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ENTPFG 3301 FGExamFG 1 FGStudyFGGuide
WhatFGisFGentrepreneurship?FG-FGcorrectFGanswer✔ ✔
It'sFGaFGmethod.FGItFGincludesFGtrialFGandFGerror;FGrequiresFGinteractiveFGlea rning,FGpractice,FGandFGreflection.
EntrepreneurshipFGcanFGbeFGtaughtFGandFGisFGaFGlifeFGskill
WhatFGmotivatesFGentrepreneurship?FG-FGcorrectFGanswer✔ ✔ Salary- SubstituteFGFirms
FirmsFGthatFGbasicallyFGprovideFGtheirFGowner/sFGaFGsimilarFGlevelFGofFGinco meFGtoFGwhatFGthey'dFGbeFGableFGtoFGearnFGatFGaFGconventionalFGjob.
LifestyleFGFirms
FirmsFGthatFGprovideFGtheirFGowner/sFGtheFGopportunityFGtoFGpursueFGaFGparti cularFGlifestyle,FGandFGmakeFGaFGlivingFGatFGit.
EntrepreneurialFGFirms
FirmsFGthatFGbringFGnewFGproductsFGandFGservicesFGtoFGtheFGmarketFGbyFGcre atingFGandFGseizingFGopportunitiesFGregardlessFGofFGtheFGresourcesFGtheyFGcu rrentlyFGcontrol.
WhatFGareFGvariousFGformsFGofFGentrepreneurship?FG-FGcorrectFGanswer✔
✔ CorporateFGEntrepreneurshipFG(intrapreneurship)
-ProcessFGofFGcreatingFGnewFGproductsFGwithinFGaFGlargeFGorganization
EntrepreneursFGinside
GeneralFGdescriptionFGforFGpeopleFGwhoFGthink/act/isFGtheirFGtaskFGtoFGbeFGe ntrepreneurialFGinFGanFGorganization
Franchise
AFGtypeFGofFGlicenseFGpurchasedFGbyFGanFGindividualFG(franchisee)FGfromFGa nFGexistingFGbusinessFG(franchisor)FGtoFGallowFGtradeFGunderFGtheFGnameFGofF GthatFGbusiness.FGEx:FGChick-fil-a,FG7-11,FGMcDonald's
BuyingFGanFGexistingFGbusiness
SocialFGentrepreneurship
ProcessFGofFGcreatingFGsolutionsFGtoFGaddressFGsocialFGandFGenvironmentalFG problems-profitFGorFGnon- profit.FG(501C3FGmeansFGthey'reFGregisteredFGasFGaFGnon-profit)
profitFGproductsFGorFGservices)FG→FGHowFGdoFGIFGconvertFGmyFGideaFGtoFGbeF GconventionallyFGsustainable?
WhatFGisFGaFG"pitch"?FGWhatFGareFGtheFGkeyFGelementsFGinFGaFG"pitch"?FG-
FGcorrectFGanswer✔ ✔ It'sFGanFGoutlineFGofFGyourFGbusinessFGmodelFG(1- 12minutesFGlong)
KeyFGelementsFGofFGaFGpitch
-WhatFGisFGyourFGidea?FG(product/serviceFGyouFGoffer)
-WhatFGisFGtheFGproblemFGbeingFGsolved?FGForFGwhom?
WhyFGisFGtheFGofferingFGcompellingFG(toFGyourFGintendedFGcustomer/market )?FG→FGValueFGproposition
-WhyFGisFGyourFGideaFGbetterFGthanFGwhat'sFGoutFGthereFGnow?
→FGAFGbusinessFGmodelFGisFGyourFG"TheoryFGofFGtheFGbusiness"
WhyFGisFGhavingFGaFGgrowthFGmindsetFGasFGopposedFGtoFGaFGfixedFGmindsetFG requiredFGinFGentrepreneurship?FG-FGcorrectFGanswer✔ ✔
BecauseFGG.MFGviewsFGareFGbasedFGonFGlifelongFGlearningFGandFGviewsFGf ailureFGasFGanFGopportunityFGtoFGgrow,FGwhileFGaFGF.MFGavoidsFGchallenges.
