# data[].attributes.body
Product development can start from a targeted market with an identified customer need to the opposite of starting from a technology, which is turned into a product, which is capable of delivering a specific application which can be of use in the market.

There are many market trends in the modern world such as: Political, Economic, Social, Technological, Legal, and Environmental. All of these need new products to solve new needs.

# data[].attributes.body
INNOVATION IS CHANGE

Entrepreneurship is the managerial process for creating and managing innovation.

It is opportunity-focused.

Innovation is a tool for entrepreneurs. They take change as a business opportunity.

Feasibility: Relates to the technical aspect of a product.

Viability: Relates to the capacity  of the product to operate in a sustainable business model.

Desirability: Relates to the functional aspect of the product.

# data[].attributes.body
Part of developing a new business venture is making sure you know where to sell it. Most people like to believe in their instinct and go with their first gut feeling but we always need testing to make our hypothesis true.

You should AT LEAST conduct about 30 surveys to get an insight about how your ideal market would behave.

Never asume you already know your customer, let them talk and conduct follow up questions, you will be surprised by their answers.

# data[].attributes.body
GET OUT OF THE BUILDING!

Goals of Customer Discovery:
- In/Validate Problem
- In/Validate Business Model Hypotheses
- Identify and Test MVP
- Receive insights of statistical relevance

Where to find interview subjects?

-  Make referrals happen
- Enterprise customers
- Benefiting from gatekeepers
- Online forms and landing pages
- Students and researchers
- Linked In

TAKE GOOD NOTES

# data[].attributes.body
Innovators: Constitute a small part of the total market. They are enthusiastic about new technologies and they are ready to take risks.
Early Adopters: They are often referred to as visionaries. They are not professionally involved in technology, but they see new applications and opportunities for innovation.
CHASM: where the innovation has been accepted by Enthusiasts, but not yet by the Pragmatists Early Majority: waiting for proof from early adopters.
Late Majority: They are skeptics for whom the
Technology adoption is only possible after others
people have tested it.
Laggards: They are the most prominent skeptics they
are the slowest to get used to the new conditions.
They only adapt to change when they are forced to.

# data[].attributes.body
Hypotheses are instruments you use to prove or refute your assumptions.  In the current context,  we focus on your business hypothesis,  which is defined as:

an assumption that your value proposition, business model, or strategy builds on.

what you need to learn about to understand if your business idea might work.

A well-formed business hypothesis describes a testable, precise, and discrete thing you want to investigate.

# data[].attributes.body
Team behaviour can be unpacked into six categories that are leading indicators of team success.

# data[].attributes.body
Teams need a supportive environment to explore new business opportunities. They cannot be held to a standard where failure is not an option. Failure will occur, but failure isn’t the goal. The goal is to learn faster than the competition and put that learning into action.

# data[].attributes.body
Teams often lack a shared goal, context,  and language when being formed. This can be devastating later on, if not resolved during the team formation and kickoff.  The Team Alignment Map, created by  Stefano Mastrogiacomo, is a visual tool that allows participants to prepare for action:  hold more productive meetings and structure the content of their conversations.

# data[].attributes.body
The design loop has three steps.

1. Ideate: first you try to come up with as many alternative ways as possible to use your initial intuition or insights from testing to turn your idea into a strong business. Don’t fall in love with your first ideas.

2. Business Prototype:  then you narrow down the alternatives from ideation with business prototypes. When you start out you might use rough prototypes like napkin sketches. Subsequently, you can use the Value Proposition Canvas and Business Model Canvas to make your ideas clear and tangible.

3. Assess:  here you assess the design of your business prototypes. You ask questions like “Is this the  best way to address our customers’ jobs,  pains, and gains?,” or, “Is this the best way  to monetize our idea?,” or, “Does this best  take into account what we have learned  from testing?” Once you are satisfied with the design of your business prototypes you start testing in the field or go back to testing, if you are working on subsequent iterations.

# data[].attributes.body
A good experiment is precise enough so that team members can replicate it and generate usable and comparable data.

Defines the “who” precisely (test subject)

Defines the “where” precisely (test context)

Defines the “what” precisely (test elements)

Experiments are the means to reduce the risk and uncertainty of your business idea.

# data[].attributes.body
Evidence is what you use to support or refute the hypotheses underlying your business idea. It is data that you get from research or generate from business experiments. It can come in many different forms, ranging from weak to strong evidence.

We define business experiment evidence as:

data generated from an experiment or collected in the field.

facts that support or refute a hypothesis.

possibly of different nature (e.g., quotes, behaviours, conversion rates, orders,  purchases…); can be weak/strong.

In other words, what you receive from the interviews.

Then with this information you present your learning cards where you summarize the insights you got of your business.

# data[].attributes.body
1. Persevere: The decision to continue testing an idea based on evidence and insights. You persevere by further testing the same hypothesis with a stronger experiment, or by moving on to your next important hypothesis.

2. Pivot: The decision to make a  significant change to one or more elements of your ideas, value proposition,  or business model. A pivot often means that some of your earlier evidence may be irrelevant to your new trajectory. It usually requires retesting elements of your business model that you've already tested.

