entrepreneurship

Question 1

what do many startups do

Answer 1

waterfall principle

• idea
• business case and plan
• product road maps and product developement
• launch

Question 2

linear method

Answer 2

first startup as a temporary organisation and then become an established company

Question 3

basic principles of lean startup

Answer 3

1. hypothesis
2. get out of the building to talk to consumers and their needs
3. agile developement: develope product iteratively and incrementally
4. save time and money by realizing early that something isn‘t working
5. make adjustments before building the big product

Question 4

finding a founding team for the startup

Answer 4

-interdisciplinary and different personalities

Question 5

idea generation for a startup

Answer 5

the unexpected
-look at the market where something failed or succeeded or where it behaved differently than anticipated 
process needs 
-improve existing process 
incongruities
-realize a problem that is not solved with the current offerings 
market change 
geographical change 
change in perception 
new knowledge

Question 6

market pull vs technology push

Answer 6

market pull: get pulled into market by customers unfullfilled needs
technology push: have new technology that changes the world

Question 7

business model canvas

Answer 7

9 interconnected categories 
who are the customers
what do we offer 
how do we do it 
how do we make money 

• customer segments
• value propositions
• channels
• key resources
• key activties
• key partners
• customer relationships
• cost structure
• revenue stream

Question 8

market segment

Answer 8

1. brainstorm who could benefit
2. narrow
3. determin beachhead market

Question 9

empathy map

Answer 9

tool to develope a better understanding for the behaviour, environment or concerns

• what do they see
• what do they say
• what do they hear
• what do they think and feel
• gains
• pains

Question 10

value propostion canvas

Answer 10

describe benefit customers can expect from our product and services

Question 11

business model pattern

Answer 11

add on
-basic price is competitive but the add ons increase the price over expected one
lock in
-hard for customers to use other products with yours
long tail
-variety of niche products which sell each infrequently
multi sided plattform pattern
-connect two or more interdependant groups
freemium pattern
direct selling pattern
aikido pattern
-allow company to sell something contrary to the common image and mindest of competition
-razor and blade
not expensive to buy basic product but the things you need to use it are expensive

Question 12

how to overcome the chicken and egg dilemma

Answer 12

sequential approach
-start as linear business and become a plattform
utility for one group first
marquee approach (high value users that attract others)
target one group for both
drafting off
-use imd network to attract users

Question 13

what makes good business hypothesis

Answer 13

testable
precise
discreet

Question 14

types of hypothesis

Answer 14

feasable (can we do it)
viable (should we do it)
desriable (do they want it)

Question 15

types of competition

Answer 15

direct: similar products same market
indirect: different products fullfill same needs

Question 16

high level product specification

Answer 16

paper prototyp

marketing material

Question 17

experiements to validate business idea

Answer 17

desk research
customer observation
customer interview
survey

later:
landing page
letter of intend
physical or digital prototype

Question 18

beachhead market

Answer 18

tam (total adressable market) 
-revenue with 100% market share 
sam (servible available market)
-part of tam your business can reach 
som (share of market)
-part if sam that you target

Question 19

full life cycle use case

Answer 19

-desire of customer and how the product fits into your value chain

1. how do they solve the problem no
2. elements of full life cycle use case
3. how do they solve it with our product