Download Business Model Canvas: Understanding the Elements and Process and more Quizzes Entrepreneurship Development in PDF only on Docsity! TERM 1 business model DEFINITION 1 -A ____ ____ describes the rationale of how an organization creates, delivers, and captures value -Plans for making money TERM 2 Key Resources DEFINITION 2 Business Canvas Model Parts: -___ _____: The most important assets required to make a business model work (ex: truck, restaurant, and kitchen) TERM 3 Key Activities DEFINITION 3 Business Canvas Model Parts:-___ _____:The most important things a company must do to make its business model work TERM 4 Key Partnerships DEFINITION 4 Business Canvas Model Parts: -___ _____: The network of suppliers and partners that make the business model work (ex: bank, suppliers) TERM 5 Cost Structure DEFINITION 5 Business Canvas Model Parts:-____ ______:Describes all costs incurred to operate a business model TERM 6 Customer Segments DEFINITION 6 Business Canvas Model Parts:-_____ _____: The different groups of people or organizations an enterprise aims to reach and serve TERM 7 Customer Relationships DEFINITION 7 Business Canvas Model Parts:-_____ _____: The types of relationships a company establishes with specific customer segments TERM 8 Channels DEFINITION 8 Business Canvas Model Parts: -_____: How a company communicates with and reaches is customer segments TERM 9 Revenue streams DEFINITION 9 Business Canvas Model Parts: -____ ______: The cash that a company generate from each Customer Segment TERM 10 Value propositions DEFINITION 10 Business Canvas Model Parts:_____ _____ (middle): The bundle of products and services that create value relative to costs for a specific customer segment TERM 21 Define the purpose of the test DEFINITION 21 Concept testing process:1.????2. Choose a survey population3. Communicate the concept (ex: verbal description, sketch, photograph, storyboard, video, working prototype)4. Measure customer response5. Interpret the results6. Reflect on the results and the process TERM 22 Choose a survey population DEFINITION 22 Concept testing process:1.Define the purpose of the test2. ????3. Communicate the concept (ex: verbal description, sketch, photograph, storyboard, video, working prototype)4. Measure customer response5. Interpret the results6. Reflect on the results and the process TERM 23 Communicate the concept (ex: verbal description, sketch, photograph, storyboard, video, working prototype) DEFINITION 23 Concept testing process:1.Define the purpose of the test2. Choose a survey population3. ????4. Measure customer response5. Interpret the results6. Reflect on the results and the process TERM 24 Measure customer response DEFINITION 24 Concept testing process:1.Define the purpose of the test2. Choose a survey population3. Communicate the concept (ex: verbal description, sketch, photograph, storyboard, video, working prototype)4. ????5. Interpret the results6. Reflect on the results and the process TERM 25 Interpret the results DEFINITION 25 Concept testing process:1.Define the purpose of the test2. Choose a survey population3. Communicate the concept (ex: verbal description, sketch, photograph, storyboard, video, working prototype)4. Measure customer response5. ????6. Reflect on the results and the process TERM 26 Reflect on the results and the process DEFINITION 26 Concept testing process:1.Define the purpose of the test2. Choose a survey population3. Communicate the concept (ex: verbal description, sketch, photograph, storyboard, video, working prototype)4. Measure customer response5. Interpret the results6. ????? TERM 27 communicating the concept DEFINITION 27 these are examples of what?verbal description, sketch, photograph, storyboard, video, working prototype TERM 28 buy; how much DEFINITION 28 Lean Start-up: -Ideas promoted by Eric Reis in his book, Lean Start up -Based on the principles of Lean Manufacturing -Key assumption: Entrepreneurs do NOT know what customers will actually ___, and for ___ ___ TERM 29 learning DEFINITION 29 Lean Start up:-Goal: Minimize waste in the ____ process TERM 30 Scientific DEFINITION 30 Lean Start up:-Key Tools: _____ methods and hypotheses testing TERM 31 build--measure-learn DEFINITION 31 what is the Lean Start up Process? TERM 32 Build DEFINITION 32 Part of Lean sart up: -____: A Minimum Viable Product (feature) TERM 33 Measure DEFINITION 33 Part of Lean sart up:-______: customers (early adopters) responses -Qualitative-talk to them -Quantitative-measure what they do TERM 34 Learn DEFINITION 34 Part of Lean sart up:-____: continue to experiment/improve or pivot TERM 35 feasibility study DEFINITION 35 More advanced and comprehensive pre-business plan- traditional tool
