AMAE Vocab Quiz

Term
1 / 42
Ideation
Click the card to flip 👆
Terms in this set (42)
Ideation
coming up with entrepreneurial concepts
exercises
experiential learning opportunities
Inherent assets
creativity, imagination, ability, voice, etc.
Viability
make more money than you spend
sustainability
the ability to keep working
scalability
refers to how large a vision can become
scaling down
shows us the Minimum Viable Product
The basis of entrepreneurship
creativity
The role of creativity
to create jobs, economic stimulation, products, services, value, opportunities, culture, etc.
Pain points
problems
empathyto feel with someone - more powerful than compassioncompassionto feel for someonescale upgrow a business from a startup to something larger. -replicate one's business model to expandDivergent thinkingno bad ideas, as many ideas as possibleconvergent thinkingnarrow your options and make decisionsIntroducing problemsproblem + solution = opportunitystakeholdersanyone who touches your business in some way, who has interest in the companycustomer discoveryinterviewing stakeholderspersona ideationdevising a concept for a specific personMission/purpose statementallows you to understand your arching entrepreneurial vision. Gives you your "why"Income statementshelp envision and understand revenues, COGS, Gross Profit, Operating expenses, taxes, and net incomeactionable goalsallow you to commit to action in a way that furthers you towards your mission, goals, and purpose.Legal structuresLLC, LLP, B-Corp, C-Corp, S-Corp, Nonprofit (501c3)Competitive Matrixvisually demonstrate competitive advantage. - requires knowledge of value propositionBrandingrefers to all activities you engage in to tell the story of your businessThree key financial documentsIncome statement, cash flow statement, balance sheetTrue costsmost accurate hypothetical costsstoryboardshelp you map out your vision before you build it via video, website, commercial etc. Usually a series of drawings that serve as a blueprint.Web Copycreating text and content for websitesPositioning yourself as an expertwork comes to youStorytellingPeople are motivated/inspired by stories. Storytelling makes you memorable in highly competitive markets.define your marketallows you to know the space you are operating in. leads to greater specificity. allows you to create for a certain persona, increasing likelihood of successTotal Addressable Market (TAM)100% of the market for type of product you sellFiscal Sponsorshipallows you to gain some nonprofit benefits while still being for-profit. Temporarily partner with a nonprofit which provides a tax deduction check to your sponsor, and you pay the nonprofit a fee.Grantsimportant revenue stream for nonprofits. capital provided by the government, which must be applied for.Event-based fundraisingHosting an event to raise capitalNonprofitsorganizations primarily based on social good. Mission driven, receive tax benefits.Contributed incomedonations to nonprofitsearned incomeincome earned from stuff you sellhighest governing body of an institutionboard of directorscrowdfunding benefits1. maintain equity while acquiring funds 2. use the platform to digitally sell, removes need for brick-and-mortar store 3. enables you to acquire funds to make or build what you are creating before you have done soExperiential learning exercises1. Superhero Powers and Kryptonite 2. What's in your bag 3. Choose a challenge 4. Brainstorming 5. classmate tells your story 6. Persona ideation interview 7. Speed dating market feedback 8. Terrible ideas 9. Pitching 10. Website