ENTRP midterm

the activity of setting up a business taking on financial risks in the hope of profit

is a process of creating new products, ventures, processes or renewal within large corporations

are employees who think and act entrepreneurially within different types of organizations

is a type of license purchased by an individual from an existing business that allows the franchisee to trade under the name of that business

applies the principles and guidance used by start up founders and entrepreneurs to a business that directly generates social change or impacts a social cause

is a business that is owned and managed by multiple family members, typically for more than one generation.

are people who start several businesses

people perceive their talents and abilities as set traits

people believe that their abilities can be developed through dedication, effort and hard work

our ability to understand and be aware of how we think and the processes we use to think.

a process whereby people can influence and control their own behavior, actions and thinking

raise our awareness of how, when, and why we behave the way we do in certain circumstances

is the process of setting individual goals for ourselves

ways in which we compensate ourselves when we achieve our goals

is a process that allows us to examine our mistakes before making a conscious effort not to repeat them

encourage constructive behaviors and reduce or eliminate destructive ones

is the art of spontaneously creating something without preparation

durability, attractiveness, timeliness and ability to create value of customers

as a way of generating value through unique, novel, or desirable products or services

help with long term planning

involve taking time to think carefully about a problem by breaking it up into parts

involving using a stimulus to retrieve memories in order to make links or connections based on personal experience

involve suspending disbelief and dropping constraints in order to create unrealistic states or fantasies

techniques that help to break our minds out of mental fixedness in order to bring about creative insights

involve consciously making links between concepts or ideas that are not normally associated with each other

are employed to enhance and modify existing ideas in order to create better alternatives and new possibilities

require group interaction

assumes that opportunities exist independent of entrepreneurs and are waiting to be found

is used when entrepreneurs are not quite sure what type of venture they want to start

more about creating opportunities rather than simply uncovering them

discover high value opportunties

approach to innovation that brings together what people need with what is technologically feasible

who will want to use or buy the product or service?

what can possibly be achieved in the near future?

how sustainable is the idea in the long term?

allows us to expand our view of the world to generate as many ideas as possible

allows us to narrow down the number of ideas generated through divergent thinking

inspiration, ideation, implementation

design challenge and user needs

prototyping and testing solutions

potential solutions to meet needs

the action of closely monitoring the behavior and activities

to better understand the problems or needs of people validated what you think a need or problem may be

how a new venture creates, delivers and captures value

offering, customers, infrastructure, financial viability

which identifies what you are offering to a particular customer segment

are people who populate the segments of a market that your offering is serving

includes all the resources that an entrepreneur must have in order to deliver the CVP

Customer Value proposition

the revenue and cost structures a business needs to meet its operating expenses and financial obligations

lack of time, money, skills, and access

going to the doctor isn’t just a wait of time but it is also a waist of money

getting a taxi used to be a luxury until uber came along

people might like to accomplish a task but lack the specialized skills to get the job done

prevents them from getting the job done

All-benefits, points-of-difference, resonating-focus, product-market fit

Mass market, niche market, segmented market, diversified market, multisided markets

creating, capturing and delivering value

someone who pays for a product or service

place where people can sell good and services to people who wish to buy those goods and services.

end user, influencer, recommenders, economic buyers, decision makers

the customers who will actually use your product

customers with a large following who have the power to influence our purchase decisions

people who may evaluate your product and tell the public about it

the customers who have the ability to approve large scale purchases, such as buyers for retail chains, corporate office managers and corporate VP’s

customers similar to economic buyers who have even more authority to make purchasing decisions as they are positioned higher

innovators, early adopters, early majority, late majority, laggards

first customers to try a product

second group to adopt a product

tend to take interest in a new product as it beings to have mass market appeal

are typically skeptical, pessimistic, risk averse and less affluent than the previous groups

are the last to adopt a new innovation

profiles or representations of your ideal customers based on infomation and market research

allow you to segment your customers into different groups

Total available market

refers to the total market demand for a product or service

Serviceable Available Market

is the section of the TAM that your product or service intends to target

Share of Market

your company is realistically likely to reach

because it is a test designed to help you learn and answer questions

a fast and inexpensive way to get insights into your idea from your target customers before you begin the experiment

creating a paper test is a simple way to outline your vision

involves spreading the word about your business using brochures or social media

click on a feature but then nothing happens

a space in the website that leads to more information

watching someone using your product to understand what works and what doesn’t

early and often crude version of a product

testing technique that involves booking orders for your products before it has been developed

the customer interfaces with the product but the ‘technology” is going on behind the scenes

gathered enough insights and validation to launch your live product and business in the marketplace

minimum viable product

quickly created models used to visualize a product or service

presented as a 2D or 3D model that looks like the finished product

more sophisticated version of a mock up that has enough functionality is p

is particularly useful for creating rough, simple prototypes of you ideas

method that helps you to stop into the shoes of your user by capturing their emotional experience vi

virtual assistant in which someone behind the scenes types out the responses to the user

creating a prototypes so you can understand their thinking