Class notes Entrepreneurship and Business Development
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Entrepreneurship and Business Development
Institution
"Entrepreneurship and Business Development: Tips and Strategies" is a document that provides guidance and advice to individuals who are interested in starting their own businesses or growing an existing one. The document covers various topics such as market research, product development, funding, m...
Identifying Problems: A Step-by-Step Methodology
The presentation is being recorded and will likely be uploaded to YouTube soon. To
identify problems, start with an interest or problem area. Once you have a problem area,
it's easier to get progressively more specific. Make as few assumptions as possible or
validate them quickly. For example, in the context of rising sea levels' impact on coastal
communities, assuming houses need to be built with some elevation is a safe
assumption.
● Avoid yes or no questions as they don't provide useful information and can be
biased
● The most useful information comes from highly structured conversations, and
it comes more naturally
● Have the interviews and don't force conversations; skip to whatever question
makes the most sense in the context of the situation
● Don't schedule interviews back to back; take detailed notes of the
interviewee's responses
Following these steps may help you identify and solve problems more efficiently.
Problem Statements in Entrepreneurship
Entrepreneurship classes often emphasize the importance of problem statements.
These statements typically identify a group of people experiencing a problem and
explain the impact of that problem. However, cookie-cutter approaches may not work
for every situation.
Jobs-to-be-Done Problem Statements
Using a problem-solution approach, such as jobs-to-be-done problem statements, can
be more effective in quickly identifying the value of your product or service. But
remember, neither approach is universally applicable.
, Customer Interviews
As a new entrepreneur, your challenge is to create a product or service that is more
valuable and/or costs less than your competitors' offerings. To achieve this, you should
gather information from customer interviews to understand their needs and
preferences. This will help you determine how you can differentiate your product or
service.
Integrating Technology for Long-Term Space Exploration
The problem statement is that space agencies, including NASA, are unable to execute
Israeli operations in space which is hindering long-term human exploration and study.
The solution approach involves integrating technology to address this issue.
Problem Solution Approach
The problem solution approach is unique and has no competitors. The goal is to identify
paying customers who have a need for the product or service.
Interviewing Customers During Coronavirus
Acquiring a large number of customers on day one is not feasible for a startup due to
limited resources and manpower. The best approach is to target an initial group of
customers and acquire them first as paying customers. This will help establish
credibility and allow for expansion into other markets.
The first requirement for this competition is to develop and test an Early MVP. The
Minimum Viable Product is the cheapest and quickest product that shows your idea is
valid. The only real proof of your product is in your sales and growth. If you're selling
and growing, then your product is probably good.
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