Part 2 Flashcards
In lifestyle entrepreneurship, what ratio are they looking for?
A high ratio of work to revenue. They want as little amount of work put in for the largest amount of money.
Give a couple examples of old business models.
Retail, and franchises
Give a few examples of new business models.
On demand, sharing economy, crowdsourcing, premium, direct to consumer.
What is scalability?
The ability to have your business grow and have marginal costs stay the same or be reduced.
Which business models are most medium and least worried about scalability?
The side business is not worried about scalability so much. A lifestyle business is kind of worried about scalability. A startup business is very concerned with scalability.
What is the four step outline of the “validating ideas” process?
Test many times. Hypothesize. Pivot. Pitch again.
What is one way to test in order to validate an idea?
Survey as many people as you possibly can, with open-ended questions.
What is the simple three word summary of “The Lean startup cycle”?
Build, measure, learn.
What is the more detailed five step process of the “Lean start up cycle”?
1) Hypothesis
2) Validated learning
3) pivot
4) minimum criteria for success
5) Pitch experiments, presell
What is validated learning?
Actual feedback from real life experiments.
What is mvp?
Minimum viable product
What are five different types of innovation?
1) price
2) convenience
3) speed
4) quality
5) self-expression
When innovating what our areas to isolate and target?
1) the product or service itself
2) procurement, better ways to get the product you’re going to sell
3) delivery, how can you improve on getting the product to your customer
4) promotion how do you sell your product in a better way
What is the eureka myth?
All people that have brilliant ideas just have them in a magic moment.
