Business Strategy and Design Thinking Quiz

Criteria for a Successful Idea

• Feasibility: What can be achieved in the near future
• Viability: How sustainable the idea is long-term
• Desirability: Who will want the product or service?
• Design thinking: A process to solve complex problems, navigate uncertainty, and create something new.

Customer Problems

• Lack of time
• Lack of money
• Lack of skills
• Lack of access

Business Model Canvas

• Key partners: Important partnerships
• Key activities: Crucial business activities
• Key resources: Essential resources
• Cost structure: Costs involved
• Revenue streams: Ways to generate income
• Channels: Methods to reach customers
• Customer relationships: How to engage with customers
• Value propositions: What value the business offers

Product Life Cycle

• Stages: Low intro, growing growth, peak maturity, declining decline (graph needed)

Types of Customers

• Users: Directly interact with product/service
• Influencers/Recommenders: Shape others' decisions
• Economic buyers: Concerned with cost and value
• Decision-makers: Authorize purchases

Customer Segmentation

• Identify who customers are
• Understand their location
• Determine how they buy
• Analyze their behavior
• Recognize their needs

Customer Personas

• Profiles of ideal customers
• Demographics: Age, gender, location, etc.
• Psychographics: Personality, values, interests, etc.
• Proxy product: An alternative that gives information about consumer needs
• Day in the life: Insight into customer routine
• Biggest fears/motivators: Understanding customer concerns and motivations
• Challenges and pain points: Problems customers face

Customer Journey Maps

• Five stages: Awareness, consideration, decision, service, loyalty (chart needed)
• Visual representation of customer experience
• Develop empathy for the customer
• Holistic view of the customer experience

Market Sizing

• TAM (Total Addressable Market): Entire potential market
• SAM (Serviceable Addressable Market): Market you can reach and serve
• SOM (Serviceable Obtainable Market): Portion of SAM you can capture
• Identifies growth opportunities
• Calculates sales and profits
• Pinpoints competitive threats
• Considering exit strategies
• Understanding market trends
• Proof for investors

Experimentation

• Generate new ideas: Try new experiences, work in multiple industries, develop new skills, disassemble products/processes/ideas.
• Test ideas: Build prototypes, pilot new processes, launch ventures in the market.

Hypothesis Testing and the Scientific Method

• Ask questions
• Background research
• Hypothesize
• Experiment
• Analyze data
• Access results

Entrepreneurial Experimentation

• Acting to learn
• Experimenting quickly to refine ideas

Prototypes

• MVP (Minimum Viable Product): Basic version
• Rapid Prototypes: Quick, low-fidelity versions
• Mock-up Prototypes: Flat designs
• High-Fidelity Prototypes: Detailed versions
• Lego Prototypes: A specific form
• Role playing/Experiential Prototypes: Engaging customers
• Wizard of Oz Prototypes: Simulate functions using a hidden element
• User-driven Prototypes: Based on user input

Piloting and Prototyping

• Storyboards: Initial concept representation; sequences of sketches, drawings, illustrations
• Customer Interviews: Crucial feedback
• Feedback Interviews: Gather insights and improvements based on experience
• Determine usability, identify areas for improvement, learn what to improve

The Value of Networks

• Access to private information
• Access to diverse skillsets
• Access to power

Value of a Startup Team

• Feedback
• Extended network
• Increased skill set
• Capacity for innovation
• Higher social level of support
• Moral support

Revenue Models

• Unit Sales Revenue Model: Income from items sold
  • Retail business model
  • Includes physical and digital products
  • "Razor and razor-blade" model
• Advertising Revenue Model: Income from ads
  • Digital/traditional ads
• Data Revenue Model: Income from data sales

Retail-Wholesale Pricing

• Cost of Good Sold (COGS)
• Gross Profit margin calculation (Gross Profit / Revenue)