Study Questions: 1. Why action is important in practicing entrepreneurship (in terms of managing uncertainty, reducing cost of failure, and learning). 2. Compare and contract different types of entrepreneurship (in terms of organization types and missions). 3. Explain what are social problems and why they are often “wicked” problems 4. Explain how social entrepreneurship can help resolve wicked problems around the world. 5. Explain what are for-profit and non-profit social enterprise. 6. How social and environmental values might be created along the primary value chain. 7. Explain how social entrepreneurs can use capital markets to fund their ventures (VC, Microfinance, and public market). 8. What does the incumbents curse refer to? 9. Why do many firms fail at their peak of success? 10. How can firms stay innovative and break the incumbents curse? 11. Understand different types of intellectual properties and how they might be protected . 12. What is a franchise organization? What roles does a franchisor typically play? 13. Why and how would one start a franchise business (i.e. become a franchisee)? 14. What is the logic of the effectual entrepreneurship theory? And according to the theory, what makes entrepreneurs entrepreneurial? 15. What are the key principles of the effectual entrepreneurship theory? Make sure to understand the implications of each principle. 16. Compare and contrast effectuation entrepreneurship perspective and traditional (causal) entrepreneurship perspective. 17. What are key components of the practice of entrepreneurship 18. Explain why a growth mindset is important in entrepreneurship 19. List skills essential to build the mindset and practice of entrepreneurship. For 11/1 Class -- NNM Chapter 8 1. 2. 3. 4. What is a business model Define the four parts of the business model: what does each part address? What should be included when describing infrastructure within the business model? Why and how us the financial viability within the business model more than a financial model? 5. How a business model is different from a business plan? 6. What is the relationship between the business planand the business modle 7. What is meant by a sustainable and scalable business model 8. What should a business model focus? 9. Why is it easier for new businesses to change their business models than for large and established businesses 10. What is a customer value proposition? 11. What is required to create a successful CVP? 12. What must be included in a CVP? 13. Cases: According to NNM textbook, what problems did the following companies solve for their customers and how did they solve the problems in CVP: 1) IKEA; 2) Fedex; 3)Tara cars; 4) MiniClinic 14. What are four major categories of problems experienced by customers? 15. Which approach to CVP involves listing all the advantages of your product/service without comparing it to others 16. What is a point-of-difference apporach 17. What is the key feature of the resonating-focus approach to CVP 18. What is considered the “gold standard” of a CVP 19. What should be considered when determining your target market 20. Define the mass market 21. Define the niche market 22. How the niche market might be related to the mass market 23. What is market segmentation 24. What is s multisided market 25. What is a business model canvas 26. What does each part of BMC cover 27. Which components of BMC are related to customers 28. Which components of BMC are related to infrastructure 29. Which components of BMC are related to CVP 30. Which components of BMC are related to financial viability 31. What does BMC customer relationships refeer to 32. In creating your own BMC, what side of the canvas should you focus on first? 33. Cases: Understand BMC components of the following businesses: 1) Southwest; Uber; 3) AirBnb 34. When determining your cost structure, what questions should you ask For 11/6 and 11/8 classes: NNM Chapter 10 1. What is revenue and how is revenue different from profit 2. What a revenue model and how a revenue model is different from a business model 3. What is a revenue stream and can a business have more than one revenue streams? 4. Why different revenue streams may affect who your customers are? 5. Define different types of revenue models; understand why/when each is used, and how each revenue model generates revenue ? Explain advantages and give an example of each type of revenue model 6. What are considered tangible and what are considered intangible 7. What is the role of the broker in an intermediation revenue model? 8. What are likely reasons why someone would license a product to someone else to sell? 9. What are likely reasons why someone would pay money for a franchise? 10. What are four elements of revenue 11. What different pricing strategies; understand how/why/when each is used? Give an example of each pricing strategy. 12. What is considered fair pricing? 13. If free products are not attracting customers, what action could be taken? 14. What are the two types of costs that should be taken into consideration when understanding the cost driver? Explain how each affects long term profits. Give some examples of each type of costs 15. Cases: 1) AirBnb: what is the revenue model and what are the revenue streams? 2) Skype: hat is the revenue model and what are the revenue streams? For the week of 10/9 1. 2. 3. What are entrepreneurial opportunities and how are they created and exploited? Understand the concepts of invention, innovation, and entrepreneurship. Compare and contrast incremental innovation and radical innovation in terms of the definitions, the sources, and the roles each plays in an organization. 4. What are some main sources of innovation? 5. Compare and contrast market pull and technology push innovation/entrepreneurship strategies For 10/18 class: Study Questions for NNM Chapter 6 - Design Thinking and Lectures 1. 