WhatFGareFGtheFGdifferencesFGbetweenFGanFGideaFGandFGanFGopportunity?FG-
FGcorrectFGanswer✔ ✔
OpportunityFGcanFGbeFGaFGfavorableFGsetFGofFGcircumstancesFGthatFGcreates FGtheFGneedFGforFGaFGnewFGproduct,FGservice,FGorFGbusinessFGidea.
WhatFGcharacteristicsFGofFGaFGnewFGideaFGconstitutesFGanFGopportunity?FG-
FGcorrectFGanswer✔ ✔ New/uniqueFG(improvementFGofFGsomethingFGelse)
CreatesFGvalue
FulfillsFGaFGneed,FGdesire,FGandFGisFGuseful
WhatFGareFGsomeFGquestionsFGtoFGaskFGtoFGuncoverFGopportunitiesFG(inFGyour FGidea)?FG-FGcorrectFGanswer✔ ✔ Curiosity
-"Isn'tFGthisFGinteresting..."
-"Yes,FGand..."
Idealism
-"IsFGthereFGaFGbetterFGway?"
-"WhyFGdoesn'tFGourFGcompanyFGdoFGthis?"
Effectuation
-"It'sFGpossible,FGsoFGwhyFGdon'tFGweFGmakeFGit?"
-"IfFGweFGbuildFGit,FGtheyFGwillFGcome"
Ex:FGAgingFGofFGbabyFGboomers,FGtheFGincreasingFGdiversityFGofFGtheFGwork place,FGandFGincreasingFGinterestFGinFG"green"FGproducts
TechnologicalFGAdvances
EntireFGindustriesFGthatFGhaveFGbeenFGcreatedFGasFGaFGresultFGofFGtechnologic alFGadvances
-ComputerFGindustry
-Internet
-Biotechnology
-DigitalFGphotography
OnceFGaFGtechnologyFGisFGcreated,FGproductsFGoftenFGemergeFGtoFGadvanceFGi t
Ex:FGAFGcompanyFGthatFGmakesFGwaterproofFGcasesFGforFGtheFGAppleFGiPhon eFGandFGIpad
PoliticalFGActionFGandFGRegulatoryFGChanges
AFGcompanyFGcreatedFGtoFGhelpFGotherFGcompaniesFGcomplyFGwithFGspecific FGlaws
Ex:FGNoFGchildFGleftFGbehindFGactFGofFG 2001 FG/FGEveryFGstudentFGsucceedsFGa ctFGofFG 2015
WhatFGisFGtheFGmostFGcommonFGsourceFGofFGidentifyingFGanFGopportunity?FG
- FGcorrectFGanswer✔ ✔ PriorFGExperience
WhatFGareFGthreeFGstepsFGtoFGprotectFGyourFGideasFGfromFGbeingFGlostFGorFGsto
len?FG-FGcorrectFGanswer✔ ✔ StepFG 1
TheFGideaFGshouldFGbeFGputFGinFGaFGtangibleFGformFGsuchFGasFGenteredFGintoFG aFGphysicalFGideaFGlogbookFGorFGsavedFGonFGaFGcomputerFGdisk,FGandFGtheFGd ateFGtheFGideaFGwasFGfirstFGthoughtFGofFGshouldFGbeFGentered.
StepFG 2
-TheFGideaFGshouldFGbeFGsecured
StepFG 3
AvoidFGmakingFGanFGinadvertentFGorFGvoluntaryFGdisclosureFGofFGanFGidea,FGi nFGaFGmannerFGthatFGforfeitsFGtheFGrightFGtoFGclaimFGexclusiveFGrightsFGtoFGit.
WhatFGmakesFGupFGaFGstartup'sFG'sweetFGspot'FGandFGwhy?FG-
FGcorrectFGanswer✔ ✔ -
ToFGgiveFGaFGshortFGsummaryFGofFGyourFGcompany,FGyourFGbusinessFGplan,FG andFGyourFGstartupFGvision.
SomewhatFGtrueFGorFGfalse:FGIsFGthereFGanFGorderFGofFGtopicsFGinFGtheFGpitch?F
G-FGcorrectFGanswer✔ ✔ SomewhatFGTrue
WhatFGisFGtheFGfirstFGtopicFGinFGtheFGpitchFG(afterFGaFGquickFGintroduction)?FG-
FGcorrectFGanswer✔ ✔ ProblemFG(theFGchallenge)FGandFGopportunity
WhatFGtypeFGofFGideaFGisFGhighFGinFG"valueFGandFGusefulness"FGANDFGhighFGi nFG"noveltyFG(orFGdifferentiation)"?FG-FGcorrectFGanswer✔ ✔ -Deep
-Intelligent
-Complete
-Empowering
-Elegant
-->FGDICEE
-AllFGofFGtheseFGareFGJumpFGtheFGcurveFGideas!
