Entrepreneurial Mind (Chap 5-8)

Entrpreneurial Mind Finals Reviewer

What is Design Thinking?

A human-centered approach to innovation that integrates the needs of people, the possibilities of technology, and the requirements for business success.

What are the five stages of Design Thinking?

Empathize, Define, Ideate, Prototype, Test.

What does MVP stand for?

Minimum Viable Product.

What is the purpose of a Minimum Viable Product (MVP)?

To collect maximum validated learning about customers with the least effort.

What is the core of Lean Startup methodology?

The Build-Measure-Learn feedback loop.

What are two key principles of MVP?

Focus on Core Value and Speed over Perfection.

What is the main goal of user research in Design Thinking?

To understand user behavior and pain points.

What is the Business Model Canvas?

A strategic management template used to describe, design, challenge, and invent business models.

List three building blocks of a Business Model Canvas.

Value Propositions, Customer Segments, Revenue Streams.

What is the Data Privacy Act of 2012 (RA 10173) about?

It mandates the protection of personal data and establishes consent requirements for data handling.

Define 'Ethical Issues' in digital startups.

Situations or problems arising in business operations and product development, such as data collection and algorithmic bias.

What does SDG stand for?

Sustainable Development Goals.

How does storytelling help in pitching startup ideas?

It persuades and captivates the audience by connecting them emotionally to the narrative.

What are the key elements of effective pitching?

Clear problem definition, innovative solution, market opportunity, business model, team expertise, final projections.

Name two legal considerations mentioned in technopreneurship.

Compliance with the Data Privacy Act and Cybercrime Prevention Act.

What is 'iteration' in the context of product development?

Continuous refining of a product based on user feedback and data.

What is one effective technique for preparing a pitch deck?

Create a concise visual story highlighting the problem, solution, market, and team.

What is the significance of A/B Testing in product development?

To compare different versions of a feature or design to determine which performs better.

Why is it important to engage customers early in the MVP process?

To avoid building products that nobody wants, by collecting feedback and validating assumptions.

What is the importance of consistent messaging when communicating startup ideas?

To create awareness and build credibility with stakeholders.

Describe the 'Feedback Integration' process in iterative development.

Systematically incorporating insights from testing into the next iteration of the product.

Human-centered

focuses on understanding the end-user’s needs and challenges

Iterative

involves continuous cycles of prototyping, testing, and refining

Collaborative

encourages diverse teams to work together

Solution-based

aims to solve complex problems in a practical and creative way

Empathize

understand the user’s needs, experiences, and motivations through research and observation

Define

synthesize research to clearly articulate the core problem(s) to be solved from the user’s perspectives

Prototype

build tangible representations of selected ideas to test and refine them quickly and cheaply

Ideate

brainstorm a wide range of creative solutions to the defined problem, encouraging divergent thinking

Test

gather feedback on prototypes from users to identify what works and what needs improvement, leading to further iteration

Build

develop a Minimum Viable Product (MVP) or a small experiment to test a specific hypothesis

Measure

collect quantitative and qualitative data on how users interact with the MVP or experiment

Learn

analyze the data to gain insights, validate or invalidate hypotheses, and decide whether to persevere, pivot, or perish

Rapid Prototyping

quickly build low-fidelity to high-fidelity prototypes to test specific features or flows

A/B Testing

compare different version of a feature or design element to see which performs better

Feedback Integration

systemically incorporate insights from testing into the next iteration of the product

Business Model

it includes key structural and operational characteristics of a firm - how it earns revenue and makes a profit

Business Model Canvas

a strategic management template used to describe, design, challenge, and invent business models

Value Propositions

bundle of services and products that create value for a specific customer segment

Customer Segments

different groups of people or organizations an enterprise aims to reach and serve

Customer Relationships

types of relationships a company establishes with specific customer segments

Channels

how a company communicates with and reaches its customer segments to deliver a value proposition

Revenue Streams

cash a company generates from each customer segment

Key Activities

most important things a company must do to make its business model work

Key Resources

most important assets required to make a business model work

Key Partners

network of suppliers and partners that make the business model work

Cost Structure

all costs incurred to operate a business model

SDG 4

Quality Education

SDG 8

Decent Work and Economic Growth

SDG 9

Industry, Innovation, and Infrastructure

SDG 10

Reduced Inequalities

ISDA Values

Integrity, Social Justice, Discipline, Academic Excellence

Pitching

presenting a start-up idea to potential investors, partner, or customer

Communicating Start-Up Ideas

sharing the start-up’s vision, mission, and value proposition with various audiences

Preparing a Pitch Deck

concise visual story of your busines, a clear narrative that can be easy to understand

Elements of a Pitch Deck

Problem > Solution > Product/Services > Market > Business Model > Traction/Milestone > Team > The Ask > Information

Storytelling

the most effective way to persuade and captive your audience

Visual Design

powerful tool for reinforcing your story and making your pitch more impactful