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econ 125 > Virtual Session Review > Flashcards

Virtual Session Review Flashcards

1
Q

What are the two success factors of entrepreneurs

A

relentlessness to enact change
ability to take action

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2
Q

7 ways to identify opportunities

A

Inside Business:
The unexpected
incongruities
changes in industry market structure
process needs
Outside Business:
demographics
changes in perceptions
new knowledge

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3
Q

the unexpected

A

unexpected success
unexpected failure
unexpected outside event

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4
Q

incongruities

A

something that does not make sense

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5
Q

changes in industry growth market structure

A

growth
maturing
convergence
model

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6
Q

process needs

A

bettering already implemented processes with new tech

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7
Q

demographics

A

baby boomer spike in age demographics and trends that follow

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8
Q

changes in perception

A

look outside of your usual perspective

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9
Q

new knowledge

A

very high risk way to start a business

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10
Q

Transition curve steps

A
  1. uninformed optimism
  2. informed pessimism
  3. crisis of meaning
  4. crash and burn
  5. informed optimism/hopeful realization
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11
Q

top 8 startup trends

A
  1. 3d printing
    2.agriculture
    3.AI
    4.climate tech
    5.cybersecurity
    6.digital health
    7.direct to customers
    8.electric vehicle
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12
Q

top travel industry trends

A

1.travellers go it alone
2.travellers crave local experiences
3.travel tech adoption accelerates
4.consumers blend business and leisure travel
5. the travel industry gets serious about sustainability
6. electric air travel goes mainstream

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13
Q

how teams treat each other is important

A

equal opportunity to speak is important in groups
high average social sensitivity

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14
Q

psychological safety

A

respect fosters psychological safety
situational humility
curiosity
human challenge: it is hard to learn if you already know. Go into groups with a growth/learning mindset

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15
Q

Stages of teams

A

1.forming
2. norming
3.storming
4.performing

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16
Q

empathy interviews: selection of interviee

A

cast a wide net
look at the extremes

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17
Q

questions to ask before selecting subjects

A
  1. how many people do I need?
  2. who do I recruit?
  3. How do I know who the target customer is?
  4. How do I recruit the people to interview?
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18
Q

How to conduct a interview

A

immerse: experience what users experience
observe: view users and their behaviors in the context of their lives
engage: interact with and interview users through schedules and “intercept” encounters

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19
Q

principles of design thinking

A

focused on human values
showing not telling
bias towards action
learning mindset

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20
Q

design thinking process

A

empathize
design
ideate
prototype
test
implement

21
Q

empathy maps

A

user-who are you designing for
see- what does the environment look like around you
think & feel- what emotions do you sense
hear- what are they hearing from people
say & do- what are they actually saying and doing
pain- what are they running from?
gain- what do they want to get?

22
Q

point of view

A

define your user
identify needs
express key insights

23
Q

design statement

A

_____ is a challenge for ___ because ____

24
Q

how might we questions

A

important to fully understanding how to best make a prototype
remain open to any answer
don’t go into this process with preconceived solutions

25
Q

factors that stifle creativity

A

judgement invokes perceptual filters that screen out too much
convergent vs divergent thinking
our brain is filled with so many other tasks that it does not have room for creativity

26
Q

convergent thinking

A

judge ideas

27
Q

divergent thinking

A

create ideas

28
Q

brainstorming steps

A
  1. set a time limit
  2. begin with a target problem
  3. refrain from judgement/criticism
  4. encourage weird and wacky ideas
  5. aim of quantity
  6. build on others ideas
  7. stay visual
  8. allow one convo at a time
29
Q

prototype

A

anything a user can interact with

30
Q

why prototype

A

to ideate and problem solve
to communicate
to start a conversation
to fail quickly and cheaply
to test possibilities

31
Q

how to prototype

A

start building
don’t spend too long on one prototype
ID what you are testing
build with the user in mind

32
Q

types of prototype

A

model
role-play
story
mock up
diagram
advertisement

33
Q

common pitfalls

A

1.diving into the first good idea
2.falling in love with your prototype
3. wasting time explaining a purpose
4. prototyping w/o a purpose
5.the failure roadblock: feeling discouraged by failed prototypes
6.seeing prototypes as a waste of time

34
Q

best ways to gather feedback

A

1.thinking of how to solicit feedback
2. test on the right people
3.ask the right questions
4. be neutral when you present your idea
5. adapt while you test
6. let participants contribute ideas

35
Q

giving and receiving feedback

A

positive mindset
include self-disclosure
explain how behavior impacts teams
praise and give negative feedback
be genuine
be useful
check biases
be specific
take a breath
be an active listener
ask q’s for clarity
show appreciation

36
Q

minimum viable product

A

about learning and validating with the least amount of effort and resources
validated learning

37
Q

pivot

A

a shift in business strategy to test a new approach after receiving feedback

38
Q

strategy

A

pause to plan and think about how to be different and have sustainable competitive advantage
what to do and what not to do

39
Q

five competitive forces

A
  1. threat to new entry
  2. bargaining power of buyers
  3. bargaining power of suppliers
  4. threat of substantive products or services
  5. rivalry among existing competitors
40
Q

swot

A

strengths, weaknesses, opportunities, and threats

41
Q

developing a strategic position

A

1.use competitive strengths
2. address strategic weaknesses
3. identify strategic initiatives
4. monitor initiatives over time

42
Q

lean canvas

A

1.customer segments
2.problem
3.revenue streams
4.solution
5.unique value proposition
6.channels
7.key tracking metrics
8.cost structure
9.unfair advantage

43
Q

business model canvas

A

1.key partners
2.key activities
3.key resources
4.value proposition
5.customer relationships
6.channels
7.customer segments
8.cost structure
9.reveune streams

44
Q

why use the business model canvas

A

value orientation
focused
fast clear flexible
failure is preventable
common language

45
Q

why use lean canvas

A

stay lean
fast time-to-market
understand your customer
focus on viable metrics
tailored to startups

46
Q

most important question for a startup

A

what makes you believe that your business could eventually make money?

47
Q

back of envelope analysis

A

revenue:
what will you charge
how many customers will pay
how many times will they pay
costs:
what will it cost to acquire a customer
what will it cost to deliver the product

48
Q

how to deliver a pitch

A
  1. take only 10 minutes
  2. turn your pitch into a story
  3. be laser focused
  4. explain exactly what your product is
  5. explain exactly what is unique about your product
  6. explain exactly how you intend to acquire these customers
    7.explain exactly who your target audience is
  7. explain your revenue model
  8. be wildly enthusiastic
  9. dress to kill
  10. practice your pitch
  11. anticipate questions and answer them ahead of time
  12. show them the exit
49
Q

get your audiences attention

A

1.put yourself in the audiences shoes
2.come up with unique hooks
3.consider attention spans
4.storytelling is important
5.consider your whole deck

econ 125 (4 decks)

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