Final Exam - Entrepreneurship Workshop Flashcards
Business
entity that operates on its ability to create an exchange in value
Startup
a human institution designed to create a new product or service under conditions of extreme uncertainty
entrepreneur
a person who creates value exchanges through new products or services under conditions of extreme uncertainty
Causal thinking
start with a goal and find the best way to reach it
effectual thinking
focus is on the means at hand, which aim to materialize into one or more goals that were not necessarily predefined
build towards flexible goal
intrapreneurship
innovating from within a company
lean thinking
A methodology for developing businesses and products that aims to shorten product
development cycles and rapidly discover if a
proposed business model is viable; this is
achieved by adopting a combination of business-hypothesis-driven experimentation, iterative
product releases, and validated learning.
- fast experimentation to test ideas and reduce risks
lean loop
build-measure-learn
MVP is part of ‘build’
Minimum viable product (MVP)
- a version of the product or service which allows a team to collect maximum amount of learning with the least effort
- basic version of product to test ideas quickly
market research
used to avoid biased decisions; learn your audience and validate your ideas
why is market research important
- unfounded assumptions and pre existing biases can poison your decision making process, sacrificing time, money, emotional energy
affect heuristic
using emotions instead of objective info. to make decisions
halo effect
attributing past success of people or organization to new ideas they bring
motivated errors
decisions guided by self interest rather than objective analysis
steps in market research
- define your problem
- develop research plan
- collect relevant info.
- interpret findings
- recommendations and next steps
lean canvas
one page business plan template to help entrepreneurs quickly and effectively map out their ideas
