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Front 1

What is Wasserman's Founder's dilemma about?

Back 1

It's about the problems founders face when they choose entrepreneurship as a career path.

Front 2

Wasserman: How are these problems affecting founder's decisions

Back 2

These career direction questions mix personal, career and market issues.

Front 3

Wasserman: Who may be better suited to be founders ?

Back 3

People with early founder influences.

People who's motivation are Power, autonomy, people management and financial gain. Females tend to value altruism

Front 4

Wasserman: When should a founder found

Back 4

Early if : golden handcuffs get too strong, family handcuffs become too strong, too specialized, too reliant on employer resources.

Later: Build more human capital, build more social capital, build more financial capital.

Front 5

Wasserman: Where do you see founders start to release handcuffs

Back 5

Career :Employer's slow growth, employer changes strategy, being laid off or fired

Golden:, severance payments from layoff, Inheritance

Family: spouse starts to work, children grow up emigrate to region that fosters entrepreneurship.

Front 6

Why should founders face these dilemmas

Back 6

Because potential founders should avoid following their passions without making rational assessments of their circumstances.

Front 7

What is the Financial Capital Theory

Back 7

The likelihood of launching depends on how much money you got.

Doesn’t help you succeed

Front 8

Social Capital Theory

Back 8

Launch depends on social capital

It’s true but only one factor :You can last longer and getbetter talent

Front 9

o Human Capital theory

Back 9

Launching depends on what you’ve done? Yes its true

Front 10

Location of entrepreneurs

Back 10

Culture vs Structure

3Ts

Front 11

What is Thorton's say on what the sociology of entrepreneurship is about ?

Back 11

He argues that he can integrate to schools of thinking (supply:individual traits, demand: context of entrepreneur inception), which extends research implications

Front 12

Thorton: how does he integrate these two schools ?

Back 12

Ecological Theory: outside forces and uncouncious actions as outside forces

Institutional: integrates two schools. actors rational

Multilevel

Front 13

Why does integrating these two schools matter in the name of entrepreneur research

Back 13

Because much of the research is lacking on the demand side entrepreneur reasearch of through these theories this gives a boost to understanding how entrepreneurs are born.

Front 14

Thorton: Where are ventures founded?

Back 14

PArt of the Heterogenerity theory: while there are regions that are incubators for ventures, sometimes they can be overused making to many organization competing for the same resources, hence arguing the point that environments may not lead to successful ventures.

Front 15

Correlations with a growth mindset

Back 15

Higher income

Greater career achievements

Lower divorce rates

Front 16

Gompers: What is performance persistence

Back 16

The concept and argument that people with a track record of startup success are more likely to succeed than those who are starting for the first time.

Front 17

Gompers: How is this performance persistence proven proven ?

Back 17

Assuming success means going public, research suggests that VC backed entrepreneurs have 30 % more chance of success if they go public in the next venture. First timers have 18 %. Second timers who have failed in the past have 20 %

Front 18

Gompers: If so Why is there performance persistence.

Back 18

Skill : market timing, industry selection

Perception of performance persistence

Front 19

What is Design thinking

Back 19

a business theory tat Innovation happens by understanding the user through direct obervation of wat people need and what they want. It's a user-centered focus to innovation. The goal is to get feedback.

Front 20

Who are design thinkers

Back 20

Empathetic

Integrative thinkers

Optimistic

Experimenters

Collaborators

Front 21

How do you do design thinking

Back 21

Iterative Process or prototyping, testing , then refining through a human centrered approach

Front 22

Why is Design thinking an important school of thinking?

Back 22

Because design goes beyond aesthetics. Designs must now provide needs and appeal to our emotions

Front 23

Problem Based Aproach

Back 23

Identify

Analyse

identify decision criteria

develop solutions

choose and execute

Front 24

Tradional Based Approach

Back 24

Segment market

Select Beach head

Aullet?

Front 25

What is market segmentation

Back 25

Dividing a broad market into a segments of potential consumers that share similar characteristics

Front 26

How to do market segmentation

Back 26

1.Brainstorm: Talk to potential customers to get a better idea if you've done good market segmentation.

