ENT 500 Study Guide - Midterm Guide: Business Model Canvas, Lean Startup, Spotify
14 Jun 2019
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Benefits of entrepreneurship: control, make a difference, potential, profits, be recognized, passion, financial security. Business model canvas lean startup canvas = new business model. Step 1: entrepreneurship in the 21st century and smart goals. Being able to see other people"s process and life cycle allowing for a scientific approach. 20th century: products built in secret, show only to focus groups, only having 1 chance for first impression, waiting until product is perfect, engineering driven, business plan. 21st century: go to customers early and often, trade info to get input, launching prototype, called beta, launch early, iterate often, customer driven, lean canvas. Entrepreneurs no longer have to rely only on instinct & intuition, now they can rely on data driven insight. Startup provides a road to collect data to make more scientific plans. Determine next steps, regardless of examiner (stop light test) False = change assumption and repeat experiment (red light)
