Podcast
Questions and Answers
Who is the author of 'The Lean Startup'?
Who is the author of 'The Lean Startup'?
What was Eric Ries' first startup venture?
What was Eric Ries' first startup venture?
Which educational institution did Eric Ries attend?
Which educational institution did Eric Ries attend?
What is the concept that Eric Ries is most noted for in his approach to startups?
What is the concept that Eric Ries is most noted for in his approach to startups?
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What is the purpose of the Empathize phase in the Design Thinking process?
What is the purpose of the Empathize phase in the Design Thinking process?
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What type of trial did the study by Camuffo et al. utilize for its research on entrepreneurial decision-making?
What type of trial did the study by Camuffo et al. utilize for its research on entrepreneurial decision-making?
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Which startup did Eric Ries co-found after Catalyst Recruiting?
Which startup did Eric Ries co-found after Catalyst Recruiting?
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Which of the following is NOT a key element of Design Thinking?
Which of the following is NOT a key element of Design Thinking?
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What mindset is characterized by a focus on understanding others and their needs?
What mindset is characterized by a focus on understanding others and their needs?
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What is one of the key components discussed in the entrepreneurial decision-making research?
What is one of the key components discussed in the entrepreneurial decision-making research?
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What position did Eric Ries hold at Kleiner Perkins?
What position did Eric Ries hold at Kleiner Perkins?
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Which stage directly follows the Define phase in the Design Thinking process?
Which stage directly follows the Define phase in the Design Thinking process?
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What is a characteristic of the iterative nature of Design Thinking?
What is a characteristic of the iterative nature of Design Thinking?
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In the context of Design Thinking, reframing primarily involves what?
In the context of Design Thinking, reframing primarily involves what?
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Which of the following is an example of a Design Thinking mindset?
Which of the following is an example of a Design Thinking mindset?
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What describes the role of interdisciplinary teams in Design Thinking?
What describes the role of interdisciplinary teams in Design Thinking?
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What is the primary focus of design thinking?
What is the primary focus of design thinking?
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Which of the following best describes the nature of prototypes?
Which of the following best describes the nature of prototypes?
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Which step is NOT part of the five-step iterative process of design thinking?
Which step is NOT part of the five-step iterative process of design thinking?
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What is one of the key reasons for using prototypes in the design thinking process?
What is one of the key reasons for using prototypes in the design thinking process?
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How does prototyping facilitate teamwork?
How does prototyping facilitate teamwork?
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What does the ideation phase in design thinking primarily involve?
What does the ideation phase in design thinking primarily involve?
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What is the role of empathy in the design thinking process?
What is the role of empathy in the design thinking process?
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Which statement about the design thinking process is true?
Which statement about the design thinking process is true?
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What is one of the main advantages of using a prototype in the development process?
What is one of the main advantages of using a prototype in the development process?
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In which stage of prototyping is it most important to expect changes and embrace failure?
In which stage of prototyping is it most important to expect changes and embrace failure?
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Which of the following is NOT a purpose of prototyping mentioned?
Which of the following is NOT a purpose of prototyping mentioned?
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What does 'thinking with your hands' refer to in the prototyping process?
What does 'thinking with your hands' refer to in the prototyping process?
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What aspect of a prototype helps to determine its ergonomic suitability?
What aspect of a prototype helps to determine its ergonomic suitability?
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What type of prototype could you start with that is quick and low-fidelity?
What type of prototype could you start with that is quick and low-fidelity?
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Which of the following statements is true regarding the stages of prototyping?
Which of the following statements is true regarding the stages of prototyping?
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What role does a prototype play when pitching ideas to potential investors?
What role does a prototype play when pitching ideas to potential investors?
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What is an example of an analytic prototype?
What is an example of an analytic prototype?
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Which statement best describes the nature of prototypes?
Which statement best describes the nature of prototypes?
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What is a key takeaway regarding the value of failing in the prototyping process?
What is a key takeaway regarding the value of failing in the prototyping process?
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In prototyping, 'quick and dirty' refers to which of the following concepts?
In prototyping, 'quick and dirty' refers to which of the following concepts?
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What are prototypes primarily used for?
What are prototypes primarily used for?
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Which of the following is NOT a form of prototype mentioned?
Which of the following is NOT a form of prototype mentioned?
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What does it mean to 'prototype (almost) everything'?
What does it mean to 'prototype (almost) everything'?
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How does prototype appearance relate to its effectiveness?
How does prototype appearance relate to its effectiveness?
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What is one potential issue with respondents who are friends of tattooists in surveys?
What is one potential issue with respondents who are friends of tattooists in surveys?
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What method can be used to reject a hypothesis in entrepreneurial decision making?
