Design Thinking
(Chapter 5)
(Chapter 5)
Design Thinking
What is an interactive approach to problem solving?
How a new venture creates, delivers, and captures value.
What does a business model describe?
Uses the product
What is a Consumer?
To validate or disprove assumptions about a product or service.
What is the purpose of conducting experiments in entrepreneurship?
A personal social network of people who willingly cooperate and build trusting relationships.
What is social capital?
A concise and to-the-point pitch designed to capture attention quickly.
What is an Elevator Pitch?
"What do people need?"
What is the starting point question in design thinking?
Offering (value proposition), Customers (segments served), Infrastructure (resources), Financial viability (revenue and costs).
What are the four key components of a business model?
Pays for the product
What is the Customer?
A low-investment test version that gathers maximum validated learning.
What is a Minimum Viable Product (MVP)?
The type of social ties you have or don’t have and the degree to which those ties may be formal or informal?
What is structural social capital?
A structured storytelling format with six parts, commonly used to frame business narratives.
What is a pixar pitch?
Brainstorming new ideas without limits.
What is Divergent Thinking?
Adding new features to products/services that competitors don’t offer.
What is Differentiation?
includes both supply and demand
What is a Market?
Uses sketches or drawings to depict high-level ideas.
What is Storyboarding?
The nature of the relationships, such as trust, norms, and obligations.
What is relational social capital?
a type of presentation of varying lengths
What is a pitch deck?
Experiencing others’ feelings
What is empathy?
Sharing complex problems online to generate ideas and solutions from the public.
What is Crowdsourcing?
Indicates when many people express interest in purchasing a specific product.
What is market opportunity recognition?
Provide rough layouts showing how users will navigate an app or product.
What is a wireframe?
Connections between people of different backgrounds and cultures, facilitating the flow of new information and perspectives.
What are bridges?
A crucial element that needs to adapt to the audience, whether it is asking for investment, partnerships, or other specific actions.
What is a CTA (Call to Action)?
Actively listen to interviewees.
What is the golden rule of Interviewing?
Demonstrates how the business will meet the needs of its customers.
What is the Customer Value Proposition? (CVP)
Describes how different groups accept innovations over time, with the "chasm" separating early adopters from the early majority.
What is Technology Adoption life cycle and Moore's “chasm.”
Todd Kashdan's model emphasizes curiosity as a key element in entrepreneurship.
What is The Case for Curiosity:
Advantages include access to private information, power, and diverse skillsets.
What are the benefits of Networks?
Focuses on quickly explaining key elements of the business in 3 minutes or less.
What is a Rocket Pitch?
Talking to customers after a purchase.
What are feedback interviews?
Emphasizes different customer types and problem-solution fit
What is the Lean Canvas?
Focuses on customer experience
What is a Journey Map?
An early version used for experimentation. It demonstrates how ideas look, behave, and work.
What is a Prototype?
Networks that span across organizational positions, enabling connections to those in positions of influence.
What are linkages?
The longest, most detailed pitch that outlines the business’s core aspects, aimed at attracting investors.
What is an Investor Pitch?
Feasibility, viability, and desirability.
What are the three core aspects of design thinking?
A broader framework for documenting business models.
What is the Business Model Canvas?
Focuses on customer characteristics
What is a buyer persona?
It helps identify strengths and weaknesses by observing customers interact with the product.
Why is usability testing important in refining a product?
The conscious or unconscious effort to influence others' perceptions of you (e.g., through posture, active listening, and professional demeanor).
What is impression management?
The term refers to all the progress a startup has made to date, demonstrating its potential success.
What is Traction?
A framework for observing customer behavior: A = Activities, E = Environment, I = Interactions, O = Objects, U = Users.
What is the AEIOU model in customer observation?
A large, generalized market with broad appeal (e.g., automobiles for all ages).
What is Mass Market?
Total Available Market, Serviceable Available Market, Serviceable Obtainable Market
What is TAM/SAM/SOM?
Provides data to validate or reject assumptions, helping refine business models.
What is the value of experimentation in entrepreneurship?
These are individuals or groups who are drawn to your vision and want to support your entrepreneurial journey, motivated not by personal gain but by alignment with your mission.
Who are self selected stakeholders?
Suggests that traditional corporate strategic planning doesn’t work well for startups due to the rapidly changing environment.
What is the Lean Startup Approach?