3. Kill: The decision to kill an idea based on evidence and insights. The evidence might show that an idea won't work in reality or that the profit potential is insufficient.

# data[].attributes.body
Pick the right experiment asking yourself these 3 questions:

1. What type of hypothesis are you testing?
2. How much evidence do you already have?
3. How much time do you have until the next major decision point or until you run out of resources?

Rules:

1. Go cheap and fast at the beginning.

2. Increase the strength of evidence with multiple experiments for the same hypothesis.

3. Always pick the experiment that produces the strongest evidence given your constraints.

4. Reduce uncertainty as much as you can before you build anything.

# data[].attributes.body
Each type of customer has a role in the decision process for selecting a product or service for a JTBD.

Types of customers:

- End user: person that actually uses the product
- Influencer: Has input on decisions, but not final say.
- Recommender: States preferences for product, might be an outside "expert".
- Decision Maker: Ultimate purchase authority.
- Economic Buyer: Writes checks/makes financial arrangements.
- Saboteur: Actively seeks to undermine adoption of "threatening" products.

You need to think what questions to asked them based on their behavior.

# data[].attributes.body
Three main types of waste:

- Muda: Non-value adding activities.
- Muri: Overburden, unnecessary demands.
- Mura: Unevenness, peaks of workflow.

# data[].attributes.body
1. Transport
2. Inventory
3. Motion
4. Waiting
5. Over-processing
6. Over-production
7. Defects

# data[].attributes.body
In normal production systems, the work flow is uneven.

Sometimes there is more work than people or machines can handle; at other times, there is not enough work.

# data[].attributes.body
Muri is pushing a machine, a process or a person beyond natural limits.

Overloading people can lead to sloppy work resulting in quality problems and potential safety hazards.

Overloaded equipment causes breakdowns and defects.

Overloading a process means long queues that increase the DP wait time or short-circuit the process, leading to subsequent errors and reruns.

# data[].attributes.body
Scrum is an agile process that allows us to focus on delivering the highest business value in the shortest time.

It allows us to rapidly and repeatedly inspect actual working “solutions” at short intervals of time.

The business sets the priorities. Teams self-organize to determine the best way to deliver the highest priority features.

At every specific time interval (two weeks to a month) anyone can see real working “solutions” and decide to release it as is or continue to enhance it for another sprint.

# data[].attributes.body
Self-organizing teams

Product progresses in a series of “sprints”

Requirements are captured as items in a list of

“product backlog”

No specific engineering practices prescribed

Uses generative rules to create an agile

environment for delivering projects

One of the “agile processes”

# data[].attributes.body
Thrive in uncertainty.
Passion for ownership.
Skilled at persuasion.

Entrepreneurs are curious seekers of adventure, learning, and opportunity. They are also more comfortable with risk. They are driven by a need to own products, projects, and initiatives.

# data[].attributes.headline
Small and Medium Enterprise (SME) Entrepreneurship

# data[].attributes.subject
Small and Medium Enterprise (SME) Entrepreneurship

# data[].attributes.body
This is the type of business that is likely started by one person to serve a local market and grows to be a small or medium-size business that serves this local market.

Such enterprises can be geographically dispersed and the jobs they create are for the most part “non-tradable” in that they cannot be outsourced to someplace else to reduce costs.

The key distinguishing factor is their focus on local markets.

# data[].attributes.body
This type of entrepreneurship is riskier and more ambitious. IDE entrepreneurs aspire to serve markets well beyond the local market. They look to sell their offering at a global or at least at a regional level.

They build their business off some technology, process, business model, or other innovation that will give them a significant competitive advantage as compared to existing companies.

While they are often slower to start, IDE entrepreneurs tend to have more impressive exponential growth when they do get customer traction.

# data[].attributes.attachment_link.title
Green and Red Illustrated Process Infographic

# data[].attributes.body
The Business Model Canvas is a strategic management and lean startup template for developing new or documenting existing business models. It is a visual tool with elements describing a company’s value proposition, infrastructure, customers and finances. It provides an organized way to lay out your assumptions about not only the key resources and key activities of your value chain, but also your value proposition, customer relationships, channels, customer segments, cost structures, and revenue streams.

# data[].attributes.body
1. Create A Shared Language

It allows you to easily describe and manipulate business models to create new strategic alternatives.

2. Simple, Visual and Practical

The canvas is perfect for any good discussion, meeting, or workshop on business model innovation and creates a shared language. It's concept that everybody understands: one that facilitates description and discussion.

3. Discover Opportunities

By going through the process of listing the different parts of your business on the canvas, you begin to visualise and understand the different relationships between the nine building blocks that make up the tool.

# data[].attributes.body
We hire products to fulfill specific needs.

It is structured in a certain way for it to be accurate. For example:

When I go running, I want to listen to music and track my pace, So I can enjoy my run and lose weight.

# data[].attributes.body
“Disruption” describes a process whereby a smaller company with fewer resources is able to successfully challenge established incumbent businesses. Specifically, as incumbents focus on improving their products and services for their most demanding (and usually most profitable) customers, they exceed the needs of some segments and ignore the needs of others.

Disrupters first appeal to low-end or unserved customers and then migrate to the mainstream market.