ENTREPRENEURSHIP WORKSHOP (5 marks multiple choice)

Question 1

What is a STARTUP?

Answer 1

A human institution designed to create a new product or service under conditions of extreme uncertainty

Question 2

Who is an ENTREPRENEUR?

Answer 2

An entrepreneur is a person who creates value exchanges through new products or services under conditions of extreme uncertainty

Question 3

Entrepreneurial mindset

Answer 3

GROWTH MINDSET
Views intelligence, abilities, and talents as learnable and capable of improvement through

Question 4

Causation Style Thinking

Answer 4

A causation approach focuses on a predefined goal and aims to find the means to reach this goal

Question 5

Effectual Thinking

Answer 5

The focus is on the means at hand, which they aim to materialize into one or more goals, that were not necessarily predefined
Start with your abilities, financial means, network, education, expertise, experience, traits ⇒ to reach FUTURE GOALS

Question 6

Lean Methodology Thinking

Answer 6

A methodology for developing businesses and products that aims to shorten product development cycles and rapidly discover if a proposed business model is viable

Question 7

Minimum Viable Product (MVP)

Answer 7

A version of the product/service which allows a team to collect maximum amount of learning with the least effort
BUILD aspect of Lean Loop

Question 8

Importance of Market Research

Answer 8

• Unfounded assumption and pre-existing biases can poison your decision-making process, sacrificing time, money, and emotional energy

Question 9

Affect Heuristic🥲

Answer 9

Using emotions instead of objective information to make decision

Question 10

Halo effect 😇

Answer 10

Attributing past success of people or organization to new ideas they bring

Question 11

Motivated eros 🤤

Answer 11

Decision guided by self interest rather than objective analysis

Question 12

Steps in Market Research

Answer 12

• Define your problem (build)
• Develop research plan (build)
• Collect relevant information (measure)
• Interpret your findings (measure)
• Recommendation and next steps (learn)

Question 13

Discovery Stage Questions

Answer 13

• Show us your market research on the problem
• Show and describe your target market
• Describe how your market solved the problem today
• What is your hypothetical solution?
• Why is it different and better than existing solutions?