UC 270 Lecture Notes - Lecture 7: Fermi Paradox, Fermi Problem, Food Truck
Document Summary
Can be used for different companies in the same industry. Offer a hypothesis of how a company will work. May have the opportunity to establish network effects. May need to spend significant money to establish customers in a new market. Intellectual property (like patents) can offer sustainable competitive advantage. Understanding technology trends can inform entrepreneurial opportunities. Most ventures will fail and not make money. Risk can be mitigated through customer understanding, feedback, and iteration on plans. Given the probability of extraterrestrial civilizations (drake equation), Order estimation, back of the envelope calculations. How many people in chicago, work through it. Sales in the market, use proxies, searches to understand customers. Everyone who could possibly buy your product/service. Given current competitive landscape and sales channels. Need to educate the market, could be expensive. Attractive to gain or lose . Wouldn"t do it because there is a 50% chance you will lose . Challenging to break through with a new product.
