Entrepreneurial Learning
_____ start up is the process in which Entrepreneurs put the least amount of capital and effort into learning whether a business model is viable.
What is lean startup?
She worked as a stockbroker before starting a catering business out of her basement
Who is Martha Stewart?
____ is an American multinational ride-hailing company offering services that include peer-to-peer ridesharing, ride service hailing, food delivery, and a micro mobility system with electric bikes and scooters.
What is Uber?
Are all entrepreneurs risk takers?
No, Risk averse
What is the fourth step?
Actualization/Managing
The way in which Entrepreneurs figure out the demand and interest in the business service.
What is customer discovery?
Heeding his grandmother's advice he didn't cut corners when he founded Wendy's
Who is Dave Thomas?
Founded in 1991,__________ is the creator of Fortnite, Unreal, Gears of War, Shadow Complex, and the Infinity Blade series of games.
What is Epic Games?
How much experience does an entrepreneur generally have?
Most have not started a business previously.
What is the first step?
Discovery
Proving that the business provides a desirable product through sales and proving that the sales process is repeatable and scalable.
What is customer validation?
Former garbage truck driver H. Wayne Huizenga was the driving force behind this entertainment & video group
Who is Blockbuster?
Once called Picaboo as an iOS-only app was renamed in 2012, after rebranding and launching the app available for Android users as well.
What is Snapchat?
What is the average age of the entrepreneur?
45
What is the fifth step?
Harvesting
The process of the business plan and increasing sales through the use of the knowledge from customer discovery
What is customer creation?
He teaches entrepreneurial value creation and capture (ESP 251) and startup entrepreneurship (ESP 321) here at the institute.
Who is Mark Lacker?
American aerospace manufacturer and space transportation services company headquartered in Hawthorne, California. It was founded in 2002 by Elon Musk
What is SpaceX?
What is the average salary of an entrepreneur?
$45,000
What is the third step?
Resourcing
Measurements that show the effectiveness of the hypotheses tested in customer discovery and validation. Examples include number of subscribers, or number of web visits. However these must be directly related to the driving force of profit.
What are actionable metrics?
He appeared in Inc. in 1985, the founder of the furniture retailer Crate and Barrel
Who is Gordon Segal?
It operates a software system designed to enable saving and discovery of information on the World Wide Web using images and, on a smaller scale, GIFs and videos.
What is Pinterest?
Are startups always founded by one visionary?
No - they are founded by teams. Even Jobs had Wozniak…
What is the second step?
Concept development/developing a plan