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20 Cards in this Set
- Front
- Back
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MANAGERIAL VS ENTREPRENEURIAL THINKING |
MANGERIAL THINKING: Given available means, you have predetermined ends. ENTREPRENEURIAL THINKING: Having extant means (insufficient resources), you have imagined ends. |
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AVAILABLE MEANS |
- WHO ARE YOU? - WHAT DO YOU KNOW? - WHOM DO THEY KNOW? |
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BRICOLAGE |
- making do with what is at hand - mythical vs scientific views - entrepreneur acquires, complies, stores material for future use. - dynamic assembly of ongoing transformations and reconfiguration - resource poor environments force recombination for new purpose is a source of innovation. |
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BRICOLAGE APPROACHES |
1. Create from nothing - new market, new services 2. Using discarded, disused, or unwanted, resources for new purpose - 3. Use Hidden or untapped local resources that others fail to see or value |
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FAILING FORWARD |
- using quick experiments, you can validate your problem ad solutions. - when you realize this is not a problem people will pay to solve, move on. This is the journey aka failing forward. |
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PIVOT THROUGH EXPERIMENTATION |
- PIVOT: Change strategy without change in vision. |
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UNIQUE VALUE PROPOSITION |
made up of three parts: - clear problem - clear customer segment who has problem - unique solution that the customer segment wants to buy = competitive advantange |
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PSYCHO-SOCIAL PROFILE |
combination of psychological and social behavior - mental, emotional personality characteristics |
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FOCUS |
1. FINDING EARLY ADOPTERS 2. OFFER TESTING - REACH YOUR EARLY ADOPTERS 3. CURRENCY TESTING - YOUR EARLY ADOPTERS WILL PAY YOU 4. UTILITY TESTING - YOU CAN SATISFY YOUR EARLY ADOPTERS 5. SCALING TO FIT - YOU CAN ACHIEVE PRODUCT-MARKET FIT |
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STAKEHOLDER ENGAGEMENT: KEY PARTNERSHIP DEVELOPMENT |
- innovative solutions always require unique skills that the team may not have - engineering, etc. what are you missing to create a viable experiment? |
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ADOPTION BEHAVIOR CURVE |
1. EARLY ADOPTERS - first people willing to try business. They're willing to try anything to solve the problem including an unproven product 2. EARLY MAJORITY - larger influx of people going to make product success. Have a problem you can solve, but not desperate for a solution (not paying to solve it). they'll need some convincing 3. LATE MAJORITY - just behind early majority. the next wave of customers will sustain your business over time. these people have a problem, but not aware. need to be educated about the problem 4. LAGGARDS - group generally not interested in your offering. or very late in joining. typically don't have the problem, so they'll reluctantly become the customer. *victory comes from early majority |
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DIRECT COMPETITION VS. INDIRECT COMPETITION |
- direct competitors for ford - toyota, VW, GM, Honda - indirect competitors for Ford - bus, bikes, uber, car pools, walking - indirect competitors do not need to be purchased, called substitutes |
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LEAN START UP MODEL |
1. BUILD - something key partners and early adopters interact with before next week 2. MEASURE - success or failure 3. LEARN - integrate business model, pivot. |
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LEAN START UP CANVAS |
1. Problem - top 3 problems 2. Customer Segment - target customers, early adopters 3. Unique Value Proposition - message about why you're different 4. Solution 5. Unfair Advantage - can't be copied or bought 6. Revenue Stream - rev. model, lifetime value, revenue, gross margin 7. Cost Structure - acquisition, distribution, hosting 8. Key Metrics - activities you measure 9. Channels - Path to customers |
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CHANNELS |
- social media - advertising - word of mouth During purchase: - website conversation with sales or other team members - catalogs |
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KEY METRICS |
- key goals and metrics your company has set? - number of sales? - completeR&D - get a patent - find a designer? |
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BOOTSTRAPPING |
- act of starting a business with no money - or very little - means less money has to be borrowed and interest costs are reduced - financing begins and ends with attention to careful management of financial resources - keep overhead low! |
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BOOTSTRAPPING - THE ASK |
- how do you allocate your resources |
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VALLEY OF DEATH |
- difficulty of covering negative cash flow (spend $$ without revenue) in early stages of startup before new product or service is bringing in revenue from real customers 1. Accumulate resources 2. keep day job until revenue flow 3. solicit funds or crowdfunding 4. business grants 5. loan or line of credit 6. startup incubators 7. barter your services 8. joint venture with distributor or beneficiary |
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BURN RATE |
- how much capital you go thru each month - how much money you need to layour every month just to keep business afloat when you don't take revenue |
