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Entr Study Cards
Terms in this set (30)
An improvement of an existing technological product, system, or method of doing something.
A new product, system, or process that has never existed before, created by study and experimentation.
A temporary organization in search of a salable, repeatable, profitable business model.
I am an Entrepreneur, I possess an Undefeated mindset around creating a vision, and having the passion to express an innovative idea. I have the confidence to take risk, try something new, and change the world while finding a scalable, repeatable, profitable business model.
A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation.
Innovative Nonprofits that aim to change the world. The entrepreneurial ventures seek solutions rather than profits and can occur on every continent in areas as diverse as water, agriculture, health and microfinance.
What is the entrepreneurial process?
2. Opportunity evaluation (money, time, assets)
3. Planning (strategy, operating plan)
4. Formation launch (LLC, C Corporation)
Value proposition (VP)
-What is it?
-Who is going to buy it?
-Factual statements of why your product is better
-An innovation, service, or feature intended to make a company or product attractive to customers.
-What makes you special
Unique Selling Proposition (USP)
The distinctive benefits that make a product different than any other. The reason marketers believe consumers will buy a product even though it may seem no different from many others just like it.
-Solving a pain
-Unlike other Alternatives
-What are they getting out of it
-Hook to pull people in
Lean Start-Up Model
(pivot if needed)
Lean Start-Up (3 stages)
(Do I have a problem worth solving?)
(Have I made something people want?)
(How do I accelerate growth?)
Purpose of Market Research?
-Segmenting the market
What group of customers in my market are similar enough that the same product or service will appeal to all of them?
-Selecting a target market
Which specific group of customers have I decided to target?
-Crafting a Unique Position Strategy
What position will my firm occupy in the minds of my customers that will differentiate it from my competitors?
Total Available Market (TAM)
-How many people if everybody bought it
-Find out: Industry research, journals
Served Available Market
-How many people need/can use the product?
-How many people can buy it?
-Find out: Talk to potential customers
-Who am I going to sell to in year 1,2 & 3
-Find out: Talk to your customers
Minimum viable product (MVP)
-The most basic product you can make and sell to a customer
-Plain donut vs. a sprinkle donut
Board of Advisors
-Used to demonstrate domain expertise and credibility
-Means to develop key business strategies and entrance to the market
-Provides competitive intelligence on key aspects of your business model
-Provides initial traction in addressable market
-Serves as a conduit to potential allies, partners or customers
Board of Directors
-Controls the Venture
-Defined by the equity holders in the beginning
-Signs off on Initial Strategy and Major Strategic Changes
-Hires, Fires and Incentivizes key management
-Is a communication tool that will help you articulate a
message while inciting a call to action for a next step.
-60 seconds to get your idea heard
Structured 8-15 Minute invited pitch focused on the
business opportunity with a deck including:
Stages of company development (names)
Stages of company development (Financial funding)
-Acquisition & Exit
-Cost of goods sold
Why is a start-up not a small version of a big company?
As a start up you are focused on creating a product not selling it. You are interested in doing customer validation. All of this on the smallest budget possible.
- Customer discovery
Types of Intellectual Property
What is the customer's funnel?
What are the stages of adopter's?