Tech Entrepreneurship Chapter 1 Quiz

Study Notes

Lack of Market Need: Products/services fail to solve real problems or fulfill significant needs.
Poor Business Model: Inefficient revenue strategies or unsustainable operations hinder success.
Insufficient Capital: Running out of funds before reaching profitability is a common risk.
Weak Management Team: Inexperienced leadership can lead to poor decision-making.
Competitive Pressures: Intense competition can overshadow startup offerings.
Product Issues: Quality problems, delays, or failure to meet user expectations undermine trust.
Marketing Problems: Ineffective marketing can cause low customer acquisition rates.

Technical Skills: Proficiency required in programming, data analysis, system design, and troubleshooting.
Knowledge: Awareness of relevant technologies, methodologies, and industry best practices is essential.
Tools and Resources: Access to necessary software, hardware, and other technical tools is critical.
Innovation and Adaptability: Ability to learn new technologies and adjust to technical changes enhances competitiveness.
Problem-Solving: Skills to identify and address issues effectively are vital for progress.

Functional Needs: Products must serve practical purposes, like reliability in transport.
Emotional Needs: Offer experiences that evoke feelings, e.g., prestige from luxury brands.
Social Needs: Meet desires for acceptance or status, such as eco-friendly products.
Convenience Needs: Ensure ease of access and use, such as user-friendly mobile applications.
Financial Needs: Address cost concerns and perceived value to enhance affordability.

Value is realized only when customer needs align with technical capabilities, emphasizing the importance of intersection.

Process Innovation: Enhances efficiency, quality, or customer satisfaction through method improvements.
Product Innovation: Involves creating/improving goods/services to meet market demands or customer needs.
Service Innovation: Develops new/improved services or processes to elevate customer experiences and distinguish from competitors.

Waterfall Process: A linear approach to software development with distinct sequential phases (conception to maintenance).
Agile Process: A flexible, iterative project management method that emphasizes collaboration, adaptability, and continuous improvement.

Build: Create a Minimum Viable Product (MVP) to test key hypotheses via a simplified version of the offering.
Learn: Analyze user data and insights to assess validity of assumptions and strategies.
Measure: Collect metrics and feedback from real user interactions to inform decision-making on whether to pivot or persevere.