KawasakiFGcitesFG"TheFGChasm"FGfromFGCrossingFGtheFGChasm,FGwhichFGre fersFGtoFGinfluencingFGtheFGmajorityFGofFGpeopleFGwhoFGwaitFGtoFGadoptFGnew FGproducts/technologies.FGWhatFGareFGKawasaki'sFGrecommendationsFGtoFGi
nfluenceFGtheFGmajority?FG-FGcorrectFGanswer✔ ✔ Recommendations:
-BeFGrealistic
-ShowFGempathy
-EmphasizeFGutility
-PayFGitFGforward
-GoFGeasyFGonFGtheFGflattery
T/F:FGUseFGjargonFGinFGyourFGpitchFGbecauseFGeveryoneFGcanFGunderstandFGit .FG-FGcorrectFGanswer✔ ✔
False,FGpeopleFGwillFGnotFGunderstandFGyourFGpitch!
TheFGpitchFGshouldFGnotFGincludeFGpersonalFGstoriesFGbecauseFGyourFGaudien ceFGjustFGwantsFGtoFGhearFGobjectiveFGfacts.FG-FGcorrectFGanswer✔ ✔
False,FGit'sFGencouraged!
WhatFGhasFGhelpedFGincreaseFGtheFGventureFGcapitalFGfundingFGforFGwomenFG
entrepreneurs?FGWhatFGmoreFGcanFGbeFGdone?FG-FGcorrectFGanswer✔ ✔ - ChangesFGinFGtheFGecosystemFGdueFGtoFGorganizationsFGthatFGhaveFGemerged FGwithFGtheFGmissionFGofFGsupporting,FGtraining,FGandFGcelebratingFGwomenF Gentrepreneurs
Ex:FGTheFGPipelineFGFellowship,FGToryFGBurchFGFoundation,FGEYFGEntrepr eneurialFGWinningFGWomen,FGSpringboardFGEnterprises,FGAstia,FGGalXcFG Women'sFGAcceleratorFG-FGUTFGDallas
-HavingFGmoreFGfemaleFGventureFGcapitalistsFGinFGtheFGnetwork
WhyFGisFGevangelizingFGyourFGvisionFGimportant?FGWhatFGareFGsomeFGwaysF GyouFGcouldFGevangelizeFGyourFGvision?FG(p.190-199)FG-FGcorrectFGanswer✔
✔ - Evangelizing:FGwhenFGcustomersFGfeelFGsoFGstronglyFGaboutFGaFGparticularFG productFGorFGserviceFGthatFGaFGcompanyFGfreelyFGtriesFGtoFGconvinceFGothersF GtoFGbuyFGandFGuseFGit,FGandFGthenFGcustomersFGbecomeFGvoluntaryFGadvocat es,FGactivelyFGspreadingFGtheFGwordFGonFGbehalfFGofFGtheFGcompany.
ThisFGisFGimportantFGbecauseFGitFGhelpsFGcompaniesFGgetFGmoreFGbusinessFGa ndFGmayFGcreateFGmoreFGbuzzFGthroughFGviralFGmarketingFG(wordFGofFGmout h)
WaysFGtoFGevangelize:FGschmoozing,FGaskingFGquestionsFG(shutFGupFGandFGli sten,FGdon'tFGdominateFGtheFGconversation),FGgetFGoutFGofFGyourFGcomfortFGz oneFGandFGspeakFGwithFGasFGmanyFGpeopleFGasFGyouFGcan,FGunveilFGyourFGpas sion,FGfollowFGup,FGmakeFGitFGeasyFGtoFGgetFGinFGtouch,FGandFGdoFGfavors.
WhatFGisFGaFG"designFGthinkingFGperspective"FGandFGwhyFGisFGitFGusefulFGinFG
developingFGideasFGintoFGopportunities?FG-FGcorrectFGanswer✔ ✔ - It'sFGaFG 3 FGstageFGprocessFGofFGdivergentFGandFGconvergentFGthinkingFGthatFGc anFGbeFGdoneFGmanyFGtimesFGoverFGandFGinFGmanyFGdifferentFGorders,FGandFGc onsistsFGofFGinspiration,FGideationFGandFGimplementation.
