Module 2 Flashcards
The start of a road map that will determine where they want to go with their entrepreneurial efforts
What the entrepreneur wants the business to look like in the future.
entrepreneurial vision
What are the tools that can help define the entrepreneurial vision?
Vision statement
Mission statement
value proposition
What an entrepreneur wants the business to grow into
Vision statement
What the venture will do, what value will be provided, and how it will be accomplished
Mission statement
A summary statement that conveys the benefits of the product or service provided to customers.
value proposition
What are the four types of mentors?
The Sales Mentor
The Operations Guru
The Biz Dev Guru
The Entrepreneur
mentor who is killer at sales
The Sales Mentor
an operational mind walking through KPIs and leading indicators.
The Operations Guru
has a list of contacts rich and deep into your industry and possibly target verticals.
The Biz Dev Guru
a leader who has been through many of the same problems that you have, and will often walk you through war stories of how he got the job done
The Entrepreneur
is a volunteer-based nonprofit organization with a goal of helping
homeless people reconnect with loved ones.
Miracle Messages
What is one approach to developing your vision?
Begin with the end in mind.
What are the steps in the creative thinking process?
Preparation: Gather information and collect ideas. Apply divergent thinking to generate as many ideas as possible, even those that don’t seem logical.
Incubation: Walk away from the activity to allow unconscious thought.
Illumination: The moment of realization or insight.
Verification: Crafting the vision statement or message.
What are the Creative Thinking Tools
Brainstorming
Divergent Thinking
Mind Mapping
Conducting Research
○ Requires that participants generate ideas around the desired topic without judgment.
○ You can do this alone or with others, but including other people provides a greater variety of ideas, as one person’s ideas might trigger another idea from someone else.
Brainstorming
○ This allows for more diverse ideas, which may not be associated with the identified topic.
○ As much as we want to encourage divergent ideas, we also want to discourage any judgment around our ideas.
Divergent Thinking
○ Here, you create an illustration on paper or a chalkboard.
○ Write down the words that come to mind, then link those words together with lines in a diagram that shows how each word relates to the others. The idea is that one word can lead to another.
Mind Mapping
○ Create surveys and ask people questions about their experiences related to your idea.
○ Find secondary data or case studies that focus on a few in-depth, similar areas of interest or perform your own case studies.
Conducting Research
someone who takes on daily management as the owner of the venture.
Career Entrepreneur
are well-structured and defined goals
SMART goals
What are SMART goals?
Specific: precise rather than broad.
Measurable: quantifiable to test if met.
Achievable: attainable with effort.
Relevant: suited for what you want to accomplish.
Timely: must have a defined deadline.