2. 3. 4. What is the best description of divergent thinking? What is the best description of convergent thinking? What is the design thinking? What is the biggest obstacle to design thinking? Why should design thinkers “fail early to succeed sooner”? What is the starting point of design thinking? What are the three criteria for a successful idea in design thinking Desirability in design thinking refers to what concept? What concept does the act of knowing what people want, how they behave, what they think, and how they feel refer to? 10. Why is empathy important in design thinking? 11. Why is empathy an ethical challenge? 12. In design thinking, what is meant by inspiration? 13. How does inspiration start? 14. What is generating and developing new ideas based on observations gained during the inspiration process called? 15. What is the term that used to refer to needs we have but don’t know we have? 16. During which phase of design thinking, ideas generated through the ideation process are transformed into concrete actions? 17. What is closely monitoring the behavior and activities of users in their own environment called? 18. What is an insight? 19. In the acronym AEIOU, what does each letter stand for? 20. What should be included as an introduction to an interview? 21. Interviews should have open-ended questions. What is an open-ended question? 22. What do the authors of NNM mean when they refer to “peeling the onion” when do interviews? 23. What is the “golden rule” of interviewing? 24. How are ideas tested in the implementation stage? 25. What is the main purpose of the implementation phase? 26. How is experimentation relevant to the implementation stage? 27. Why is the design thinking a human-centric process? 28. How could you use design thinking in developing problem-solution fit? 29. How would you interview or observe customers to better understand their jobs to be done? 30. What is an empathy map? 31. What elements are recorded in the empathy map? 32. What is the difference between the IDEO method of design thinking and that of the Stanford Design School? 33. Why is it important to spend time developing the design challenge statement? 5. 6. 7. 8. 9. • In the “Entrepreneurship in Action” Hovding: 1) How did Haupt and Alstin begin their design process? 2)What was the method that Haupt and Alstin used to gather information about adults’ current attitudes toward helmets? 3)Once Haupt and Alstin knew the reasons why people did not use helmets, what additional information did they gather? 4)what source did they enlist to design the new safety product? • In NNM Chapter 6 abut IDEO Design: 1) When the CEO of IDEO, Tim Brown, says “How Might We?” what is the significance of might? 2) What was the customer need defined by IDEO when developing the Society of Grownups? 3) Why is Society of Grownups a success? 5)What was the benefit of IDEO’s solution as implemented at Kaiser Hospital? 6)What method was used by IDEO to investigate the patient experience in the emergency room? 7)When IDEO studied Chicago’s commuters for the Ford Company, what did they learn about the commuters? 8)How will the apps created by IDEO help the Ford Company? 9)What is suggested by IDEO as a way of building on the ideas of others? 10) What might have been the design challenge in IDEO’s design of Shimano’s bicycle? 11)When looking at the example of Shimano, the idea of a coasting bicycle was produced in which stage of the designthinking process? 10/30 Class: Study Questions for NNM Chapter 7 and Lectures 1. 2. 3. 4. 5. What phase of design thinking is associated with experimentation? Why is experimentation required? What is a hypothesis? What is an important benefit of experimentation? In addition to having a clear purpose and be achievable, what does an experiment needs to generate? 6. Rather than just gathering data, what does an experiment matches an outcome to? 7. If an experiment outcome indicates that the original hypothesis was incorrect, what should the entrepreneur do? 8. What is the first step of the scientific process for an entrepreneur? 9. What is the last step of the scientific process? 10. What question is asked when an entrepreneur draws conclusions from the results of the data analysis? 11. How should an entrepreneur approach experimentation? 12. Who are end users,influencers, economic buyers, decision makers, saboteurs? 13. What is the main problem with analyzing historical data? 14. What is the main problem regarding intuition in the role of decision making? 15. Why do some organizations discourage experimentation? 16. Why is it important to try out new experiences? 17. What is reverse engineering? 18. What is a minimum variable product and how is it different from prototype? 19. What is necessary for a minimum variable product to be effective? 20. What is necessary for a prototype to be effective? 21. What is the advantage of storyboarding that makes it so effective? 22. In storyboarding, who or what is at the center of the story? 23. What are the elements in the framework for storyboarding? 24. What does one hope the storyboard will do when presented? • Amazon case: 1) What did the founder of Amazon come to discover that encouraged him to begin the scientific process? 2)Amazon conducted background research prior to placing books on sale. What did this background research consist of? 3)The owner of Amazon.com developed a site for a relatively low cost and • offered books on the site. What stage of the scientific process was the owner executing by doing this? Subway Case: 1) What hypothesis did Subway marketers make during the 2008 recession? 2) How did Subway carry out their experiment to test the effect of $5 subs?
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