FindingFGtheFGproblem,FGpossibleFGsolutionsFGtoFGtheFGproblem,FGandFGhowFG canFGitFGbeFGmadeFGbetter.
WhatFGisFGtheFGfirstFGstageFGofFGtheFGdesignFGthinkingFGprocessFGabout?FGWh
yFGisFGitFGtheFGmostFGimportantFGstage?FG-FGcorrectFGanswer✔ ✔ - Inspiration,FGorFGempathizingFGandFGdefiningFGtheFGproblemFGisFGtheFGmostFG importantFGstageFGinFGtheFGdesignFGthinkingFGprocess
AccomplishingFGthisFGgoalFGmeansFGthatFGyouFGframeFGtheFGproblemFGbyFGas kingFGallFGtheFGrightFGquestions.
TheFGdefinitionFGofFGtheFGproblemFGshouldFGbeFGtheFGfocusFGofFGallFGyourFGpr oblemFGsolvingFGefforts.FGTheFGqualityFGofFGyourFGsolutionsFGwillFGbeFGinFGdi rectFGproportionFGtoFGtheFGqualityFGofFGunderstandingFGtheFGproblem.
WhatFGisFGtheFGmostFGimportantFGgoalFGofFGthisFGstage?FG-FGcorrectFGanswer
✔ ✔ ToFGgoFGfromFGobservationFGtoFGinsight
HowFGdoFGyouFGaccomplishFGthisFGgoal?FGGiveFGanFGexampleFGofFGhowFGtheF GIDEO
teamFGaccomplishedFGthisFGgoal.FGHowFGareFGyouFGaccomplishingFGtheFGgoa lFGforFGyourFGteam'sFGidea?FG-FGcorrectFGanswer✔ ✔ -
WhatFGareFGyouFGbrainstormingFGon?FGWhatFGinformationFGdoesFGtheFGbrain stormFGdrawFGfrom?FG-FGcorrectFGanswer✔ ✔
BrainstormingFGisFGbasedFGonFGinsightsFGfromFGtheFGinspirationFGstage.
WhyFGisFGdivergentFGthinkingFGtheFGmostFGimportantFGwayFGtoFGthinkFGdurin gFGthis
secondFGphase?FGWhatFGareFGsomeFGwaysFGtoFGhelpFGyouFGandFGyourFGteamFG think
divergentlyFGandFGbrainstorm?FG-FGcorrectFGanswer✔ ✔ ItFGisFGmostFGimportantFGtoFGthinkFGdivergentlyFGinFGthisFGphaseFGbecauseFG itFGexpandsFGtheFGviewFGofFGtheFGworldFGtoFGgenerateFGasFGmanyFGideasFGasFG possibleFGwithoutFGbeingFGtrappedFGbyFGtraditionalFGproblem- solvingFGmethodsFGorFGpredeterminedFGconstraints.
WhatFGisFGconvergentFGthinkingFGandFGwhatFGareFGexamplesFGofFGit?FG-
FGcorrectFGanswer✔ ✔ ConvergentFGthinking:FG
AFGwayFGtoFGnarrowFGdownFGtheFGnumberFGofFGideasFGgeneratedFGthroughFGd ivergentFGthinkingFGinFGanFGeffortFGtoFGidentifyFGwhichFGonesFGhaveFGtheFGm ostFGopportunityFG(desirable,FGfeasible,FGviable).
WhyFGisFGconvergentFGthinkingFGimportant?FG-FGcorrectFGanswer✔ ✔
ImportantFGbecauseFGitFGnarrowsFGdownFGtheFGoptionsFGtoFGfindFGtheFGmost FGdesirable,FGfeasibleFGandFGviableFGsolution,FGconventionalFGtoFGtheFGproble mFGdefinedFGwithinFGtheFGinspirationFGstage.
TrueFGorFGfalse:FGDivergentFGandFGconvergentFGthinkingFGinFGtheFGdesignFGth inkingFGprocessFGhappensFGlinearly.FG-FGcorrectFGanswer✔ ✔
False,FGitFGcouldFGstartFGthatFGway,FGbutFGitFGmayFGnotFGendFGthatFGway.
ExplainFGwhatFGisFGanFGMVPFGandFGwhatFGareFGtheFGtwoFGextraFG'V'sFGKawas akiFGwouldFGaddFGtoFGit?FGWhatFGisFGtheFGpurposeFGofFGyourFGMVP?FG(p.FG36)
FG-FGcorrectFGanswer✔ ✔ MVP:FGMinimalFGViableFG(workingFGsuccessfully)FGProduct:FG
ThisFGisFGtheFGbeginningFGofFGtheFGproduct,FGandFGeachFGnewFGversionFGallo wsFGtheFGteamFGtoFGcollectFGtheFGmaximumFGamountFGofFGvalidatedFGlearnin gFGaboutFGtheFGcustomersFGwhileFGutilizingFGtheFGleastFGamountFGofFGeffort.
TwoFGextraFGV's:
-ValuableFG(asFGinFGmeaningful)
-ValidatingFG(toFGtheFGvisionFGofFGyourFGstartup)
WhatFGareFGtheFGfourFGareasFGofFGresearchFGinFGaFGfeasibilityFGanalysis?FG- FGcorrectFGanswer✔ ✔ -
Product/serviceFG(whatFGwouldFGaFGpotentialFGcustomerFGreallyFGvalue,FGdes ire,FGwant,FGneed,FGlove?FGHence,FG"whatFGisFGyourFGwhy...)
-Industry/TargetFGMarket
-Organizational
TheFGdataFGisFGneededFGtoFGproveFGanyFGhypothesisFGorFGassumptionFGyouFG mayFGhaveFGhadFGaboutFGtheFGstartup,FGwhichFGwillFGbeFGmoreFGcredibleFGifFG backedFGbyFGresearch.FGIfFGtheFGperformedFGresearchFGdoesFGnotFGproveFGtheF GassumptionFGorFGhypothesisFGtoFGbeFGcorrect,FGitFGmayFGchangeFGtheFGvalueF Gproposition.
WhyFGwouldFGanFGentrepreneurFGneedFGtoFG"pivot"?FG-FGcorrectFGanswer✔
✔
PivotingFGisFGmakingFGfundamentalFGchangesFGtoFGtheFGbusinessFGafterFGd eterminingFGthroughFGresearchFGthatFGtheirFGproductFGisFGnotFGmeetingFGtheFG demandsFGofFGtheirFGintendedFGmarket.
TrueFGorFGfalse:FGYourFGbusinessFGmodelFGcanFGbeFGconsideredFGaFGhigh-
levelFGoutlineFGofFGyourFGbusinessFGplanFG-FGcorrectFGanswer✔ ✔ True:FGyourFGbusinessFGmodelFGoffersFGaFGconciseFGtoolFGforFGthinkingFGthr oughFGtheFGbusinessFGandFGkeepingFGtheFGkeyFGpointsFGhighlyFGvisible.
WhatFGisFGaFGbusinessFGmodelFGcanvasFG(BMC)FGandFGwhyFGisFGitFGusefulFGfo rFGyourFGproduct/service?FG-FGcorrectFGanswer✔ ✔
AFGBMCFGisFGanFGoutlineFGofFGtheFGstartupFGcontainingFG 9 FGcomponentsFGi nFGtheFGorderFGof:
1.FGCVP
2.FGTargetFGMarketFG(CustomerFGSegments)
3.FGChannelsFG(Sales)
4.FGCustomerFGRelationships
5.FGRevenueFGstreams
6.FGKeyFGActivities
7.FGKeyFGResources
8.FGKeyFGPartners
9.FGCostFGStructure
ItFGisFGusefulFGbecauseFGitFGoutlinesFGaFGforecastFGofFGhowFGentrepreneursFGpl anFGtoFGsucceedFGinFGtheirFGstartups.
HowFGmanyFGcomponentsFGinFGtheFGBMC,FGandFGwhatFGisFGtheFGrecommend edFGorderFGofFGdiscussion?FGWhatFGtwoFGcomponentsFGareFGbestFGtoFGdiscuss FGfirstFGandFGwhy?FG-FGcorrectFGanswer✔ ✔
9 FGcomponentsFGinFGtheFGorderFGof:
1.FGCVP
2.FGTargetFGMarketFG(CustomerFGSegments)
3.FGChannelsFG(Sales)
4.FGCustomerFGRelationships
5.FGRevenueFGstreams
