Background Flashcards
How do you find problems people have?
talk to people
Data mine. search forums, facebook groups ect
What are intermediate artifacts and why are they important?
its the MVP or a digital prototype.
It gives you imediate feedback and lets you show the product or idea and how it would work, to attract interest without spending to much recources.
What is a prototype?
a first or preliminary version of a device or vehicle from which other forms are developed.
What is the Entrepreneurial Design Process?
Problem Definition: Identifying a problem or opportunity to address.
Ideation: Generating ideas for solutions.
Prototyping: Creating early versions of a product or service.
Testing: Testing and refining the solution based on feedback.
Iteration: Repeating the process to achieve a desired outcome.
Once the customer job (what they want to buy) has been identifyed, the Marketing Mix can be configured to meet their needs. what is Marketing Mix aka the 4 Ps?
Product: Developing products that meet the customer’s functional, emotional, and social needs.
Price: Pricing products in a way that is consistent with the customer’s perceived value.
Promotion: Promoting products in a way that resonates with the customer’s needs and motivations.
Place: Making products available in a way that is convenient and accessible to the customer.
What are the steps in hypothesis-driven entrepreneurship process?
Envision- hypothesis
Build - mvp
Measure- run tests, get feedback
Learn- confirm/reject hypothesis
Decide- persevere, pivot or perish
Revision (go back to 1.)
What is “The Elephant in the Room” in the mom test?
the biggest risk or challenge that needs to be addressed. Ignoring it can lead to wasted time and resources.”
What is the meaning of “the right it”?
A new product, service, or idea that has the potential to succeed in the market.
What is Pretotyping?
Pretotyping is a process of testing and validating the market potential of a new idea before investing too much time, money, and effort.
What are the Benefits of Pretotyping?
Reduced Risk: Pretotyping reduces the risk of investing too much time, money, and effort in a project that may not succeed.
Increased Efficiency: Pretotyping increases efficiency by allowing you to test and validate the market potential of a new idea quickly and cheaply.
Improved Decision Making: Pretotyping improves decision making by providing you with data and feedback that can inform your decisions.
What is the Mechanical Turk
Use humans to simulate complex functionality.
IBM’s speech-to-text experiment using typists instead of actual software
The Pinocchio:
Create a non-functional model to explore usability and appeal.
wooden block to simulate the Palm Pilot.
The Minimum Viable Product (MVP) pretotype:
Develop the simplest functional version of the product to test its viability.
Focus on core features only.
The Provincial:
Test a product on a small scale or limited geographic region before full-scale development.
Example: Launching a service in one city to gauge interest.
The Fake Door:
Create a mock entry point for a non-existent product to gauge interest.
Example: A web link or ad for a product that doesn’t exist yet.
The Pretend-to-Own:
Rent or borrow resources to simulate ownership before committing to large purchases.
The Re-label:
Test demand by branding an existing product as if it were your new idea.
What is Initial Level of Interest (ILI)
Ratio of actions taken to opportunities offered (e.g., clicks on a fake ad).
Ongoing Level of Interest (OLI):
Tracks sustained user interest or repeat usage over time.
Customer Segmentation
Dividing the market into groups of customers with similar characteristics or needs.
Bootstrapping
Starting and growing a business with minimal external funding.
Angel Investors
Individuals who provide capital to startups in exchange for equity or convertible debt.
Venture Capital (VC)
Financing provided by investors to startups with high growth potential.
Pirate Metrics (AARRR Framework)
Acquisition: How do users find you?
Activation: Do users have a great first experience?
Retention: Do users come back?
Revenue: How do you make money?
Referral: Do users tell others?
