Virtual Session Review

Question 1

What are the two success factors of entrepreneurs

Answer 1

relentlessness to enact change
ability to take action

Question 2

7 ways to identify opportunities

Answer 2

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

Question 3

the unexpected

Answer 3

unexpected success
unexpected failure
unexpected outside event

Question 4

incongruities

Answer 4

something that does not make sense

Question 5

changes in industry growth market structure

Answer 5

growth
maturing
convergence
model

Question 6

process needs

Answer 6

bettering already implemented processes with new tech

Question 7

demographics

Answer 7

baby boomer spike in age demographics and trends that follow

Question 8

changes in perception

Answer 8

look outside of your usual perspective

Question 9

new knowledge

Answer 9

very high risk way to start a business

Question 10

Transition curve steps

Answer 10

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

Question 11

top 8 startup trends

Answer 11

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

Question 12

top travel industry trends

Answer 12

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

Question 13

how teams treat each other is important

Answer 13

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

Question 14

psychological safety

Answer 14

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

Question 15

Stages of teams

Answer 15

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

Question 16

empathy interviews: selection of interviee

Answer 16

cast a wide net
look at the extremes

Question 17

questions to ask before selecting subjects

Answer 17

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?

Question 18

How to conduct a interview

Answer 18

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

Question 19

principles of design thinking

Answer 19

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

Question 20

design thinking process

Answer 20

empathize
design
ideate
prototype
test
implement

Question 21

empathy maps

Answer 21

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?

Question 22

point of view

Answer 22

define your user
identify needs
express key insights

Question 23

design statement

Answer 23

_____ is a challenge for ___ because ____

Question 24

how might we questions

Answer 24

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

Question 25

factors that stifle creativity

Answer 25

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

Question 26

convergent thinking

Answer 26

judge ideas

Question 27

divergent thinking

Answer 27

create ideas

Question 28

brainstorming steps

Answer 28

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

Question 29

prototype

Answer 29

anything a user can interact with

Question 30

why prototype

Answer 30

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

Question 31

how to prototype

Answer 31

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

Question 32

types of prototype

Answer 32

model role-play story mock up diagram advertisement

Question 33

common pitfalls

Answer 33

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

Question 34

best ways to gather feedback

Answer 34

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

Question 35

giving and receiving feedback

Answer 35

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

Question 36

minimum viable product

Answer 36

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

Question 37

pivot

Answer 37

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

Question 38

strategy

Answer 38

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

Question 39

five competitive forces

Answer 39

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

Question 40

swot

Answer 40

strengths, weaknesses, opportunities, and threats

Question 41

developing a strategic position

Answer 41

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

Question 42

lean canvas

Answer 42

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

Question 43

business model canvas

Answer 43

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

Question 44

why use the business model canvas

Answer 44

value orientation focused fast clear flexible failure is preventable common language

Question 45

why use lean canvas

Answer 45

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

Question 46

most important question for a startup

Answer 46

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

Question 47

back of envelope analysis

Answer 47

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

Question 48

how to deliver a pitch

Answer 48

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 8. explain your revenue model 9. be wildly enthusiastic 10. dress to kill 11. practice your pitch 12. anticipate questions and answer them ahead of time 13. show them the exit

Question 49

get your audiences attention

Answer 49

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