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114 Cards in this Set
- Front
- Back
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General Knowledge
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General Knowledge
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What are the 3 categories of small business startups?
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Entrepreneurs, Small Business Owners, and the self-employed
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An example of Small business owners in terms of the small business startup is?
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Franchisees and small mom & pop operations
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An example of an Entrepreneur in terms of the small business startup is?
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Creators of new possibilities and identifiers of potential opportunities
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An example of the self-employed in terms of the small business startup is?
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Painters, Electricians, and hair salons
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How does knowledge growth compare to human evolution?
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Knowledge growth grows much faster as new technologies are developed
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The falling cost of tech entrepreneurs launching products is a result of?
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Open source, and Cloud + AWS
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The falling cost from 1995 to 2010 represents a __ reduction
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99%
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Adversity Quotient (AQ) is?
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the science of human resilience
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Resilience is the ability to?
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adapt well to stress adversity, trauma, or tragedy
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Internal locus of control is?
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you make things happen
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External locus of control is?
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things happen to you
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In terms of customer development, customer discovery includes?
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Problem-solution fit, proposed MVP, Proposed funnel
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In terms of customer development, customer creation includes?
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scale execution
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In terms of customer development, customer validation includes?
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Product-market fit, business model, sales & marketing roadmap
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In terms of customer development, company building includes?
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Scale organization, scale operations
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The 10x solutions requires a company to have 4 advancing qualities compared to current market trends creatively destroying incumbents.
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Cheaper, efficient, faster, smaller
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As an example of the 10x solution rule, what is better than a phonebook?
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Facebook
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As an example of the 10x solution rule, what is better than a fax machine?
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Twitter
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MC
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MC
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What are the three characteristics of a convergence point?
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Communication, energy, and transportation
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What happens when all three characteristics of a convergence point criss cross?
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You have an opportunity to make a huge difference in terms of starting a business
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Definition of entrepreneurship is?
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An entrepreneur is the person who perceives an opportunity and creates an organization to pursue it.
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Who coined the term creative destruction?
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Economist Schumpeter
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Definition of creative destruction is?
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An entrepreneur is the person who destroys the existing economic order by introducing new products and services, by introducing new methods of production, by creating new forms of organization, or by exploiting new raw materials.
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Key forms of start up capital are?
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Debt and Equity
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In terms of start up capital debt includes?
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no transfer of ownership, potentially higher risk, requires repayment and therefore careful planning
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In terms of start up capital equity includes?
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Investors gain ownership; investor takes on most risk, and no repayment but requires careful capital planning and investment
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What is a first mover?
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A company that is first to present an idea and is often surpassed by its competition in that industry.
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Name the first mover in the social networking industry and the current leader.
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Friendster, Facebook
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Name the first mover in the email industry and the current leader.
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Juno, Yahoo Mail
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Name the first mover in the online bookselling industry and the current leader.
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Book Stacks Unlimited, Amazon
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QQ
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Quick Questions
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What Venture capitalist don’t tell you about the transition from a scalable start-up to a large company is that?
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Founders depart, Professional Mgmt, process, Beginning of scale
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In terms of the business model the difference between a startup and a large company is that?
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A large company executes a business model and a start-up searches for one
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The execution of a business model for a large company involves? (4)
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Cash-flow breakeven, profitable, rapid scale, new senior mgmt.
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The search for a business model for a start-up includes (4)
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Business model found, product/market fit, repeatable sales model, managers hired
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A startup uses metrics such as? Instead of traditional accounting.
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Customer acquisition cost, virial coefficient, customer lifetime value, average selling price, monthly burn rate, etc
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A Large company uses Sales instead of…?
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Customer validation
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In terms of the execution of a business model for a large company sales represents what?
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Sales organization, scalable, price list/data sheets, revenue plan
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What are the three parts of the mind?
