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Principles of Innovation Exam 2 (Pitfalls)
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These statements could give an investor doubts about how well an entrepreneur understands the business:
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A. "The market is wrong";
B. "Large company X just doesn't get it";
C. "If we get only 2 percent of the market...";
D. "We got hot responses from equity crowdfunding";
E. "I have skin in the game";
F. "The only people who have told me my idea is awesome are related to me".
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Charlotte_Gyang-Duah
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Terms in this set (9)
These statements could give an investor doubts about how well an entrepreneur understands the business:
A. "The market is wrong";
B. "Large company X just doesn't get it";
C. "If we get only 2 percent of the market...";
D. "We got hot responses from equity crowdfunding";
E. "I have skin in the game";
F. "The only people who have told me my idea is awesome are related to me".
Search Stage
-during this stage, a start-up searches for a business model that works.
-If customer feedback reveals that its business hypotheses are wrong, it either revises them or "pivots" to new hypothese
When model is proven...
-the start up starts executing, building a formal organization.
-each stage of customer development is iterative.
-a start-up will probably fail several times before finding the right approach.
Customer creation
-millions of dollars are often spent to fuel rapid customer growth in customer creation.
The Toughest Question of All: Pivot or Proceed?
There are three steps to answering the crucial "pivot or proceed" question:
1. Assemble and review all key discovery and validation findings;
2, Review the business model hypotheses and their interactions with one another
3. Focus on the "metrics that matter" in the financial model