What method can be used to reject a hypothesis in entrepreneurial decision making?
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What should an entrepreneur do if all four hypotheses are corroborated according to the discussed decision rules?
What should an entrepreneur do if all four hypotheses are corroborated according to the discussed decision rules?
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How can a scientific approach to decision making benefit entrepreneurs?
How can a scientific approach to decision making benefit entrepreneurs?
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What is the consequence of a failure to thoroughly test hypotheses as mentioned in the discussed content?
What is the consequence of a failure to thoroughly test hypotheses as mentioned in the discussed content?
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What is a possible outcome when entrepreneurs can successfully mitigate biases in their decision making?
What is a possible outcome when entrepreneurs can successfully mitigate biases in their decision making?
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In the context of the discussed content, what should be done if hypothesis testing yields insufficient corroboration?
In the context of the discussed content, what should be done if hypothesis testing yields insufficient corroboration?
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Why is it important for entrepreneurs to have validated theories about what customers want?
Why is it important for entrepreneurs to have validated theories about what customers want?
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Study Notes
Introduction to Entrepreneurship
- Professor: Dr. Miriam Bird
- Professor of Entrepreneurship & Family Enterprises
- TUM School of Management
- TUM Campus Heilbronn
- Global Center for Family Enterprise
Agenda
- Introduction
- Design Thinking
- Prototyping
- Scientific Lean Start Up
- Outlook
Recap
- Open questions regarding the previous session's content
Mutual Role Adjustment of Incumbent & Successor Along Succession Process
- A diagram illustrating the transitioning roles of incumbent and successor during a succession process.
- Incumbent roles transition from Leader/Chief to Monarch, Overseer/Delegator, and Consultant.
- Successor roles transition from No role to Helper, Manager, to Leader/Chief.
Book Recommendation
- Title: HBR's 10 Must Reads on Creativity
- Authors: Gino, F., Grant, A. M., Catmull, E., & Amabile, T.M.
- Publisher: Harvard Business Review Press
- ISBN: 9781633699977
Course at a Glance
- Session 1: Introduction; What is Entrepreneurship?
- Session 2: Opportunity Recognition and Effectuation
- Session 3: Family Firms
- Session 4: Design Thinking & Prototyping
- Session 5: Decision Making & Business Model Canvas
- Session 6: Entrepreneurial Teams, Growth & Entrepreneurial Finance
- Session 7: Social and Sustainable Entrepreneurship
Lecture Dates & Content
- Dates and topics for the lectures, including guest speakers.
In this session you will learn
- Why people often do not buy the products entrepreneurs develop
- How entrepreneurs can better understand people's needs (e.g., through methods like paper and pencil prototyping)
- Why using paper and pencil prototyping is an effective method to start a project
- Why failing more often is better than failing less frequently
- Understanding the Lean Startup approach
- How to incorporate a scientific element to a Lean Startup approach
Agenda (page 9)
- Introduction
- Design Thinking
- Prototyping
- Scientific Lean Start-Up
- Outlook
Defining Design Thinking
- A human-centered approach to innovation that combines designer's tools with the integration of people's needs, technological possibilities, and business requirements.
A human-centered approach
- Demonstrated visually using overlapping circles for Desirability/Humanity, Feasibility/Technical, and Viability/Business, with an arrow pointing to the intersection representing innovation.
Design Thinking comprises 3 key elements
- Interdisciplinary Teams
- Iterative Process
- Variable Space
Design Thinking Mindset
- Curiosity
- Reframing
- Collaboration
- Mindfulness of Process
- Bias towards action
A Model of the Design Thinking Process
- A circular hexagon-based diagram showing the phases of Empathize, Define, Ideate, Prototype, Test.
Design Thinking is iterative
- A diagram depicting the iterative phases of Design Thinking (Empathize, Define, Ideate, Prototype, Test) with arrows connecting them to visualize the cyclical nature of the process.
Design Thinking - Empathize
- Understanding people's needs, behaviours, and motivations related to a design challenge.
- Methods include observation, engagement, and listening.
Design Thinking - Define
- Bringing clarity to a design challenge, analyzing gathered information, and developing problem statements.
Design Thinking - Ideate
- A critical mental process to generate diverse concepts and outcomes to transition from problem identification to solutions that are both novel and useful.
- Stimulates creativity and variety of thinking to design solutions.
Design Thinking - Prototyping
- Creating a tangible representation of an idea to understand, test, and improve it before full-scale development.
- Can be physical, analytical, or experiential.
Design Thinking - Test
- Evaluate the prototype through user feedback to gain insights applicable to refining the product.
- Testing methods should aim to allow users to provide honest feedback.
