Scientific Method
What is an observation?
Collecting information of something
Why is it important?
It helps make better decisions
What is an MVP
Is the first version of a product
What is the entrepreneurial environment?
The conditions that affect starting a business.
What is the first step of the scientific method?
Observe and then ask a question
What are the 3 keys concepts?
Build, Measure, Learn
3 purposes
Faster time, minimize risks, validate app idea etc
What factors are part of the entrepreneurial environment?
Economic, social, political, and technological factors.
What is the purpose of a question?
To focus the investigation
Why is useful?
It avoids wasting time and money
Give 3 examples
Uber, Insta, spotify. etc
Why is the entrepreneurial environment important?
It helps entrepreneurs make better decisions.
What is a hypothesis?
A possible answer
When does a company have a validated learning?
A company is validated learning when it tests it’s product with real costumes and collect data that proves wether the idea works or not
What is the wizard of OZ approach?
Making users think the product is automated, but it’s done manually.
How do economic factors affect a business?
They influence money, costs, and demand.
What happens in the conclusion step?
You analyze results and say what you discover
What is the main porpuse?
To create products quickly with less waste
What is the goal of collecting user opinions?
To improve the product based on feedback
Why should entrepreneurs analyze their environment?
To identify risks and opportunities.