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ENTRE 2030 > Chapter 5 > Flashcards

Chapter 5 Flashcards

1
Q

Economic Feasibility Question

A

Can we do it?

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2
Q

Economic Viability Question

A

Can we make money doing it

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3
Q

Business Model
what is it (2)?
what does it prove?

A

how a venture creates, delivers and captures value. Network of activities and resources
Proves start-up can be a sustainable business

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4
Q

Evidence Based Entrepreneurship

A

Practice of create business model by hypothesizing, testing, and validating

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5
Q

Customer Value
4 forms of value

A

Understood and generated in several ways so subjective to customer

Fill unmet needs, deliver products with differentiation, provide service, create money

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6
Q

Value Proposition and example

A

Venture tells its customers about the value it intends to provide to them
example: Broadcast Yourself - Youtube

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7
Q

Value Creation and example

A

Developing products, services and features that customers value
etc Amazon Prime with fast delivery and cheap products

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8
Q

Value Delivery and examples of how this is done

A

Providing promised services and benefits to customers

multiple suppliers, distribution channels, tracking numbers

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9
Q

Value Capture and example

A

generating revenue and profit from value provided to customers
etc loyalty relationships and subscriptions

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10
Q

Market Entry Strategies 4

A

Imitation
Differentiation
Disruption
Innovation

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11
Q

Imitation

A

Existing customers and existing products and services
example: coffee shop near starbucks

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12
Q

Differentiation

A

New Customer with Existing Product and Service.
Example: Electric toothbrush to unveil unmet needs

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13
Q

Disruption

A

Existing customers with New product and service
Example: Massive Open Online Course

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14
Q

Innovation

A

New Product/Service and New Customer
Example: Social Media Sites

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15
Q

Brandon Steiner
what business did he he first start?
what did he then observe and create?
What was his approach?
What did he emphasize and move towards?

A
  • started sports bar called sporting club and hired athletes to make an appearance
  • observed young athletes needed professional help and created steiner sports
  • learn as you go approach, not business model
  • emphasized margins etc revenue and expense difference and switched approach to business model
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16
Q

Business Model and Agile Relationship for small company

A

Easier to be agile, spot flaws and make efficient changes to business model in beginning phase or for a smaller company

17
Q

Business Model and Agile Relationship for large company

A

For large company it is not as easy, some fail due to inability to change or adapt business model

18
Q

Four Parts of a Business Model

A

Offering
Customer
Infrastructure
Financial Viability

19
Q

Offering x3
What does offering include

A
  • what you offer to a particular customer segment.
  • The value generated by customers
  • how to reach and communicate with customers
  • Includes Customer Value Proposition
20
Q

Customers x2

A

People Populating the segments of a market that your offering is serving
Individuals and businesses willing to pay for what you offer

21
Q

Infrastructure

A

All resources (people, technology, products, suppliers, partners and facilities) that an entrepreneur must have to deliver customer value proposition

22
Q

Financial Viability

A

revenue and cost structure to meet operating expenses and financial obligations

23
Q

Offering Components of Business Model Canvas x1

A

Value Delivery (CVP)

24
Q

Value Delivery (CVP)

A

Solve Problem/need of important customers and value we deliver

25
Q

Customer Components of Business Model Canvas x3

A

Customer Segments
Customer Channels
Customer Relationship

26
Q

Customer Segments

A

Customer grouping of a market, and most important customers

27
Q

Channels

A

All the ways we can reach our customers etc communication/sales/service

28
Q

Customer Relationship

A

How we establish and maintain relationships with customers

29
Q

Infrastructure Components of Business Model Canvas x3

A

Key Activities, Key Resources, Key Partners

30
Q

Key Activities

A

What are the most important activities to get the job done

31
Q

Key Resources

A

What resources do you need to accomplish key activities and deliver CVP

32
Q

Key partners

A

Who are our suppliers, buyers and distributors? Cannot do it all ourselves

33
Q

Financial Viability Components of Business Model Canvas x2

A

Revenue Stream
Cost Structure

34
Q

Revenue Stream x3

A

How do we generate revenue? How much does each stream contribute to total? How much do we need to sell?

35
Q

Cost Structure x2

A

What are the most important costs etc (resources, activities). All expenses required to execute and run business model

ENTRE 2030 (13 decks)

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