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ENTR 2030 > Chapters 6 & 8 > Flashcards

Chapters 6 & 8 Flashcards

1
Q

what is an experiment?

A

-test designed to help prove/disprove the validity of a hypothesis

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2
Q

hypothesis

A

an assumption you have about your venture

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3
Q

why experiment?

A

market validation

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4
Q

market validation

A

process of interacting with potential customers to acquire reasonable evidence that a need is being met with a new product and that people are willing to pay for it

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5
Q

feedback interviews

A

-use of some type of prototype
-asking users their opinion of the product or service
-understanding if there is value for the user for the product/service
-identify ways to make product better
-determine if targeting the right customers

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6
Q

paper testing

A

-aka rapid prototype
-outline vision and spot mistakes before process goes further
ie wireframes, storyboarding

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7
Q

types of paper testing

A

wireframes, paper based versions

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8
Q

button to nowhere

A

users click on feature and nothing happens
-used to test whether customers will engage with feature

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9
Q

landing page

A

-includes a particular call to action
-gauge user interest
-identify and collect lead users

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10
Q

task completion

A

aka usability testing
-watching someone use your product to understand what works/doesnt work about it

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11
Q

types of prototupes

A

low fidelity, medium fidelity, high fideltiy

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12
Q

low fidelity prototype

A

aka rapid prototype
-quickly created models used to visualize a product or service, lacks all functionality
-low cost, rough and quick build
ie sketches, mockups, hand drawn wire frame, paper models, storyboard

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13
Q

medium fidelity prototype

A

-more detail and realism but not final solution
-better sense of look and feel
ie digitally created and detailed wireframes, 3D printed models

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14
Q

high fidelity prototype

A

-most realistic version of product before final product
-very close look, feel, function
ie pilot projects, minimum viable products

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15
Q

storyboard

A

high level view of thoughts and ideas arranged in sequence in form of drawings, sketches, illustrations

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16
Q

mock ups

A

presented as a model that looks like the finished product but lacks functionality

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17
Q

pilot experiement

A

small scale study conducted to assess the feasibility of a product or service

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18
Q

minimum viable product

A

version of a product that allows a team to collect the maximum amount of validated learning about customers with the least effort

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19
Q

preselling

A

testing technique where you try to book orders for your product before it has been developed (kickstarter, steam)

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20
Q

the scientific method of experimenation

A
  1. identify your question
  2. gather background information
  3. develop a hypothesis
  4. test your hypothesis
  5. analyze your results
  6. form a conclusion
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21
Q

what is a business model

A

describes how a new venture creates, delivers and captures value
-includes network of activities and resources
-helps entrepreneurs understand what they are doing, how they are doing it, for whom and why

22
Q

value

A

the benefit that customers perceive in a product or service

23
Q

value creation

A

developing services and features that customers value (Amazon Prime, Alexa, AWS)

24
Q

value delivery

A

providing the promised services and benefits to customers
(ensuring that amazon is actually convenient– one click purchase, warehouses, delivery trucks, partnerships)

25
Q

value capture

A

generating revenue and profit from the value provided to customers

26
Q

4 parts of a business model

A

-the offering
-the customers
-the infrastructure
-financial viability

27
Q

the offering

A

what you’re offering, the value generated for those customers, how you will reach and communicate with them

28
Q

customer value proposition (CVP)

A

a statement that describes why a customer should buy and use your product or service versus the competition
ie the experience is the product (iphone), the smartest way to get around (uber)

29
Q

elements of a business model/values

A

value creation, value delivery, value capture

30
Q

for a CVP to be effective it must

A

-offer better value than the competition
-be measurable in monetary terms
-be sustainable

31
Q

what is the key of a successful CVP

A

deep understanding of customer needs

32
Q

3 questions to answer for customers in you CVP

A

-overt benefit
-real reason to believe
-dramatic difference

33
Q

overt benefit in CVP

A

what does the product/service do for me, the 1 big benefit of the product

34
Q

real reason to believe in CVP

A

why should I believe you?

35
Q

dramatic difference in CVP

A

why should I care?

36
Q

3 types of value propositions

A

All benefits, points of difference, resonating focus

37
Q

best value propositions

A

resonating focus. Drill down on whats important to the customer, focus on their needs. What about your product satisfies those needs?

38
Q

better value proposition

A

points of difference (focus is on the competition, points of difference)

39
Q

good value proposition

A

all benefits (focus is on the product)

40
Q

what makes someone a customer

A

individuals or businesses who are willing to pay for your product or service

41
Q

what to determine when deciding your customers

A

-who is most likely to buy what you’re selling
-how you will reach those segments
-how you will maintain a relationship with these customers

42
Q

types of customer segments

A

mass market (target a lot of people- shampoo, soap), niche market (small group of people, Rolex, craft beer), segmented market (Marriott has different hotel brands that target different customer segments), diversified market (1 company with lost of unrelated products ie Amazon), multisided market (ie Skip the dishes)

43
Q

the infrastructure

A

the resources (people, tech, facilities, suppliers, partners) that an entrepreneur must have in order to deliver the CVP

44
Q

financial viability

A

the revenue and cost structures of a business (sources and amount of cost, streams and amount of revenue, profit and sustainability)

45
Q

the business model canvas

A

converts 4 parts of business model into 9 components to provide a more thorough overview of the logic of the business model

46
Q

nine components of a BMC

A

-CVP
-customer segments
-channels
-customer relationships
-key activities
-key resources
-key partners
-revenue streams
-cost structure

47
Q

the lean canvas

A

adapted version of the BMC that was created to better address the needs of startup entrepreneurs

48
Q

what type of business does the lean canvas work best for

A

early stage businesses, startup businesses

49
Q

lean canvas compared to BMC

A

-problem instead of CVP
-adresses key metrics
-unfair advantage
-less emphasis on cstr segments, more on likely adopters

50
Q

what elements of BMC are removed in lean

A

key activities, key resources, key partners, customer relationships

51
Q

what elements are new in lean compared to BMC

A

problem, solution, key metrics, unfair advantage

52
Q

order of experiments in the truth curve lowest to highest

A

interview, paper test, advertise, button to nowhere, landing page, task completion, prototype, preselling, live product

ENTR 2030 (4 decks)

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