Techstars Entrepreneur's Toolkit Flashcards
What is the greatest challenge in entrepreneurship?
Figuring out the problem: the questions to ask to help you understand how to build the right product.
How many empathy interviews should you run?
40 to 100.
What’s a “Job to be done?” the thing your customers will hire you to do for them? 5 components PSOWV + L
A Job to be Done answers: 1) what progress the user wants to make 2) Situation they’re in 3) the obstacles they’re facing 4) workarounds 5) Value and tradeoffs…
…in the LANGUAGE of your customer.
How do you go from a HUNCH to EVIDENCE?
Lean Canvas > I.D. Obstacles, Opportunities, Unknowns, Risks > Interviews Experiments > Evidence
What’s the scientific method in startups?
Empathize - Hypothesize - Document
What is the goal in startup entrepreneurship?
Maximize your learning. Learn faster to de-risk the business.
What’s the sweet spot for learning, as far as getting an expected result (learn-failure ratio)?
Failing about 50% of the time.
When do you know that you have language that resonates with customers?
People will begin pulling the product out of your hands.
What types of questions can you ask to really put your idea to the test in empathy interviews?
REFUTE-type questions. If ask one of these questions, and customers start to push back against you, you know that you’re really onto something.
What’s the problem you’re addressing
The LIVED problem the market is experiencing…NOT the problem your product solves.
What are the two components of goals?
- Mission 2. Outcome
What question determines the Mission part of goal-setting?
What progress do we want to make?
What question determines the Outcome part of goal-setting?
How will we know if we are making progress?
What is the framework of an effective elevator pitch?
For [customers] who have problem [x], we provide [solution].
