Entrepreneurship Midterm 1

examples of pivots

- change target customer segments - change product itself - more dramatic change - change in business model

methods to testing ideas and prototypes

- concierge test - crowdfunding - get out and do it - customer/empathy interviews - surveys - letters of intent - usability tests - market trials

what characteristics do scholars look for in entrepreneurs

- need for achievement - risk-seeking - strongly believes in his/her control of situations

how do you prototype

- start building - don't spend too long on one prototype - ID what you are testing - build with the user in mind

when receiving feedback

- take a breath - be an active listener - ask questions for clarity - show appreciation

what are the three ways the unexpected can be categorized

- unexpected success - unexpected failure - unexpected outside event

7 elements of an empathy map

1. Who are the people your designing for? 2. See: what do they see? 3. Think & Feel: what do they think/feel? 4. Hear: what are they hearing from others? 5. Say & Do: what are they actually saying/doing? 6. Pain: what are they running from or want to avoid? 7. Gain: what are they running to or want to get?

lean startup flowchart steps

1. decide on your idea 2. create hypotheses (if we do x, we expect y to happen) 3. generate MVP's 4. prioritize MVP's 5. run tests 6. pivot 7. achieve product-market fit

what are the three steps to forming a point of view (POV) statement?

1. define your user 2. identify needs 3. express key insights

what are the 6 pieces of design thinking?

1. empathize 2. define 3. ideate 4. prototype 5. test 6. implement

4 design thinking principles

1. focused on human values 2. showing not telling 3. bias towards action 4. learning mindset

when giving feedback

1. include self-disclosure 2. explain behaviors impact 3. NO condemnation or criticism 4. acknowledge strengths and opportunities for improvement 5. be genuine 6. be useful 7. check implicit bias 8. be specific

6 common low resolution prototypes

1. model 2. role-play 3. story 4. mock-up 5. diagram 6. advertisement

what are 5 things empathy maps can do

1. remove bias from our designs and align the team on a single, shared understanding of the user 2. discover weaknesses in our research 3. uncover user needs that the user themselves may not even be aware of 4. understand what drives users behaviors 5. guide us towards meaningful innovation

7 sources of innovation within Drucker's model

1. the unexpected 2. incongruities 3. process needs 4. industry market structure 5. demographics 6. changes in perception 7. new knowledge

5 reasons why we prototype

1. to ideate and problem solve 2. to communicate 3. to start a convo 4. to fail quickly and cheaply 5. to test possibilities

the worst feedback is _____

NO feedback

who created the model for the different stages of teams?

Tuckman

How does the testing phase inform the evolution of your ideas? a. by validating or invalidating your assumptions b. by determining competitor's ideas c. by deciding if your idea is profitable d. by learning more about the cost of production

a. by validating or invalidating your assumptions

which is NOT a step in developing a Point of View... a. define your idea b. express key insights c. identify needs d. define your user

a. define your idea

what is a prototype

anything that a user can interact with; usually bias towards something a user can experience

what are high-fidelity prototypes

appear and function as similar as possible to the actual product; usually allow realistic user interactions

to be an entrepreneur means to... a. start a business b. innovate c. invest in a startup d. having a product idea

b. innovate

What is a sign that you have designed the right thing and can start developing a high fidelity prototype? a. you have spent a long time perfecting your prototype b. people are happy with the general idea and start giving you feedback on smaller details c. you have pitched and explained your prototype to many people d. all of the above

b. people are happy with the general idea and start giving you feedback on smaller details

which one of the following isn't a key reason to use empathy maps... a. remove bias from our designs b. synthesizing secondary research about your target user c. uncover user needs that the user themselves may not even be aware of d. align the team on a single, shared understanding of the user

b. synthesizing secondary research about your target user

During empathy interviews, you should NOT ask: a. emotion-triggering questions b. yes or no questions c. why or why not d. show me questions

b. yes or no questions

When empathy interviewing, should you interview people with extreme opinions on a product or service? Why or why not? a. yes, bc they will most likely agree with your idea b. yes, bc they often have very interesting insights c. no, bc they are outliers d. no, bc they probably won't be your customer

