Design Thinking and Bus Model Flashcards
What are the 7 steps in the design thinking on the understand mixtape
1)Empathize with consumer 2)Assume a beginners Mindset 3) Learn from Extreme Users 4)What are customers doing, how are they doing it,why are they doing it this way, 5)Interview for Empathy 6)Story share and capture 7)make User Empathy Map
what is the purpose of th user empathy map?
helps turn observations into insights
What are insights?
a realization you could leveragee to better respond to a design challenge
what is ideating
the process of finding radical alternatives
What are 3 main takeaways from the Experiement Mixtape
1)use prototypes to learn cheaply 2) let the user interact with the prototype 3) capture the users interction using the feedback grid of Positives, criticism, questions, new ideas
What is a business model
it describes the rationale of how an organization creates, delivers, and captures value as described nine steps to making $
What are the 9 building blocks of the Business Model
1)Customer Segments 2) Value Propositions 3) Channels 4) Customer Relationships 5) REvenue Streams 6)Key Resources 7) Key activites 8) Key Partnerships 9) Cost Structure
describe custoemr segments
the group the business serves ex: mass market, niche market, segmented
what are value propositions
what need of the customers is this solving ex: performance, design, brand, price, risk reduction
what are channels
the interface with consumers including communication distribution, sales ex: awareness, evaluation, purchase, delivery, service
what are customer realtionships
these can be motivated by upselling, retention, aquision of customers ex: personal assistance, self-help, automated service
what are revenue streams
the cash generated from each segment ex: fixed dynamic pricing, asset sale, subscription
what are key resources
the most improtant things neecded to make a businsess run ex:production, platform, network
what are key partnerships
used to reduce risk and aquire resouces types: strategic alliance, coopetition, joint ventures
what is the cost structure
all costs incurred
give the 4 steps of the heirarchy of engagement
growing engaged users->retaining users->self-perpetuating virtuotus loops->SLBT Business(?)
what is the ultimate metric?
cohort performance- number/% of weekly users completing the core action
what are the perks/ drawbacks of a sole proprietorship?
filed at county office, not a seperate entity, no swhareholders, not VC friendly, PAss thru taxes
details on a Partnership
Filed at TX sec of state, not a seperate entity, no shareholders, not VC friendly, pass thru taxes
Details on an LLC
filed at TX Sec of sTate, seperate entity, owners instead of shareholders, Vc neutral b/c can convert to CCorp, passed through taxes
S-Corp details
filed at TX Sec of State, seperate entity, 100 shareholder max, VC friendly b/c convertable to C-Corp, Pass through Taxes
C-Corp details
filed at Tx Sec of State, unltd shareholders, seperate entity, VC friendly, double taxation corporate and individual
What is an EIN
an employer ID # which is like a SSN for a business
What is a general definition of a company
an entity that can engage in contracts
creditors issue___ and shareholders get ____
debt; equity
what are angles?
accredited investors with >1 M in liquid assets that can invest independent of a group
___ manages company and reports to ___
executive team; board of directors
what are some ways you can get $ for a business
debt financing, equity financing, family, friends, fools, crowdfunding (no equity), Angel capital, VCs, Revenue
What is SBIR
Small business Innovation REsearch which is a federal govt grant that can help some small businesses conduct R&D
what is the best way to grow?
revenue/organic growth
What are the two parts to starting A VC fund?
need limited partners which just give the $, need general partners that make the investment decisions, specialize in a certain tye of startup, release $ to companies based n milestones
what does it mean to say that 1000 shares vest in 5 years
200 shares granted after each year. increase stock options to use the Goldman handcuffs to tie ppl to company. Employee doesnt get the remaining shares if they leave before the options vest
What are some good things to have in a founders agreement
Agree to contribute IP to company, Specify Rights on Death, Right of First refusal at sell out time, Tag along (if one sells out the ohter can follow), drag along(if one person leave the other must follow)
What are the 4 key points of the lean startup
1) get out of the building and talk to consumers
2) create an MVP
3) concierge service(get customers to walk you through waht they want)
4) test the riskiest assumptions with field experiments
Takeaways from the AHppiness ADvantage video
normal is average and we delete teh outliers, we should be studing the outliers to see what we can learn from them, your longterm happienss is dependent of your internal view and your success depends on your happiness
rewaatch the startup videos at 2x to review most of whats in this deck
true
What is hockey stick growth
the flatish growth t the beginning and then the greta growth toward the end
What are the 5 phases in the Distribution Channel
awareness, evaluation, purchase, delivery, after sales
What are the 5 types of Dist channels, which are direct/indirect, which are partnered and which are owned
salesforce.websales(direct-Own), ownstores are indirect adn own, partner stores and wholesaler are indirect and partner
What are the 4 groups of ppl you have to keep happy to succeed
employees, customers, stakeholders, shareholders
What is SWOT analysis
a way to decide what industry to be in (along with 5 force model, competitive strategy model) Strengths, weaknesses, Opportunities and Threats. S&W are internal while OT are external
which is better Features or benefits to customers?
benefits to consumers
what are some keys to a good product strategy
have a full featre set then cripple it so that you can sell to many different customer segments
what is a good marketing strategy
STDP segmenting Targeting Differentiate and position
what are 3 good keys for motivating ppl
intrensic motivation, autonomy, gie them a greater purpose
define creativity
the production of novel and useful ideas in ny domain
define innovation
the successful implementation of creative ideas within an organozation
what is entrepreneurship in terms of creativity
it is a particular form of innovation to produce a new business
What are the 3 components of creativity
1) expertise
2) creative thinking
3) intrensic Motivation
what is the scarcity principle
limiting access to the product as to sell more of it and keep demand (think MJ and Pepsi)
What is PCI
the regulation for storing financial data PAyment CArd industry
What is RFP
request for proposal used to solicit bids from outside contractors
