Mindsetting - Module 1 Flashcards
a highly technological and innovative region in California, U.S.
Silicon Valley
is the birthplace of many of our successful brands–Google, Apple, Microsoft and Hewlett- Packard (HP).
Silicon Valley
is the birthplace of many of our successful brands–Google, Apple, Microsoft and Hewlett- Packard (HP).
Silicon Valley
one of US’ top universities in terms of research and innovation
Stanford University
year the Stanford Industrial (now Research) Park was established
1951
It was a highly sought-after space where companies hire Stanford’s best students, industry practitioners teach courses in Stanford and professors are consulted by these companies.
Stanford Industrial (now Research) Park
How large in acre is the research park?
700-acre
A ___ is a company in the initial business stage.
Startup
It is focused on solving a specific problem of a specific market using innovative approaches
Startup
Startup companies are usually financed by ___ and is still seeking external investments.
its founders
Depending on its network, startup company can be funded by… (give 5)
angel investors, venture capitalists, crowdfunding, credit or even family and friends.
provides initial seed money for startup businesses, usually in exchange for ownership equity in the company.
angel investor
a private equity investor that provides capital to companies with high growth potential in exchange for an equity stake
venture capitalists
Someone who invest their own money in a startup business is a Venture capitalist or an Angel investor?
Angel investor
A firm’s fund that has been used to invest in a startup business is called a Venture capitalist or an Angel investor?
Venture capitalist
Is a practice of funding a startup business by means of raising money from a large number of people, typically via the internet.
Crowdfunding
ToF. Chances that a startup may fail in its first year is very low
False
ToF. According to Forbes, almost half of the reasons why startup companies fails are related to customers.
True
Negation for the recipe for a startup failure
Involve the customers
Listen to feedback
Meet their needs
Do not ignore them
Out of 20 reasons of failure for startup businesses presented by Forbes, how many of them are related to the people inside the organization
Seven
Startup failure related to the people inside an organization is…
Not having the right people to build the MVP* or to create a sustainable business
Out of 20 reasons of failure for startup businesses presented by Forbes, how many of them are related to the lack of money.
Two
Meaning of MVP
Minimum Viable Product
Is a development technique in which a new product is introduced in the market with basic features, but enough to get the attention of the consumers.
Minimum Viable Product
Who coined Four (4) Founder Mindsets that every newbie entrepreneur must learn in order to succeed with their startup:
Carlo Valencia, Founder and Facilitator at Startup PH Training
Four (4) Founders Mindset
- Find Users / Customers Before Building
- Founders don’t have plans to execute, they have assumptions to test
- Everything is an experiment, and
- You will fail.
those who pay for the products and services of the startup are called…
Customers
Those who don’t pay for the products and services of the startup
Users
Who coined 5 Principles of Lean Startup
Eric Ries, an American Entrepreneur
the core of the Lean Startup methodology
Build-Measure-Learn feedback loop
that version of a new product a team uses to collect the maximum amount of validated learning about customers with the least effort
Minimum Viable Product
Who wrote the book “Mindset: The New Psychology of Success”
Carol Dweck
theory of the two mindsets
Fixed Mindset vs Growth Mindset
People who have special qualities that are not cultivated, and never improved are in the category of …
Fixed Mindset
They don’t take tasks with high risk of failure because they are afraid of failure
Fixed Mindset
people with ___ like to take on new challenges
Growth Mindset
They are very persistent and see effort as a way to master their craft and improve their special qualities
Growth Mindset
This __ is what we believe Startup Founders should have, always ready for the challenge and never giving up no matter how hard times can be for their team.
Growth Mindset
Is a human-centered approach of solving problems.
Design Thinking Mindset
Five phases of Design Thinking Framework
Empathy, Define, Ideate, Prototype and Test
It is an iterative process where founders can go back to a specific phase after the Test Phase whenever necessary.
Design Thinking Framework
At this phase, founders identify who their target customers are and try to understand their needs
Empathy phase
During empathy phase, founders must….
Identify what tasks the customers do
What challenges
How customers solve
Experience firsthand, interview the customers and create a persona of who the customers are
Phase in Design thinking framework where founders will create a Customer Persona
Define phase
In this phase, founders can brainstorm and generate as many ideas as possible that can help solve those challenges.
Ideate phase
During this phase, the team’s goal is to collect the good ideas they all believe can solve the problem.
Ideate phase
The chosen ideas from the brainstorming will be built
Prototype phase
ToF. Prototype should be made with expensive and good-quality materials so that founders perceive the most viable option.
False
The goal in this phase is to quickly build a tangible prototype that they can easily bring to their customers to get feedback.
Prototype phase
At this phase, the founders will show to the customers the developed prototypes
Test phase
The results of this phase will determine whether to pursue the idea or pivot to a new idea.
Test phase
ToF. Prototype may be built using papers, cardboards, glues, tapes or even role play the idea
True
It is a term used by founders to refer to a fictional profile that represents a particular target customer
Customer Persona
