Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

E & I > Pre midterm- Lec 2 > Flashcards

Pre midterm- Lec 2 Flashcards

1
Q

SME (small medium enterprise) attributes

A
  • Market focus is local /regional
  • Jobs performed locally
  • Little external capital / family businesses
  • Grows at a linear rate
  • Usually there is a cap to growth potential
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Innovation driven enterprise (IDE) attributes

A
  • Market focus is global
  • The company is based on some innovation
  • Jobs don’t have to be performed locally
  • Diverse capital ownership
  • Starts by losing money but if successful growth can be exponential
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What makes an entrepreneur ‘different’?

A
  1. Vision & Identification of opportunities
  2. Comfort with uncertainty (risk)
  3. Influence- Building networks
  4. Financial management
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Macro Trends

A
  • internet of things
  • Big data
  • AI/ machine learning
  • Blockchain
  • Fintech

Consumer trends
- Information transparency (buyer power)
- Community driven
- Nomadic lifestyle

Sustainability trends
- climate action
- clean and affordable emergy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

MICRO

A

Geography may determine specific development
priorities, customer needs, access to resources
(financial, technological and human)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Me perspective

A
  • idea
  • technology
  • passion
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Techniques to generate business ideas

A
  1. Brainstorming
  2. Scamper
  3. Design thinking
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Brainstorming

A

Organize brainstorming sessions with a diverse group of people to generate a wide range of ideas.
Encourage free thinking and avoid judgment to foster a creative environment.
Use techniques like mind mapping to visually explore ideas and their connections

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

SCAMPER

A
  • Substitute,
  • Combine,
  • Adapt,
  • Modify,
  • Put to another use,
  • Eliminate, and
  • Reverse.
    Think about a product,
    service, or process from
    different perspectives,
    leading to innovative ideas.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Design thinking

A

Employ design thinking processes, which involve empathizing with users, defining problems, ideating solutions, prototyping, and testing.
This user-centric approach can uncover unique insights and innovative solutions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Design thinking

A
  1. Discover- Learn About Your Audience
  2. Define- Construct Point of View Based on User Needs
  3. Ideate- Brainstorm and Come up with Creative Solutions
  4. Prototype- Build Representation of Your Ideas
  5. Test- Test your ideas
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q
  1. Discover steps- 1 UNDERSTAND
A

The starting point of any design thinking project is a person – or a group, maybe – that has a particular need or problem.

-> **WHO **is the target group (size, characteristics)?
-> WHY does the user think she needs a solution?
-> WHAT does the user propose as a solution (if any)?
-> WHEN and for how long is the result needed (limited, long term)?
-> WHERE is the result going to be used (context, geography, media)?
-> HOW is the solution implemented (skills, budget, business model, go-to market)?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q
  1. Discover steps- 2 OBSERVE
A

Get to really know your user and the situation at stake. This phase focuses on what is called “qualitative” research (or
observation) methods.

-> physical observation
-> interviews (try the “5 why” questions)
-> idea boards / vision boards
-> photos, both mood and real life

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

2.Define

A

Define the point of view you’ll be working on.
HOW might we….?- state the problem clearly

Establish a common knowledge base.
-> start “unpacking” your findings
✔ recall, interpret and weight all the findings.
✔ encourage all the members of the group to share their experiences.
✔ tell stories, show pictures, convey emotions.
-> find patterns and cluster by theme.
-> give it time.
-> choose your point of view.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

3.Ideate

A

Create as many as possible** ideas to reach a solution**
Brainstorming…
-> creative confidence – express ALL ideas.
-> Quantity over quality – cover that wall!
-> No limits.
-> No criticism!
Diversity in the team helps.
A relaxed atmosphere too

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

3.ideate techniques

A
  1. SCAMPER:
    Substitute
    Combine
    Adapt
    Modify
    Put to other uses
    Eliminate
    Rearrange

2.SIX THINKING HATS:
Blue – The big picture
White – Facts & Information
Red – Feelings & Emotions
Black – Negative
Yellow – Positive
Green – New Ideas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

4.prototype

A

Prototype quickly and cheaply.
Tangible – mockups with craft materials, drawings, landing pages, photos, videos…

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

5.Test

A

Put the prototype in front of actual users and collect feedback.
Learn about strengths and weaknesses.
Refine and go pack to 4

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Business idea pitfalls

A
  1. Selling to everyone
  2. China syndrome - over-optimistic belief that capturing a tiny market share in a large market, like China, will lead to significant revenue
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Perceptual Mapping

A

A visual representation technique used in marketing to show how consumers perceive a brand, product, or service in relation to
competitors and various attributes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Market Segmentation Criteria

A
  • Demographic- age,
    gender, occupation, ethnicity etc
  • Psychographic- social class, lifestyle or personality characteristics.
  • Behavioural- consumer behaviors: purchasing habits, spending habits, user status, and brand interactions.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Customer persona definition:

A

A semi-fictional character that represents a significant segment of a business’s target audience. based on data and research

23
Q

Components of a Customer Persona

A
  • Demographic info
  • Professional details
  • Psychographic (vules hobbies lifestyle)
  • Goal and motivations
  • Buying behaviour
  • Pain points
24
Q

In OECD countries young firms are key for the job market:
X% of employment
X% of new jobs

A

20% of employment
50% of new jobs

25
Q

In NL and FR, transformational startups are 4% of all startups (avg) but…
X% (NL)
X% (FR)
of new jobs

A

22% (NL)
53% (FR)

26
Q

Estimated total investor losses by 2002:

A

$5 trillion

27
Q

A start-up’s priority should be
____ while searching for a business model that is ______.

