Intro to Entrepreneurship

Descripción

Second Year Entrepreneurship Fichas sobre Intro to Entrepreneurship , creado por Alex Millar el 19/05/2016.
Alex Millar
Fichas por Alex Millar, actualizado hace más de 1 año
Alex Millar
Creado por Alex Millar hace más de 8 años
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Resumen del Recurso

Pregunta Respuesta
What's the definition of Startup entrepreneurship? A process of customer recognition, development and maintenance and aligning the emerging firm accordingly.
Second definition of startup entrepreneurship A company, partnership or temporary organisations designed to search for a repeatable and scalable business model
What's the traditional approach to entrepreneurship? That startups are smaller versions of large companies
What does this approach imply? That startups have: market experience existing customer base existing distribution channels working cash flow model a systematic way to cope with known uncertainties
What does the contemporary approach emphasise? That startups SEARCH while existing firms EXECUTE
What's the traditional approach to startup strategy? They should start with an operating plan and financial model
What's wrong with this approach Startups are organisations finding their feet with no solid plans that they have committed to and no established form of revenue These metrics (P&L, CF, BS) are not useful they don't reflect any improvements the startup makes
What's the contemporary approach to strategy of startups Plan meetings with customers Don't begin with a Business Plan and then show it to customers (these are merely an assumption of contained uncertainty) It's about meeting customers, gathering info then putting together a BP
what is the point of business plans in the early stages of a startups life fuck all they don't survive first contact with customers meet your customers first
What's the traditional approach to process of startups Build startups by managing processes New Product Development Model Waterfall Engineering
What is the NPD Model Concept > Seed Round > Product Development > Alpha/Beta Test > Launch
What's wrong with the NPD It's time consuming Its linear/sequential with little room for iteration It assumes you know who your customer is - which suits existing firms fine but not startups
What is the Waterfall Engineering Process? Requirements Design Implementation Verification Maintenance
What's the problem with Waterfall Engineering? It executes on two KNOWNS customer problem product features
Why do most startups fail? From lack of customers, not failure of new product development Which is why these models aren't suitable Startups don't know their customers
What is the contemporary approach to startup process? It emphasises CUSTOMER DEVELOPMENT search followed by execution
what is the search followed by execution model?
Instead of the NPD Model, what is now involved in the Search Model? Concept > Seed Round > Customer Development > MVP > Reiterative Experiments combine it with Agile = Lean Startup (IMVU)
What's the significance of this approach? Doing search first is a radical change, it isn't just another methodology
What is doing search first based on? It's all about uncertainty reduction before beginning to converge activities and set up camp
Why this new scientific approach to startup entrepreneurship? Because of the ever looming cloud that is uncertainty
Uncertainty in the business environment? Aye business environment has undergone major changes which has an impact for startups Environmental dynamism Globalisation & Competition Complexity
Name one of these major changes The move from physical to virtual in both products and delivery channels 4x4 matrix
Is this change a positive or a negative for startups? It's been majorly disruptive (but in a creative way?) It's increased complexity But has provided incredible opportunities for entrepreneurs and startups
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