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Cognitive (thinking), Conative (doing), Affective (feeling)
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Cognitive > _________ Affective > _________ Conative > _______, in terms of needs
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achievements, relationships, safety/security
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While today’s startups are global from day 1 they still need to choose a ________?
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Beachhead (Ex. Facebook: Harvard > Ivy league > Any School > ETC)
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What does J.C.M. Model stand for?
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Its is a pyramid model that stands for jobs, career, mission
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What are the steps an inventor needs to accomplish in order to grow their startup to successful modern corporation?
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Become a scalable startup -> transition into -> becoming a large company.
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Who was the inventor of the modern corporation?
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Alfred P. Sloan
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Who is Alfred P. Sloan?
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An American business executive in the automotive industry. He was a long-time President, chairman and CEO of General Motors Corporation. He took GM from a small startup to one of the world’s largest corporations.
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What is the video case framework?
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Person, Opportunity, Resources, Ideas
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Define the Person of the of the framework for the video case Ugly Doll.
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Artists; students; no business sense; dreamers
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Define the Idea of the of the framework for the video case Ugly Doll.
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Stumbled upon the Uglydoll; drew a picture that was turned into a doll; create a fictional world through toys; founders bought into a vision of the “ugly universe;” tell a story;
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Define the Opportunity of the of the framework for the video case Ugly Doll.
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Toy industry; ugly universe; names for dolls; rules don’t apply; demand was due to the concept and love story; it was atypical in the toy industry
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Define the Resources of the of the framework for the video case Ugly Doll.
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Factory in Seoul; team in new jersey; located distribution channel
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Define the Person of the of the framework for the video case Dyson.
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Risk taker; visionary; lightbulb moment when he saw the cyclone and hot the idea for the vacuum; started in his shed; he got rejected by many vacuum cleaner companies; he solved the issue of the wheelbarrow into the ball barrel; military equipment designer; resilient from rejection 5,000 failures, he got fired from company
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Define the Idea of the of the framework for the video case Dyson.
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A vacuum cleaner that you could see the dirt (results); premium vacuum cleaner
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Define the Opportunity of the of the framework for the video case Dyson.
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First mover advantage; pain in the market for vacuum cleaners; original vacuum cleaner was a stepping stone for this one.
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Define the Resources of the of the framework for the video case Dyson.
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Getting money from royalties so he could work from his garage
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Perceptual Map
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Academic crowdsourcing is located where for the knowquest matrix?
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top right quadrant
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Social media is located where for the knowquest matrix?
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top left quadrant
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Academic media is located where for the knowquest matrix?
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bottom right quadrant
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Mass media is located where for the knowquest matrix?
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bottom left quadrant
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Which is part of the collaborative economy, Wikipedia or Encyclopedia Britannica?
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Wikipedia
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In the industrial (capitalism) idea, assets and wealth are controlled by?
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few
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In the collaborative economy there is an increasing role of?
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individuals
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The industrial (capitalism) idea, represents? (3)
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monoculture, centralized, defends the status quo
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The Collaborative economy idea, represents? (5)
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diversity, distributed experiments, learns, adapts, and evolves
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Example of industrial (capitalism) includes? (3)
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AT&T, Bell, and Verizon
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Example of collaborative economy include?(3)
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Skype, WhatsApp, and mesh networks
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Industrial Capitalism seeks monopoly status while the collaborative economy seeks?
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seeks to maximize participation
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Crowdsourcing takes a job that was once performed by employees and outsources it in the form of a?
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open call to a large undefined group of people generally using the Internet
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Open call and undefined both are the same idea, which is?
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that the person who you think is the best qualified isn’t always the best person to do it
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The stock photos reached equilibrium with professional photographers because of which three separate developments?
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The DSLR, photo editing software, and the Internet
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Thoughtful questions
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Thoughtful questions
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John Nasibitt echoes the power of the entrepreneur, In the saying “ the bigger the global economy, the more…?
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powerful its smallest players
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Countries with no natural resources are in fact, better positioned to create new wealth because…?
