Planning Phase
The thing that consumers look to get the most with when engaging with business.
What is Value?
A type of entrepreneur that focuses on creating value by working against societal problems.
What is a social entrepreneur?
This percentage of CEOs have started a company that went out of business.
24%
This group is known for being the constant cause of innovation.
What are Entrepreneurs?
What is the term used in the book for the customer problem Owen is looking to solve.
What is "migraine level problem"?
Term used to describe hypercompetitive industries that are hard to approach directly.
What is a “Red Ocean”?
A type of business whose primary motive is not receiving revenue.
What is a non-profit?
This percentage of Inc. 500 cofounders started their company with a close friend.
43%
Commonly referred to as bartering, this was the earliest form of entrepreneurship.
What is Trading?
The seasoned entrepreneur who mentors Owen throughout the book.
Who is Samantha/Sam?
The name of a sideways paper chart, used to divide the inner workings of a business to conceptualize it.
What is a Business Model Canvas?
An entrepreneurial position that takes place in an existing company, as a new division.
What is an intrapreneur?
This percentage of Inc. 500 CEOs said that local ties such as college or family were their biggest factors in business location.
44%
This period, in which small groups became specialized in farming, is known for sparking entrepreneurship.
What is the Agricultural Revolution?
The first iteration of a product that is meant to be in the simplest, cheapest form.
What is MVP (minimum viable product)?
A method which looks for “gaps” in the already existing market, to create new industries.
What is a “Blue Ocean”?
The name of a social entrepreneurial device that clears up space for premature babies for international hospitals.
What is a baby warmer?
This percentage of Inc. 500 CEO said that they chose entrepreneurship because it suited their skills and abilities.
51%
Known for becoming better than the bartering system, this object was a key development in entrepreneurship.
What is Paper Money?
Instead of relying on assumptions, Owen begins engaging in these forms of conversations to learn more about his customers.
What are customer interviews?
The methods that are involved in surveying the public, to see if they are interested in a good or service.
What is Customer Discovery? (OR) What is a Customer Interview?
A group commonly confused with Entrepreneurs.
What is a small business owner?
This percentage of inc. 500 founders said their entire founding team is still intact.
68%
Hunting, fishing, cooking, farming, are all common areas of ________ in the agricultural revolution.
What is Specialization? (OR) "Specialization"
Like in poker, Owen realizes that figuring out customers is a lot like figuring out who he’s up against at the table, you must notice this nonverbal clue that reveals real interest.
What is a tell?