Summary: Design Thinking
- Human-centered vs. engineering-centered product design
- Design thinking is an iterative process
- Design thinking as a human-centered approach of solving problems
- Design thinking as a five-step iterative process
What is a Prototype?
- A tangible or virtual representation of an idea, not the final product
- Serves as a stepping stone toward the final product.
Prototyping is a key part of Design Thinking
- Illustrative diagram showing the connection between various Stages of Design Thinking to Prototyping.
Communicating ideas
- Methods to communicate ideas, incorporating diverse perspectives (customer, project leader, business consultant, engineers).
A software example for UX prototypes
- Visuals of software app prototypes, showing the iterative process of design refinement.
What are prototypes for?(1/2)
- Trying out an idea
- Learning about important issues
- Failing quickly and cheaply
- Communicating ideas clearly
- Bringing the team together
What are prototypes for?(2/2)
- Accuracy (identifying and resolving ambiguities)
- Ergonomics (fit and usability)
- Aesthetics (colors, textures)
- Surveys (collecting user feedback)
- Pitching (introducing ideas to investors)
- Testing
Stages of Prototyping
- A bar chart showing the relative number of prototypes related to inspiration, evolution, and validation stages.
- The stages are accompanied by various descriptions and methods.
How does prototyping work?
- Sketching the idea
- Focusing on single functionalities or overall function
- Employing everyday materials for prototypes (old stuff, cardboard)
- Thinking with hands (physical prototyping process)
Forms of prototypes
- Physical (tangible)
- Analytic (virtual)
- Experiential (behavioral)
Prototyping – Google glasses
- References a TED talk on rapid prototyping
Inspire using trash, paper, items from DIY store
- Images of various prototyping methods using readily available items.
From idea to reality
- Illustrative examples of the evolution of an idea (chair design) from sketches to a physical prototype.
A hardware example - NapCabs
- Illustrative examples of the evolution of a product (nap pods) from sketches to a physical prototype.
Not just for products
- Visuals representing diverse prototypes, not just physical products, including interactions and spaces.
Software App
- Illustrative examples of software app prototypes.
Prototype appearance makes a difference - BUT Prototyping should be "quick and dirty"
- Images illustrating contrasting prototype appearances, emphasizing the importance of speed and practicality in prototyping.
Fail early and often
- A diagram comparing project time against cost associated with the failure of prototypes.
- Importance of iteration in prototyping.
Summary: Prototyping
- Prototypes are not finished products.
- Prototyping is a key part of design thinking.
- You can prototype almost everything.
- Fail early and frequently (and cheaply).
- Prototypes are key for communicating ideas clearly.
Agenda (page 46)
- Introduction
- Design Thinking
- Prototyping
- Scientific Lean Start-Up
- Outlook
The story behind Lean Startup
- Eric Ries' background (entrepreneur, Yale graduate, Software engineer), including his experiences with previous ventures and leadership roles in Silicon Valley.
- He founded Catalyst Recruiting.
- Moving to Silicon Valley, he worked as a software engineer.
- He subsequently founded IMVU and left Kleiner Perkins.
- Published the Lean Startup in 2011.
Deep Dive: Build Measure Learn Loop
- Social Network for Purchasers and Supply Chain Professionals
- Learn (User Statistics, Backend issues, UX considerations)
- Build (Minimum Viable Product features)
- Measure (Social Network Evaluation Criteria)
Get ahead! – The scientific approach
- Scientific approach to entrepreneurial decision making
- Randomised control trials.
- How startups make decisions.
Training program and experimental design
- A randomised control trial (RCT) with 116 Italian startups.
- 10 sessions of training on how to get feedback and gauge market feasibility.
- The Treatment Group learned the "scientific" approach.
Deep dive: The scientific approach
- Training for identifying problems, theories, defining hypotheses, and conduct rigorous tests.
- Making decisions based on these tools, including evaluating the likelihood of false positives or false negatives when testing ideas.
Overview of training outcomes between groups
- Treatment and control groups, showing key differences.
- The methods used by each group.
Example: Ink dome's validation (treatment group)
- Validation methods used by Ink dome (treatment group).
- Key considerations for validation in a real-world setting.
Conclusion
- Benefits of using a scientific approach to entrepreneurial decision making; increasing performance and evaluating alternatives.
- The role of validated theories in improving businesses.
Agenda (page 55)
- Introduction
- Design Thinking
- Prototyping
- Scientific Lean Start-Up
- Outlook
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Description
This quiz covers the key concepts of the Introduction to Entrepreneurship course, including design thinking, prototyping, and scientific lean startup methodologies. It also discusses the mutual roles of incumbents and successors in the succession process. Participants are encouraged to refresh their understanding and engage with the course material.
