Streetscooter (Subject) / 5 The Mindset (Lesson)
There are 12 cards in this lesson
Thinking and acting like an entrepreneur
This lesson was created by moxaachen.
- Difference between self-efficacy and overconfidence Self-efficacy (is vital): High perceived feasibility; Building of entrepreneurial intentions and high likelihood of success Overcondidence (is detrimental): Over-asses their abilities; Ignore important information and increased probability of failure
- Why overconfidence leads to failure in business Locus of Control: Overestimating the control of external factors Increased Information: Having too much information can make it easy to miss the important points Autopilot Mode: With experience comes a tendency to neglect the simple essentials The Hard-Easy Effect: Underestimating easy tasks and being overconfident when faced with harder ones
- How to make the best out of failure Call failure something else Use failure as stepping stone Never fail alone Do not hide your failures Redefine what you want
- The Build-Measure-Learn Loop Idea - Build - Product - Measure - Data - Learn - Idea----
- The Build-Measure-Learn Loop Build: The Leap of Faith (Hypothesis) Product: Build the MVP Measure: Reliability unequals Vanity metrics Data: Split tests and cohort analyses Learn: Validated learning Idea: Pivot or preserve
- MVP Purpose: Test leap-of-faith assumptions, Learn as fast as possible Design AND technical questions Target groups are early adopters Features: Generate feedback for one hypothesis BML cycle time is minimal No additional features/design
- Different approaches of entrepreneurs and non-entrepreneurs Entrepreneurs: define resources - Decisions based on resources - Create best possible outcome Non-Entrepreneurs: Define resources - Decisions based on goals - Define goals
- The entrepreneurial process Means - Goals - Interaction - Commitment New Goals New Means Contigency
- Partnership vs. team member Define: Required know-how, skills, expertise; Important key tasks and action steps, Prerequisites to success Partnership: One-time or periodic - peripheral and key tasks Team member: Consistently essenential for business
- Possible stakeholders you can look for External: Shareholders, Creditors, Competition, Society, Suppliers, Customer, Government Internal: Founder, Employees, Management
- Advantages of partnership New ideas and changing business goals Greater pool of resources and ideas Higher growth potential Higher focus on own expertise Shared risks and losses It is important to build a network of committed partners
- What you should keep in mind when building partnerships Visualize Stakeholders Mark relationships Get connected