Entrepreneurship
Entrepreneurship is about finding problems and creating solutions.
Key Takeaways
- Ask potential customers what they want and need.
- The way you ask can influence answers.
- Open-ended questions give more context
- Use 5-Whys technique to understand the root cause
⚠️ People will answer from their perspective
Frameworks applied
- Business Model Canvas & 'Desirability, Viability, Feasibility' (DVF)
- Desirability - customers want or need the product.
- Value Proposition
- Customer's Jobs - what tasks/aspirations they need to achieve?
- Pain Points - frustrations customers face
- Gains - what are unexpected benefits?
- Channels - where are the customers?
- Physcial
- Digital
- Customer Relationships
- Personalisation - tailoring the product to individual customers
- Co-creation: Creating the solution with strong customer involvement
- Communities - gathering people with similar interests
- More information
- Customer Segments - who are the customers?
- Demographics
- Psychographics
- Behavioral
- Value Proposition
- Feasibility - business idea is physically possible
- Key Activities
- Operations
- R&D
- Key Resources
- Key Partners
- Key Activities
- Viability - financially self-sustaining
- Revenue Streams
- Cost Structure
- Desirability - customers want or need the product.
- Porter's Five Forces - industry attractiveness check
- Threat of New Entrants - easy for new businesses to start?
- Bargaining Power of Suppliers - difficult to negotiate on costs and volume?
- Bargaining Power of Buyers - difficult to negotiate on prices (revenue)?
- Threat of Substitute Products or Services - how else are customers able to satisfy their needs?
- Rivalry Among Existing Competitors - production capacity and customer
loyalty?
Find their customers' unmet needs.