Entrepreneurship Lecture Notes

Flashcards to help review entrepreneurship, idea generation, business models, startup stages, and funding.

What is entrepreneurship?

The ability and readiness to develop, organize, and run a business enterprise, along with any of its uncertainties in order to make a profit.

What are the four types of entrepreneurship?

Small Business, Scalable Startup, Large Company, and Social Entrepreneurship.

What is Idea Generation?

The process of ideating, developing, and communicating creative thoughts and concepts, which can prove to be the basis of your new venture or innovation.

Name some techniques for idea generation.

Brainstorming, Reverse Thinking, The 5 W’s, and SCAMPER.

What does SCAMPER stand for in idea generation?

Substitute, Combine, Adapt, Modify, Put to another use, Eliminate, and Reverse.

What is Idea Validation?

The process of re-evaluating your idea by gathering some facts, information, and data around your idea through a number of experiments.

What are the steps to validate your idea?

Define goals, Develop a hypothesis, Define minimum success criteria, Experiment, Validate assumptions, Proceed or pivot.

What is the Business Model Canvas?

A business tool used to visualize all the building blocks of starting a business, including customers, a route to market, value proposition, and finance.

What are the nine segments of the Business Model Canvas?

Key partners, Value propositions, Key activities, Key resources, Customer relationships, Channels, Customer Segments, Cost structure, and Revenue Streams.

What are the six stages of a startup?

Concept and Research, Commitment, Traction, Refinement, Scaling, Becoming Established.

What are the stages of funding for a startup?

Pre-Seed, Seed, Series A, Series B, Series C, Series D, Series E.

Besides Equity Funding, name other types of startup funding.

Venture Capital, Crowdfunding, Small Business Loans, Small Business Grants, Private Investors, and Angel Investors.

True or False: Idea Validation increases risk, delays value delivery, and maximizes costs.

False.

True or False: If the product or service is not something new but is aimed at solving the complexity and disorientation in the existing situation then it will not be received well.

False.

True or False: Growth Hacking is a subfield of marketing focused on rapid growth of a company. It is referred to as both a process and a set of cross-disciplinary (digital) skills.

True

What's the formula to compute cash runway

Current Cash / Monthly Burn Rate = Cash Runway

What is NITI Aayog?

NITI Aayog serves as the apex public policy think tank of the Government of India, and the nodal agency tasked with catalyzing economic development, and fostering cooperative federalism through the involvement of State Governments of India in the economic policy-making process using a bottom-up approach