could be. customer pains and customer gains.

what is and what could be.

The results of a Fishbone Diagram help you know what you need to sell. what you know. what you don't know. what is the path of least resistance?

what you don't know.

Relational knowledge is a type of empathy that concerns norms regarding the presentation of credible evidence. goals, plans, and issues that are current priorities. how other people perceive you. who is likely to be affected, who cares, and who objects.

who is likely to be affected, who cares, and who objects.