Entrepreneurship Theory Process Practice

The learn stage of the build-measure-learn feedback loop is a process in which one learns by trying out an initial idea and then measuring it to validate the effect.

A new venture goes through five specific phases.

Many entrepreneurs do not understand the marketing life cycle of a new product.

Timing has little to do with a new venture's success or failure.

Obtaining external financing is one of the major types of problems for a new venture during its first year.

Most entrepreneurs hire lawyers to brief them on the legal issues surrounding a new venture.

Lack of transparency and trust by the entrepreneur is a common cause of new-venture failure.

An entrepreneur's decision to ignore the market is safe if he or she is sure that the idea will be a success.

With a nonroutine venture, the initial innovation will maintain the company's competitive advantage without new technology.

Design is now a hot topic in the business world.

The Lean Start-Up methodology is hypothesis-driven.

The build-measure-learn feedback loop begins with identifying which hypotheses to test and ends with requiring the entrepreneur to take a look at the results and determine whether a pivot is required.

In design-centered entrepreneurship, the entrepreneur applies design methods in six action stages of developing an opportunity.

The growth pattern of sales is critical for an entrepreneur to make correct forecasts.

Pricing becomes less of a concern when customers know about a product's unique characteristics that are superior to the competition.

Investors are willing to invest even if they do not immediately see the potential for growth and profit.

Mistakes and failures along the way are to be seen as poor planning and actually hinder the design methodology.

The maverick entrepreneur who avoids reaching out and finding help is a myth of the past.

The entrepreneurial motivations of individuals relate to the entrepreneur, the environment, and the venture.

The comprehensive feasibility analysis approach is closely related to the preparation of a thorough business plan.