Concepts of Entrepreneurship

What is a start-up?

a temporary organization that searches for a repeatable and scalable business model

Lean Startup Methodology

A business philosphy designed to speed up the development of a business/product and quickly determine if it’s viable and achievable

Business Model Canvas

Instead of fully developing a business/product, it uses MVP

MVP

Minimum Viable product = a version of a new business that allows for the maximum amount of feedback generated by the least amount of effort

Customer Discovery

Where feedback is acquired through this discovery or interview with target market

Business Model Canvas

A strategic business template designed to enable an individual to understand a startup in a straightforward and structured way

Focus of BMC

Value proposition and how it could/will be delivered

What is Design Thinking

A process for creative probelm solving - thinking about people, focus on the people they’re creating the product for and leads to better products and internal processes

Design Thinking Process

Deliver, Emphathetic, Define, Explore, Prototype, Test

Entrepreneur is

someone who creates a new business, bearing most of the ricks and enjoying most of the rewards

Updated Definition of Entrepreneurs

problem seekers who often seek to improve society through their endeavors, take calculated risks, and strive to continuously improve and address changing market needs

Entrepreneurship is also

The capacity and willingness to develop, organize and manage a business venture along with any risks to make profit and a mindset to let you see opportunities

Entrepreneurship is NOT

get rick quick, getting famous, easy

An inventor is

the originator of a new product or process

Invention is

the capacity and willingness to develop a product or process that has not been created

Inventors

build something amazing

Entrepreneurs

Build something amazing that people buy

Common characteristic of Entrepreneurs

Vision, Determination, Optimistic, Empathy, Flexibility, Resourceful, Courage, Passionate, Patience, Creativity

Entrepreneurial skills can be

learned, a work-in progress, lifelong learned

An Entrepreneur act with

passion, independence, opportunities, risk, resourceful, value

Growth mindset

Comfortable with change, learning and growing, embrace failures, take responsibility, see challenges as opportunities

Fixed mindset

talent/abilities are pre-determined, fear of failure, avoid making mistakes, blame failures on others, frustrated

BMC is a 

living, breathing doc that constantly changes, useful to share vision and value to stakeholders, may be the foundation, one-page summary, nimble and easy to update

Business plan

Formal narrative of business model, required by investors, a lot of details, slower to update