Entrepreneurship Course Flashcards

Comprehensive practice flashcards covering course overview, customer discovery, value proposition design, ideation, and business testing.

What is the core definition and focus of the Entrepreneurship course at Hotelschool The Hague?

Entrepreneurship is about creating a new business from scratch by starting with the customer—their needs, problems, and opportunities—rather than running or improving an existing business.

What is the weekly time commitment for the 6 EC Entrepreneurship course for a team of 3 students?

A team of 3 students must invest 15 hours per week in class and 30 hours per week outside class (which corresponds to 5 hours in class and 10 hours outside class per individual).

What are the only three permitted use cases for Artificial Intelligence (AI) in the Entrepreneurship course?

AI is strictly permitted only for: 1) Using the tailor-made ChatBot Elizabot; 2) Generating visual elements (such as pictures in the storyboard); and 3) Using Lovable to create a clickable prototype.

What administrative requirement must be completed in OSIRIS regarding the final assessment?

Students must explicitly enroll for the assessment in OSIRIS; failure to enroll prevents participation in the individual oral Q&A assessment.

What are the weight percentages assigned to each component of the ENT course final grade?

The final grade consists of: 1) Team Pitch: $10\%$ (5% presentation, 5% prototype demo); 2) Team Logbook: $25\%$ (5% evidence, 5% insights, 5% cash flow, 5% go-to-market plan, 5% legal entity choice); 3) Individual Q&A: $65\%$.

According to CB Insights data cited in the course, what is the second most common reason startups fail?

"No market need" (tackling problems that are interesting rather than those that serve a market need), which accounts for $35\%$ of startup failures.

What are the three core components that comprise the Customer Profile on the Value Proposition Canvas?

1) Customer Jobs (Jobs to be Done - functional, social, or emotional tasks); 2) Pains (bad outcomes, risks, and obstacles); 3) Gains (desired outcomes and concrete benefits).

How is 'Fit' defined between a Customer Profile and a Value Map on the Value Proposition Canvas?

Fit is achieved when customers get excited about the value proposition, which occurs when the offer addresses important jobs, alleviates extreme pains, and creates essential gains that customers care about.

What are three common mistakes made when completing the Value Map side of the Value Proposition Canvas?

1) Adding products and services into the pain reliever and gain creator fields; 2) Offering pain relievers and gain creators that do not connect to the customer profile's pains and gains; 3) Unrealistically attempting to address all customer pains and gains.

What are the three steps in the competitor analysis framework introduced in Class 3?

1) Identify direct and indirect competitors; 2) Assess each competitor and your business against key customer value criteria; 3) Differentiate your business by identifying how to meet unmet needs and writing insights/learnings.

How many new customer interviews are required to validate the Value Map in Class 3?

At least 10 new customer interviews focusing on evaluating both sides of the Value Proposition Canvas.

What does the 'Eureka myth' of creativity claim, and how does research refute it?

The Eureka myth claims new ideas appear spontaneously as sudden flashes of insight; research shows these insights are actually the culminating result of prior hard work on a problem that incubates in the subconscious mind.

What are the four sequential steps in the Sketching & Choosing ideation technique?

1) Ideate (jot down rough doodles and ideas); 2) Crazy 8s (sketch 8 rapid variations of the strongest idea, spending 1 minute per variation); 3) Sketch (create a detailed sketch of the favorite variation); 4) Choose (vote using dotmocracy: 3 dots for favorite, 2 dots for second favorite).

What is the procedure and goal of the 'Battle Absurd' ideation exercise?

Teams write a 1-paragraph business idea description, pass it to other teams to make it progressively more absurd over two rounds, and then reflect on the absurd versions to extract unique, viable elements for their final idea.

What is an Idea Storyboard, and what specific rules govern its structure?

An Idea Storyboard is a visual user story showing how a customer experiences and uses a product or service from beginning to end. It must start with an opening scene (e.g., web search, magazine, store shelf), contain a minimum of 10 shots/frames, and teams may create a maximum of two storyboards.

What are the three primary types of hypotheses in the 'Testing Business Ideas' framework and what questions do they answer?

1) Desirability ("Do they want this?"); 2) Feasibility ("Can we do this?"); 3) Viability ("Should we do this?").

What three qualities characterize a well-formed business hypothesis?

1) Testable (can be shown true or false based on evidence); 2) Precise (describes the precise what, who, and when); 3) Discrete (investigates only one distinct, precise assumption).

What four components make up a Strategyzer Test Card?

1) Step 1: Hypothesis ("We believe that…"); 2) Step 2: Experiment ("To verify that, we will…"); 3) Step 3: Metrics ("And measure…"); 4) Step 4: Criteria ("We are right if…").

How do Discovery Experiments differ from Validation Experiments in testing business ideas?

Discovery Experiments require only weak evidence to discover if the general direction is right (e.g., paper prototypes, brochures, Buy a Feature), whereas Validation Experiments require strong evidence to confirm specific insights (e.g., simple landing pages, concierge prototypes, split tests).

What tools are used for team formation during Workshop 1 in the ENT course?

Team formation takes place during Workshop 1 based on students' Birkman profile reports, which students are required to bring to class.