BUS 314 Lecture Notes - Lecture 1: Business Model Canvas, Design Thinking

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SFU
BUS 314
Fall 2020
Lecture 1 Sept 14
Why Entrepreneurship?
- Accelerating rate of change
- Business models disrupted
- AI better at optimizing and applying rules
o Jobs that exist today may not exist in the future
- Entrepreneurship is finding and delivering ways to create new customer/user experiences
- New businesses lead in innovation, jobs & wealth
90% of new ventures fail learn how to improve those odds
The Lean Startup
- Design thinking and finding problems worth solving
- Business Model Canvas
- Customer discovery
- Pivot
- Product/market fit
- MVP
- Viable business model
o Path to making a profit in the business
Customer Discovery
- There are no facts inside the building
- Test and adjust your BMC hypotheses with real customers
o Small adjustments are iterations
o Substantive adjustments are pivots
o Fail fast!
Product-Market Fit and the MVP
Product-market Fit: the magic moment when you find a problem worth solving that fits with your
unique capabilities
Minimum Viable Product: a product with. Just enough features to solve the core problem for the
persona you’re targeting
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Document Summary

Ai better at optimizing and applying rules. Jobs that exist today may not exist in the future. Entrepreneurship is finding and delivering ways to create new customer/user experiences. New businesses lead in innovation, jobs & wealth. 90% of new ventures fail learn how to improve those odds. Design thinking and finding problems worth solving. Product/market fit: path to making a profit in the business. Test and adjust your bmc hypotheses with real customers: small adjustments are iterations, substantive adjustments are pivots, fail fast! Product-market fit: the magic moment when you find a problem worth solving that fits with your unique capabilities. Just enough features to solve the core problem for the persona you"re targeting. We"re copying a successful incumbent (worried how differentiated?) I think this would be great idea (no discovery, no money) Self-aware: do i know what i don"t know, willing to ask for help.

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