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Entre/Innov Unit 2
| Question | Answer |
|---|---|
| Innovation vs Creativity | C: Potential of the mind to conceive new ideas, hard to measure, easy to see, subjective, price of admission. I: Process of translating an idea or invention into a good or service that creates value, applying an idea, pays the bills |
| Driving Forces Behind Creating Value | Opportunity Driven, look for opportunities that will continue to grow, look for areas where there is little competition, team members compensate for the entrepreneur’s weaknesses. Financial Resources, free cash flow, strong balance sheet. |
| Industry & Market Evaluations | Perceived customers (market), expected lifetime use (how long it lasts), growth potential (if peak is reached you may need to pivot) |
| Economics & Profitability | Capital needed, projected profit margins (can fluctuate due to raw material costs), break even point, return on investment potential (how much you improve from start to finish, how much put in vs how much it’s worth now). Total cost = total revenue |
| Competitive Advantage | Benefits offered, intellectual property (trademark, keep it secret), streamlined processes, successful partnerships (hidden from public, network of people, you help each other) |
| Management & Team | Team member strengths/weaknesses (skilled where you aren’t), backgrounds, integrity, put them in positions to be successful, high character, diverse backgrounds, integrity |
| Self & Investor Analysis | Goals of, and fit with team, opportunity costs (what are you giving up to have an investor, risk/reward tolerance, keeping investors informed, goal oriented, weight the decision (positives vs negatives), don’t just focus on profit, whole picture |
| Opportunity Cost | The loss of potential gain from other alternatives when one alternative is chosen. What is gained vs what is lost. |
| Design Thinking | A human-centered process of creative problem solving including empathy, ideation, and prototyping. |
| Empathy | Empathy includes what you are designing, and what the motivations or desires are. |
| Ideation | Ideation includes the developing innovative solutions, and moving beyond common ideas. |
| Prototyping | Prototyping is experimenting with solutions, and moving ideas forward. |
| Shark Tank Advice for excellent pitches | Understands and knows your numbers. Creative, is innovation, critical thinking. Have Chutzpah, pitched as if they have gold. Be a problem solver, not a straight line. Ability to motivate and work with others. Open to new perspectives and diverse ideas |
| Idea vs. Opportunity | Ideas; Concept or thought without a plan but necessary starting point for a business, Not all ideas are business worthy Opportunities; An idea with a plan which could make for a profitable business, Driven by customer needs |
| Business Model Canvas Key Components | Problem Statement, Value Proposition, and Customer Segments. |
| Problem Statement | What problem is going to be solved. |
| Value Proposition | Customer, problem being solved, solution and how it solves problem, how it's different, identify benefits and value. |
| Best Strategy for an Entrepreneurial Pitch | PP: Modeled on Pixar film, once upon a time, because of, because of, solution. SL: like an email, plea for attention. R: Increasing processing influence, remembered. Q: Very interactive. T: Gives good info. OW: when said they think of you |
| Entrepreneurial Opportunities | Benefits offered, Perceived market, Profit Potential |
Created by:
James_Toering
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