Module 7 Flashcards
A tool to help manage information and accomplish entrepreneurial goals through problem-solving, idea generation and validation, and brainstorming.
A framework
What are the four widely used frameworks in entrepreneurship?
Business Model Canvas, Lean Strategy Canvas or Lean Model Canvas, Design Thinking Process, Four Lenses Strategic Framework.
offers a simple, one-page tool used to design an innovative business model.
Business Model Canvas (BMC)
a display that would-be entrepreneurs commonly use to map out and plan different components of their business models.
canvas
What does a business model include?
A business model includes how a venture will be funded, create value, distribute offerings, and generate income.
What does a business model include?
The BMC must address revenue streams, value proposition, and customer segments.
How does the Lean Model Canvas differ from the BMC?
The Lean Model Canvas introduces a customer feedback loop for continuous product improvement.
What are the overlapping components between the Lean Model Canvas and the BMC?
Customer segments, value proposition, revenue streams, channels, and cost structure.
A method to focus the design and development decisions of a product on the needs of the customer
Involves an empathy-driven process to define complex
problems and create solutions that address those
problems
The process uncovers goals and constraints rather than
identifying them upfront
Supports a systematic, logical approach for addressing
and solving problems with multiple solutions
Approaches problem-solving or the creation of a new
venture from the perspective of the customer
Design Thinking Process
How did Airbnb utilize the Design Thinking Process to improve its business?
Airbnb improved its business by enhancing the quality of pictures in its listings based on customer feedback.
Used for the development of social enterprises
Focuses on solving social problems or market failures
Assesses four strategic areas to address a social problem and provide sustainable social impact
Four Lenses Strategic Framework
What are the four strategic areas assessed in the Four Lenses Strategic Framework?
Stakeholder engagement
Resource mobilization
Knowledge development
Culture management
Involves everyone who is affected or has a role in addressing the problem.
Stakeholder engagement
Takes action to create a sustainable social impact.
Resource mobilization
Improves information and processes to create a sustainable social impact.
Knowledge development
Fosters mindsets and behaviors that create a sustainable social impact.
Culture management
An organized outline that guides the venture creation process.
Action plan
How should an action plan be treated as the venture develops?
An action plan should be updated as gaps and new ideas are identified.
Valuable and necessary but require significant time, resources, and research
Business Plan
A business plan may not always reflect the realities you’ll face, so you’ll need to:
keep adapting it (and your venture) over time
continue researching
modify your projections as necessary
What is the difference in purpose between an action plan and a business plan?
Action Plan: Organized steps for venture creation.
Business Plan: Comprehensive document for funding and strategy.
action plan support tools to brainstorm needs resulting from a disaster in a city.
Disaster Action Plan
New Types of Entrepreneurship
College entrepreneur
Corporate entrepreneur
Franchise entrepreneur
Immigrant entrepreneur
Internet entrepreneur
Woman or minority entrepreneur
Part-time entrepreneur
Social entrepreneur
A student who launches a venture during or after attending college.
College entrepreneur