b. yes, bc they often have very interesting insights

what does it mean to have bias towards action

build, innovate, and learn by DOING

which isn't a source of innovation? a. new knowledge b. unexpected occurrences c. all of the above d. demographic changes

c. all of the above

Which of the following is not one of the characteristics of an entrepreneur that Prof Goldstein mentioned in the video: a. ability to take action b. relentless pursuit of challenge c. being a business person d. all of above

c. being a business person

Which of the following items is NOT cited as a challenge that can be experienced during brainstorming? a. having your team stray off topic to address other problems b. it is not easy to have boundless freedom in your idea development c. developing a potential solution through the refinement of ideas discussed d. effectiveness of brainstorming can be limited by initial group awkwardness

c. developing a potential solution through the refinement of ideas discussed

In the pediatric MRI example, projecting an aquarium picture onto an existing MRI machine is an example of which design thinking principle? a. ideate b. test c. prototype d. define

c. prototype

what is an empathy map

collaborative tool teams use to gain a deeper insight into their customers

what does it mean to be focused on human values

customer centered; empathy (who are the customers, what are their needs, what are their wants)

which one of the following is important when creating a POV... a. inspiring your team b. guiding your innovation efforts c. providing a narrow focus d. all of the above

d. all of the above

Which of the following best describes the Tuckman Model: a. each stage takes the same amount of time b. high performing teams only go through each phase once c. it is a bad sign if your team spends a long time in the storming phase d. high performing teams sometimes have to revisit different phases

d. high performing teams sometimes have to revisit different phases

Which one of the following doesn't belong to the design thinking process? a. empathize b. define c. ideate d. promote

d. promote

Which of the followings is NOT what Dr. Land referenced when talking about using the right and left brain in the creative process: a. when we're busy judging our ideas, there's no room for the weird, wild, or original thoughts to occur b. we often simultaneously try to come up with new ideas and judge them at the same time c. the more schooling and education we receive, the more our convergent and divergent thinking dual d. with focus it is possible to effectively use convergent and divergent thinking at the same time

d. with focus it is possible to effectively use convergent and divergent thinking at the same time

what does it mean to have a learning mindset

embracing learning or a beginner's way of thinking

As we grow up and learn to accept others' opinions, the ability of creativity grows (true or false)

false

in design thinking, once you have gotten through to testing you have finished the process (true or false)

false

what are two parts of the design process must you also consider?

feasibility and viability

4 different stages in tuckman's model

forming, storming, norming, and performing

what stage do we come up with HMW questions in

ideate stage

the purpose of feedback is to ___

improve

primary data

info gathered directly from respondents/customers (interviews, focus groups, product tests)

secondary data

info that has already been collected for a previous purpose (websites, census data)

do MVP's come after or before high-resolution prototypes

low resolution prototype -> high resolution prototype -> series of MVP's -> full product

do you need to own a successful venture to be a successful entrepreneur

no

design thinking is a ______ and a ______

process; mindset

what's an MVP (minimum viable product)

product that includes just enough features to allow useful feedback from early adopters

what does it mean to be showing not telling

quickly translating your ideas into things that you can take out and show someone and experiment with to then bring back and integrate on

what two things are important to a team

respect; psychological safety

what is the study of entrepreneurship

seeks to understand how opportunities are discovered or created by a person or a team who then assemble various resources in order to exploit the opportunities and create wealth

when testing your prototype your not...

selling your idea

it's important that feedback is ____ and ______

specific and actionable

how do we systematically look for change

the key is to look for change because wherever there's change, there's also opportunity

during the define stage what two things are the main things to grasp

the real problem and the target users

what does it mean to define

to analyze your observations to gain insights

what does it mean to prototype

to develop something tangible to show people

what does it mean to test

to get feedback from people on your assumptions and hypotheses

what does it mean to empathize

to observe and understand users needs and problems

what does it mean to ideate

to think of creative solutions to each aspect of the problem

what does it mean to implement

to understand the feasibility of your idea and create a viable business model

In choosing subjects for an empathy interview, it is important to focus on extremes, as well as people in the middle on a topic area (true or false)

true

should you test your prototype on 'extreme' users? yes or no

yes, bc they're more vocal about likes and dislikes

can scholars predict who becomes an entrepreneur

yes, but not if they will succeed