A

‘Customer Development’
repeatable & scalable

28
Q

Customer development

A

SEARCH
1. customer discovery
2. customer validation

EXECUTION
3. Customer creation
4. Company building

29
Q

lean startup definition of waste:

A

everything that doesn’t lead to validated learning

30
Q

Lean Startup 3 main principles

A
  1. Hypothesis
  2. Get out
  3. Agile
31
Q
  1. Hypothesis
A

Instead of a “wishful” business plan, founders summarize their hypothesis – their vision and ‘best guesses’ for their business - on a business model canvas.

32
Q

2.Get out

A

… of the building: start talking to customers right away and focus activities in what matters to them.
Use MVP (minimum viable product) and improve from there.

33
Q

3.Agile

A

Develop the product fast, incrementally and in iterations, following customer feedback.

34
Q

Different hypothesis

A
  1. Value- whether a product or service really delivers value to customers
  2. Growth- how new users
    will find and start using your
    product, and how will the
    company grow once people
    start using it
35
Q

Product- market fit refers to

A

the degree to which a product satisfies strong market demand: the startup has successfully identified a target market and developed a product that meets the market’s needs effectively

36
Q

In the context of a startup, a “pivot” refers to

A

a fundamental shift in business strategy to test a new approach regarding the startup’s product, target market, or business model

37
Q

Condition for scalability:

A

Achieving product-market fit is crucial for a startup’s success and scalability, indicating that the product is in line with market demands, and capable of being profitable to sustain growth.

38
Q

A business model describes

A

how your company creates, delivers and captures value

39
Q

The 9 building blocks of the business model canvas: right to left

A
  1. Customer segment- pep/org we creating value for
  2. Customer relationship- types of relationships and how to aquier and retain them
  3. Channels- through which touchpoints we interact with customers and deliver value to them
  4. Value proposition- bundle of service and product creating value for customer
  5. Revenue streams- Pricing mechanisms how me capture value
  6. key activities- what we neet to perform well
  7. Key resources- indespensible assets, create deliver and capture value
  8. Key partners- who can help us leverage our business model
  9. Cost structure- main costs
40
Q

The business model canvas is a tool detailing…

A

how a startup intends to monetize their idea and build a business.

41
Q

BMC pro

A
  • Easy to understand.
  • Adapts to any type of business.
  • Widespread use, common language.
42
Q

BMC cons

A
  • Static in its vision of the business.
  • Does not recognize business evolution.
  • Lacking in terms of the needs of a typical tech startup.
43
Q

Lean canvas pro

A
  • Easy to understand.
  • Focused on the process of creating tech startups.
  • Recognizes the dynamics of growth.
44
Q

Lean canvas Cons

A
  • Less well understood.
  • “Switching costs” – the need to learn new things.
45
Q

Lean canvas

A
  1. customer segment
  2. Problem- customers top 3
    existing alternatives- how they solved today
  3. Unique value proposition
    High level concept- ex. Discord= its like skype for gamers
  4. solution
  5. channels
  6. rev stream
  7. cost struc
  8. Key metrics- key numbers telling how its going
  9. Unfair advantage- what i have the cant be easily copied or bought
46
Q

Customer profile:

A
  • Jobs to be done
  • Pains
  • Gains
47
Q

Jobs to be done are ex

A
  • Functional
  • Social
  • Personal /emotional
  • Supporting
48
Q

Pains are

A
  • Undesired outcomes, problems or characteristics
  • Obstacles
  • Risks (undesired potential outcomes)
  • Pains can also be functional, social or emotional
49
Q

Gains are

A
  • Required
  • Expected
  • Desired
  • Unexpected
50
Q

Value map

A
  • Products & services
  • Pain relivers
  • gain creators
51
Q

Products & services are:

A
  • All the products and services you offer
  • These are the elements of your value proposition
  • Can be tangible, intangible, digital, financial, etc.
52
Q

Pain relievers are:

A

How you’ll eliminate or reduce some of the things that annoy the customer before, during and after completing a ‘job’

53
Q

Gain creators are:

A

How you intend to produce outcomes the customer expects, desires, or will be surprised by.
Includes functional utility, social gains, positive emotions and cost savings.

54
Q

Revenue model examples:

A
  • one off sale
  • Rental
  • Licensing
  • Franchising
  • Subscription/membership
  • Pre- paying
  • Freemium
  • Commission
  • Advertising
  • Leasing
  • Price per hour/unit
  • Sponsorship
  • Affiliates/referrals

E & I (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions