Design Thinking and Bus Model Flashcards by Carson Parks

What are the 7 steps in the design thinking on the understand mixtape

1)Empathize with consumer 2)Assume a beginners Mindset 3) Learn from Extreme Users 4)What are customers doing, how are they doing it,why are they doing it this way, 5)Interview for Empathy 6)Story share and capture 7)make User Empathy Map

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what is the purpose of th user empathy map?

helps turn observations into insights

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What are insights?

a realization you could leveragee to better respond to a design challenge

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what is ideating

the process of finding radical alternatives

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What are 3 main takeaways from the Experiement Mixtape

1)use prototypes to learn cheaply 2) let the user interact with the prototype 3) capture the users interction using the feedback grid of Positives, criticism, questions, new ideas

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What is a business model

it describes the rationale of how an organization creates, delivers, and captures value as described nine steps to making $

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What are the 9 building blocks of the Business Model

1)Customer Segments 2) Value Propositions 3) Channels 4) Customer Relationships 5) REvenue Streams 6)Key Resources 7) Key activites 8) Key Partnerships 9) Cost Structure

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describe custoemr segments

the group the business serves ex: mass market, niche market, segmented

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what are value propositions

what need of the customers is this solving ex: performance, design, brand, price, risk reduction

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what are channels

the interface with consumers including communication distribution, sales ex: awareness, evaluation, purchase, delivery, service

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what are customer realtionships

these can be motivated by upselling, retention, aquision of customers ex: personal assistance, self-help, automated service

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what are revenue streams

the cash generated from each segment ex: fixed dynamic pricing, asset sale, subscription

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what are key resources

the most improtant things neecded to make a businsess run ex:production, platform, network

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what are key partnerships

used to reduce risk and aquire resouces types: strategic alliance, coopetition, joint ventures

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what is the cost structure

all costs incurred

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give the 4 steps of the heirarchy of engagement

growing engaged users->retaining users->self-perpetuating virtuotus loops->SLBT Business(?)

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what is the ultimate metric?

cohort performance- number/% of weekly users completing the core action

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what are the perks/ drawbacks of a sole proprietorship?

filed at county office, not a seperate entity, no swhareholders, not VC friendly, PAss thru taxes

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details on a Partnership

Filed at TX sec of state, not a seperate entity, no shareholders, not VC friendly, pass thru taxes

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Details on an LLC

filed at TX Sec of sTate, seperate entity, owners instead of shareholders, Vc neutral b/c can convert to CCorp, passed through taxes

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S-Corp details

filed at TX Sec of State, seperate entity, 100 shareholder max, VC friendly b/c convertable to C-Corp, Pass through Taxes

C-Corp details

filed at Tx Sec of State, unltd shareholders, seperate entity, VC friendly, double taxation corporate and individual

What is an EIN

an employer ID # which is like a SSN for a business

What is a general definition of a company

an entity that can engage in contracts

creditors issue___ and shareholders get ____

debt; equity

what are angles?

accredited investors with >1 M in liquid assets that can invest independent of a group

___ manages company and reports to ___

executive team; board of directors

what are some ways you can get $ for a business

debt financing, equity financing, family, friends, fools, crowdfunding (no equity), Angel capital, VCs, Revenue

What is SBIR

Small business Innovation REsearch which is a federal govt grant that can help some small businesses conduct R&D

what is the best way to grow?

revenue/organic growth

What are the two parts to starting A VC fund?

need limited partners which just give the $, need general partners that make the investment decisions, specialize in a certain tye of startup, release $ to companies based n milestones

what does it mean to say that 1000 shares vest in 5 years

200 shares granted after each year. increase stock options to use the Goldman handcuffs to tie ppl to company. Employee doesnt get the remaining shares if they leave before the options vest

What are some good things to have in a founders agreement

Agree to contribute IP to company, Specify Rights on Death, Right of First refusal at sell out time, Tag along (if one sells out the ohter can follow), drag along(if one person leave the other must follow)

What are the 4 key points of the lean startup

1) get out of the building and talk to consumers 2) create an MVP 3) concierge service(get customers to walk you through waht they want) 4) test the riskiest assumptions with field experiments

Takeaways from the AHppiness ADvantage video

normal is average and we delete teh outliers, we should be studing the outliers to see what we can learn from them, your longterm happienss is dependent of your internal view and your success depends on your happiness

rewaatch the startup videos at 2x to review most of whats in this deck

true

What is hockey stick growth

the flatish growth t the beginning and then the greta growth toward the end

What are the 5 phases in the Distribution Channel

awareness, evaluation, purchase, delivery, after sales

What are the 5 types of Dist channels, which are direct/indirect, which are partnered and which are owned

salesforce.websales(direct-Own), ownstores are indirect adn own, partner stores and wholesaler are indirect and partner

What are the 4 groups of ppl you have to keep happy to succeed

employees, customers, stakeholders, shareholders

What is SWOT analysis

a way to decide what industry to be in (along with 5 force model, competitive strategy model) Strengths, weaknesses, Opportunities and Threats. S&W are internal while OT are external

which is better Features or benefits to customers?

benefits to consumers

what are some keys to a good product strategy

have a full featre set then cripple it so that you can sell to many different customer segments

what is a good marketing strategy

STDP segmenting Targeting Differentiate and position

what are 3 good keys for motivating ppl

intrensic motivation, autonomy, gie them a greater purpose

define creativity

the production of novel and useful ideas in ny domain

define innovation

the successful implementation of creative ideas within an organozation

what is entrepreneurship in terms of creativity

it is a particular form of innovation to produce a new business

What are the 3 components of creativity

1) expertise 2) creative thinking 3) intrensic Motivation

what is the scarcity principle

limiting access to the product as to sell more of it and keep demand (think MJ and Pepsi)

What is PCI

the regulation for storing financial data PAyment CArd industry

What is RFP

request for proposal used to solicit bids from outside contractors