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they are forced to innovate
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In D.M porter's study on the canadian economy model 1 uses?
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efficiency as the source of competitive advantage and is mainly operated by multinationals
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The goal for D.M porter’s model 1 is…?
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Lowest cost production with sacrifices in government programs to drive down taxes.
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In D.M porter's study on the canadian economy model 2 uses?
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innovation and growth in order to meet the individualized needs of the consumer
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The goal for D.M porter’s model 2 is…?
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is to increase self reliance and create jobs through entrepreneurship and innovation
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The 1st major factor that separates successful firms from the unsuccessful in porters conclusion is?
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Successful competitors thrive on niche markets
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The 2nd major factor that separates successful firms from the unsuccessful in porters conclusion is?
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A firm must produce goods that command premium prices on world markets
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The 3rd major factor that separates successful firms from the unsuccessful in porters conclusion is?
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Relentless innovation and change equals increased productivity
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VUCA diagram
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Volatility in terms of VUCA is?
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rate of change
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Uncertainty In terms of VUCA is?
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Unclear about the present
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Complexity in terms of VUCA is?
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Multiple key decision factors
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Ambiguity in terms of VUCA is?
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Lack of clarity about meaning of an event
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ENTERPRISE involves the following activities identify a couple?
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taking action, taking risks, unlocking and liberating individual talents and capacities, developing creativity, showing determination working in a collaborative manner
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The mental model in the 20th century was represented by the?
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Scientific method and analysis, while knowledge is hoarded
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The mental model in the 20th century was represented by the?
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design thinking and innovation, while knowledge is shared
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Lean Canvas
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What is listed under problem?
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top 3 problems
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What is listed under Solution?
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top 3 features
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What is listed under Unique Value proposition?
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single, clear, compelling message that states why you are different and worth paying attention
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What is listed under unfair advantage?
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can’t be easily copied or bought
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What is listed under Customer Segments?
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target customers
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What is listed Channels?
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path to customers
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What is listed under Cost Structure?
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Customer Acquisition Costs, distribution costs, hosting, people, etc
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What is listed revenue streams?
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revenue model, lifetime value, revenue, gross margin
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What is listed under Key Metrics?
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Key activities you measure
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What is the ideal order for the lean canvas (first 4)?
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Problem, customer segments, unique value proposition, and solution
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What is the ideal order for the lean canvas (last 4)?
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Channels, revenue streams, cost structure, key metrics
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What are the 4 differences between the lean canvas and the business model canvas
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Business model
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Business model
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The subscription business model |
a customer must pay a returning subscription price to have access to the product/service Ex. Netflix
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The freemium model is?
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a model where the customer has free access to the basic service but is charged for additional features. Ex. Spotify
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The free model is?
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The free model is a business model integrated by companies that don’t charge the end users (directly). The data and the attention of the users is the currency. Ex. Google
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The marketplace model is?
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The marketplace is a business model used by a company that only facilitates a platform where parties economically interact with each other. Ex. Ebay
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The access over ownership model is?
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The access over ownership model is the business model that grants customers the use of the product without buying it. “Everything as a service.” Ex. Zipcar
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The hypermarket model is?
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The hypermarket is the business model used by digital companies that act as hyper stores, offering enormous amounts of products and or services. Ex. Amazon
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The experience model is?
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The experience model is a business model used by a company that provides the customers with an unseen (user) experience. Ex. Disney World
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The pyramid?
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The pyramid has nothing to do with Ponzi schemes. It’s the collective term for all companies that are generating major parts of their revenue by affiliates & resellers. The company sits on top of the pyramid and lets the revenue stream upwards with the least possible effort. Ex. Amazon
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The on demand tool?
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The on demand model generates revenue by the exponential need of people to have things done right away. Speed and convenience matter the most. Ex. Uber
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The ecosystem is ?
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The ecosystem is one of the most powerful, disrupting business model. Companies build an entire universe of products and services in which customers gets lost without them knowing it. Ex. Apple
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