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Entrepreneurship > Building Business Model > Flashcards

Building Business Model Flashcards

1
Q

A company’s primary strategy for operating profitably that includes descriptions of the products or services, the target users, and expenses.

A

Business Model

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2
Q

a great tool to understand your own business model in a straightforward and structured way.

A

Business model canvas

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3
Q

Using it will help gain business insights about the customers you serve, what value propositions are offered, and how your company makes money.

A

Business model canvas

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4
Q

The network of suppliers and partners that make the business model work

A

Key Partnership

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5
Q

Factors important when forming partnerships

A 
Right Partnership Agreements
Defining expectations
Impact on your clients
Win-win Situation
Selecting partnerships
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6
Q

A partnership where all owners are active contributors of managing the business

A

General Partnership

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7
Q

A partnership that has at least one general partner, and can have limited partners that have defined contributions and gains according to their contribution.

A

Limited Partnership

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8
Q

A partnership that operates as a general partnership however owners are not liable to other owners’ financings.

A

Limited Liability Partnership

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9
Q

A partnership that operates like a limited partnership however owners are not liable to other owners’ financings.

A

Limited Liability Limited Partnership

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10
Q

It is what the company must do to make the business model work

A

Key Activities

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11
Q

types of key activities

A

Platforms / Networks
Production
Financial
Problem Solving

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12
Q

Most important assets you need to have for your business model to function effectively

A

Key resources

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13
Q

the tangible resources which the organization uses to create value offering and value proposition to its customers.

A

Physical Resources

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14
Q

The people who make up the workforce

A

Human Resources

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15
Q

Intangible resources brand, patents, copyrights, and even partnerships

A

Intellectual Resources

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16
Q

The resources from which the enterprises obtain the funds they need to finance their investments, capital, and current activities.

A

Financial Resources

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17
Q

the foundation for understanding how the product will be valued by the target users

A

Customer Value Proposition

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18
Q

Customer value proposition criteria

A 
Product
Segment
Price
Value
Competition
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19
Q

a key building block of business model canvas which defines the kinds of relationship you form with each of your customer segments

A

Customer Relationship

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20
Q

A category of customer relationship that pertains to human interaction between a real company representative and customers

A

Personal Assistance

21
Q

A category of customer relationship that pertains also to human interaction between a real company representative but with a specific customer

A

Dedicated Personal Assistance

22
Q

A category of customer relationship that all necessary means for the customers to help themselves are provided by the company and there is no maintenance of direct relationship with customers

A

Self-service

23
Q

A category of customer relationship that is a sophisticated form of customer self-service integrated with automated processes.

A

Automated Services

24
Q

A category of customer relationships that maintains a platform (Community) to exchange knowledge and solve problems.

A

Communities

25
Q

A category of customer relationships that let the company and the customer co-create value, done quite frequently with technology. (Reviews)

A

Co-creation

26
Q

The group of customers or companies for which you plan to sell your products or services

A

Customer Segments

27
Q

Customer segment that answers the where or the physical location of customers

A

Geographical Segment

28
Q

Customer segment that answers the who or the non-character traits of customers

A

Demographic Segment

29
Q

Customer segment that answers the why or the personalities of customers

A

Psychographic Segment

30
Q

Customer segment that answers the how or the habits of customers

A

Behavioral Segment

31
Q

It is how a company communicates with and reaches its customer segments

A

Channel

32
Q

Two types of channel

A

Direct and Indirect Channel

33
Q

5 Phases of Channel

A 
Awareness
Evaluation
Purchase
After Sales
Delivery
34
Q

a tool which can help ensure that a product or service is positioned around what the customers values and needs.

A

Value Proposition Canvas

35
Q

Benefit of Value Proposition Canvas

A

See value in a new way
Easy to understand
Guide your marketing efforts

36
Q

It represents the customer profile in the value proposition canvas

A

Customer Profile

37
Q

Customer Profile parts

A

Jobs
Pains
Gains

38
Q

It represents the value proposition map

A

Value Map

39
Q

Value Map parts

A

Product & Services
Gain Creators
Pain Reliever

40
Q

It is a business model alternative composed of a 1-page business plan template by Ash Maurya optimized for Lean Startups

A

Lean Canvas

41
Q

A box in Lean Canvas that helps understand the key problems of different customer segments that you are aiming to solve

A

Problems

42
Q

A box in Lean Canvas that identifies the customers that experiences the problems and the one you are going to provide a solution for

A

Customer Segment

43
Q

A box in Lean Canvas that determines your offer for your customers

A

Unique Value Proposition

44
Q

A box in Lean Canvas that outlines possible solutions to the problem

A

Solution

45
Q

A box in Lean Canvas that pertains to the marketing and advertising methods

A

Channels

46
Q

A box in Lean Canvas that shows the pricing model and the list of sources of revenue

A

Revenue stream

47
Q

A box in Lean Canvas that shows the cost that the business will have in order to run and market your product

A

Cost Structure

48
Q

A box in Lean Canvas that shows the list of numbers that define how your business is going

A

Key Metrics

49
Q

A box in Lean Canvas that shows what the business has that no other businesses have; can not be copied or bought so the business will stand out from the rest

A

Unfair Advantage

Entrepreneurship (5 decks)

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