Key beginning takeaways
"Don't fall in love with your solution; Fall in love with the __________."
Problem!
Why is building empathy so important to the business process?
Through empathy, we are able to put ourselves in other people's shoes and connect with how they might be feeling about their problem, circumstance, or situation.
What is a customer segment?
The practice of dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing, such as age, gender, interests and spending habits
What trilogy is Gracie obsessed with?
Fear Street
What are three types of potential marketing avenues?
Social media, print, radio, TV, door to door, word of mouth, cause marketing, transactional marketing, etc.
Name 5 important things to consider when public speaking
Planting the feet, volume, hand gestures, confidence, practice and repetition, audience eye contact, energy, avoiding filler words, etc.
Social entrepreneurship is an approach by individuals, groups, start-up companies or entrepreneurs, in which they develop, fund and implement solutions to social, cultural, or environmental issues.
What is a sustainable competitive advantage?
Company assets, attributes, or abilities that are difficult for competitors to duplicate or exceed.
What kind of ice cream or dessert does Ms. H not like?
Chocolate
If you are having trouble figuring out how to bring in revenue, what's one tip that will help?
Look at what your competition does
Would you pay [price] to solve [problem]?
This is a good interview question. True or False and why?
False. You want to focus on present and past events when interviewing, not future.
Why is having a “single story about a person or people group” so dangerous to entrepreneurship?
Because it overcasts our ability to build empathy with our biases and doesn't allow us to create solutions that really honor people's experiences
What is a persona?
The profile of a customer for a specific product or service
What subject does Mr. T teach during the regular school year?
Social Studies
What is an asset sale?
What is the purpose of creating an MVP?
As a way to test a part of your solution to make sure it's viable before it goes to market
To gather data on what parts of your solution does and does not work
What is equity?
Equity is purposefully ensuring there is an opportunity for the disadvantaged
What are the three levels of market sizing?
Total Available Market
Serviceable Available Market
Serviceable Obtainable Market
What is Mr. Maxson's favorite morning beverage?
Coffee
What is the difference between B2B and B2C marketing?
One is business to business and the other is business to consumer. B2B's customers are other businesses and require more personalized marketing efforts.
What are the three different categories of competition?
Direct, Indirect, Replacement
What is the difference between charity and justice?
Justice understands the cause of societal problems is often because of the systems in place, rather than the fault of individuals. Justice tries to address the root cause, while charity doesn't always change the need for the person's ongoing help
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity
What is Jack's most listened to music genre?
Punk
What is the formula for revenue and profit?
Revenue= Price * # of units sold
Profit= Total Revenue - Total Expenses