Business quiz lesson 6, and SWOT analysis

How does “dream big, start small” work in real time? What are the steps

You start from a small product, while still holding onto your dreams, the small product is to bring in enough income to turn your dream project into reality. The small product should be able to make you rich.

What is minimum viable product?

The simplest version of a product you can make that can still attract customers

What are 3 parts to a minimum viable product?

1. it has enough value that customers would want to use it

2. it hints at what we’ll produce in the future to keep customers interested

3. it can give us feedback

What are 2 important parts to the customer experience?

1. it’s a human centered approach (you use human interaction in your product/service)

2. You use design based thinking.

What should we focus on in order to ensure our products and ideas have values?

Customer jobs, pains (what problems they have with the market you are in), and gains (what the customers suggest to improve the market you are in)

It entrepreneurship linear?

No, it does not follow a straight line. It might have it’s ups and downs, and truly is not predictable.

What are some things we need to do as business owners to provide value?

1. find problems

2. prototype

3. get feedback.

What are some problems with products that are not successful?

They don’t have enough research, bad testing, or bad pricing.

What does it mean to pivot?

When your company bakes a big change because your audience didn’t like what you used to do with the business

What is the key to a good pivot?

Listening

What is the best thing for your idea?

be flexible

What does the S stand for in SWOT

Strengths, what your business does well over other businesses

What does the W stand for in SWOT

Weaknesses, what your business doesn't do well in

What does the O stand for in SWOT?

Opportunities, where your business can improve in the market

What does the T stand for in SWOT

threats, what kind of threats your business has that might make it harder for your business to become successful