Ch.2
Is this FIXED or GROWTH mindset?:
Believe their abilities and intelligence are set traits. They avoid challenges to protect their imagine and see failure as a personal flaw.
FIXED
Ch.2
Is this FIXED or GROWTH mindset?:
Believe abilities can be developed through effort and learning. They embrace challenges, view failure as an opportunity to grow, and persist through setbacks.
GROWTH
Ch.2
What are the 5 themes of the entrepreneurial mindset?
- Mental Process: cognitive strategies (reasoning, analyzing, experimenting…)
- Entrepreneurial Self Efficacy (ESE): Belief in one’s ability to succeed in business.
- Value Creation: Outcome of business
- Opportunity Recognition: Seize opportunities in market gaps
- Adaptability and Resilience: How well you handle setbacks/failures
Ch.2
Define: Nascent Entrepreneur
Individual in the process of starting a new business, but has not officially launched it. He is actively engaged in developing an idea, organizing resources…
Ch.2
What are 5 habits you can practice to develop an entrepreneurial mindset?
- Creativity Habit
- Improvisation Habit
- Self-Leadership Habit
- Reflection Habit
- idk lol fk this
Ch.3
A business that aims to achieve both social/environmental objectives and financial sustainability, whilst generating revenue and profits by making a positive impact on the world is a:
A. For-profit social venture
B. Enterprising Nonprofit
C. Hybrid social venture
A
Ch.3
Define SROI
Social Return On Investment (SROI): Way to quantify social, economic and environmental value of venture relative to its costs. It compares the monetary value of the social benefits with the financial cost of achieving them. A good SROI is >1. Meaning benefits outweigh costs.
Ch.4
What are the 3 key criteria of an entrepreneurial opportunity?
- Economic Value
- Novelty/Newness
- Desirability
Ch.4
What are the 4 pathways to opportunity identification?
- Find Pathway
- Search Pathway
- Effectuate Pathway
- Design Pathway
Ch.4
Define 1. Find Pathway
Assumes opportunities already exist and are waiting to be discovered
Ch.4
Define 2. Search Pathway
Finding opportunity in personal skill/hobby. Used when entrepreneurs don’t have a specific idea in mind.
Ch.4
Define 3. Effectuate Pathway
Using entrepreneurs existing skill, knowledge and network to create opportunities
Ch.4
Define 4. Design Pathway
Identify unmet needs that customers don’t know they have. Ex: apple, ppl didn’t know they needed iPhone
Ch.4
Define IDEATE method for generating ideas
I: Identify: identify problem
D: Discover: search for problem based on personal experience/passions
E: Enhance: improve existing products
A: Anticipate: anticipate future trends
T: Target: Target customer base
E: Evaluate: test market
Ch.5
What are the 5 phases of the design thinking process?
- Empathize: understand consumer needs by putting yourself in their shoes
- Define: needs discovered in empathize are clearly identified, without jumping to solutions
- Ideate: brainstorm large range of ideas
- Prototype: try
- Test: test on user
Ch.5
Define AEIOU Framework
AEIOU is a framework that can be used to observe consumers. In order to use design thinking to make a product.
A: Activities
E: Environments
I: Interactions
O: Objects
U: Users