Best if you are the user because you'll have a deep understanding of the problem you're trying to solve.

identify potential industries for the idea and focus on who will benefit in each industry and focus on end users.

2. Narrow. List 6-12 market opportunities.

3. Primary Market Research: if you end up winning in a segment, make sure your solution ahs adjacent market opportunities that your business can scale.

Front 27

Why do we do market segmentation

Back 27

So that we can identify market opportunities and prepare to focus on the best market opportunities.

Front 28

When to do market segmentation

Back 28

It's the first step of the traditional approach

Front 29

Who should the market segmentation focus on

Back 29

end user and not the customer.

Front 30

how to select a beachhead Market

Back 30

1. Start by selecting a small beachhead: you want a market you can dominate in a short amount of time

2: Have your beach head to meet three conditions: 1.customers all buy similar products 2. they have similar sales cycles 3. there is word of mouth between customers

Front 31

What is the end user profile ?

Back 31

making a detailed description of customer

Front 32

Why is end user profile important

Back 32

critical to understand that you build a business that is based around the customer you are serving

Front 33

Decision making units

Back 33

Champion: person who wants the customer to buy the product

Primary economic buyer: person with authority to buy product

Influencer: People who have sway or direct control over decisions of the primary economic buyer

Front 34

Why do Step 4: calculating TAM

Back 34

It allows you to gain perspective on the quality of size of your beach head market

Front 35

How to calculate TAM

Back 35

Defining beach head and end user profile is enough to calculate.

determine how many end users exist that fit profile with bottoms up. Then use top down analysis to complement.

Determine how much revenue you could get in a year. You are looking for between 20-100 million a year

Front 36

Why create step 5 : Persona

Back 36

makes your target customer tangible so all members of founding team have absolute clarity and focus to make the same target customer happy.

Front 37

What is step 6: Full life cycle use case

Back 37

determines where your product fits into your persona's value chain. Determine how the end user determines they have a need for you product, and how they interact with your product and so on.

Front 38

How to create a Full life Cycle case

Back 38

create a visual repesentation of how the activties in your products value chain

Front 39

What is Step 7 :High level Product specificaton

Back 39

Basicially is a visual representation of your product. and focuses on the benefits of the features of the product. This helps you see the product from the customer's vantage point.

Front 40

Quantify value proposition

Back 40

framed by persona's top priorities

Have as is state and then a possible state

Visual diagram is best to illustrate it

Front 41

What is Step 9 ?

Back 41

Identifying next 10 potential customers: find 10 more customers besides your persona but that fit end user profile. That would be done through bring them through the past steps. Validate their similarity and willingness to buy your product through a letter of willingess to buy solution

This ensures that your descrips and assumptions hold true

Front 42

What is step 10

Back 42

Defining your Core which is what value can you offer that is better than your competitors

Examples: Network effect, Customer service, Lowest cost, User experience, Lowest Cost

Front 43

How is Core different to other confused aspects

Back 43

Competitive Position: Core is how you are building capability to differentiate from competitors that allows you increase your competitive position

First mover advantage: Usually goes away as new companies find new markets. First mover advantage helps gain cores.

Suppliers: Can help but usually only a trap along the way for your competitors.

Front 44

Competitive Positioning chart

Back 44

How well you fulfill your persona's top 2 priorities through your core capabilities vs how well your competitors do

Front 45

toughest competitor is usually

Back 45

the customer's status quo. sometime we focus on start ups that have developed similar ideas to us and we focus on how we can beat them, while the true competitor is usually the untapped market that hasn't been introduced to your product. you should focus on them rather than your competition

Front 46

How to make a competitive Position chart

Back 46

make x 1 and y 2 axis chart

Front 47

DMU

Back 47

point is to identify all the people invovlved in the decision process to acquire the product for the end user. these include Champions, end users, primary economic buyeys, primary and secondary influencers, veto and purchasing departments