Assignment 1

Which one of the following mindset involves a high risk of failure?

Innovative mindset

What are some good reasons to be an Entrepreneur?

Create opportunities

Solve real problems

Be successful and inspiring others

In order to consider something as innovation, it should:

All of them

What is Entrepreneurship?

The identification and exploitation of previously unexploited opportunities by enterprising individuals

The pursuit of opportunity beyond resources controlled

Which of the following characteristics might nuture the creative and innovative mindset?

Knowledge

Culture

Attitude

Imagination

Resources

IF A represents "innovation", B "Creativity" and C "Implementation", what is the right definition of

innovation?

B+C=A

What is Innovation?

Invention that produces economic value in the marketplace as the commercialization of new
technologies

Applying creativity to develop unique ideas

Which one of the following requires a routine work not an innovative work?

Flying an airplane

Researching a new source of energy

Teaching a course
Innovation and routine works are similar since both follow a fixed process of undertaking tasks

False

Which of the following represent good opportunities for innovation? [more than one answer]

Introduction of a new technology

Introduction of a new product or improving existing ones

Introduction or improving a service

Introduction of a new method of production (new process)

Assignment 2

This step [x]_________ involves making interview with people and getting their insights.

Empathy

In which step of the DT process, you will make a Point of View statement?

Define

In these steps of the DT, after building a representation of your idea to show it to your users, and going
back to them to evaluate your idea. What are these steps?

Prototype

Test

There are several benefits of the Prototype step of the Design thinking, list at least three ones that you
think are important to you.

Which step of the DT process involves Brainstorming?

Ideate

Which of the following tools/ways can be used in the Empathize step of the Design Thiking?

Observe and Inquire

Interview

Know, feel and understand

Assignment 3

Which of the following are not characteristics of creative people?

Strictly following authority and rules.

Intolerance of ideas of others as a way to think differently.

What is the link between innovation and entrepreneurship?

B and D

What are needs? [two answers]

A physical, psychological or cultural requirement of an individual or group that is missing or not met
through existing solutions.

Verbs and activities (not nouns or solutions) that capture the motivations and emotions of people.

Listen to the attached video Interview, and list all the effective ways to conduct a good and effective
interview session.

Time your interview

Prepare good questions

Prepare how to conduct the interview (recording and taking notes)

Try it out before the real interview

Which of the following are good sources of new business ideas?

Business news about market trends, successes and failures.

Discussions with distributors of similar products.

Formal and informal experimentations with new concepts.

Challenges, difficulties and frustrations in life.

Consumers? complaints.

Which ones of the following approaches are involved in the Empathy phase of the Design Thinking
process? [more than one answer]

Interview

Observe

Understand

Immerse

Which one of the following type of thinking will help the designer to come up with different ideas and
choices.

Divergent thinking

"In this step of the Design Thinking process, the user and designer interact to dig deep and learn about
an experience through questionning, observing and listening."

Empathy
Which step of the five Design thinking process does not necesssarily involve any interaction with the
user? [two answers]

Define

Ideate

The following image represents a _______________ map:

Journey

What are the first two setps of the Design Thinking Process

Empathy

Define

Which ones of the following best describe the Empathy step? [more than one answer]

Empathy is known as the centerpiece of the human-centered design process

It involves making an effort to understand the needs and experience of the others or users

Work to fully understand the experience of the user for whom you are designing, through observation,
interaction, and immersing yourself in their experiences

Match each Design thinking step to its definition.

Empathy

In this step you will collect enough data about the user to find a real need/challenge by interviewing,
observing and engaging.

Define

In this step, you will re-frame the problem (listing all types of problems that might occur) and come up
with the final problem statement using the Personal Point of View POV and How Might We do....

Ideate

In this type, you and your team will develop several ideas related to the data collected in the previous
steps. Some of the techniques you use are brainstorming, ideas mapping...

Prototype

In this step, you will develop a cheap and quick physical representation of your solution using recycling
material or sketching the solution...

Testing

In this step, you want to see how the user use your final solution in order to collect feedback about the
solution. You can involve the user and ask him/her questions on the features and how it will solve or
improve his need/problem.

Assignment 4:
Which of the following applies to the IDEATE step of the design thinking?

Brainstorm potential solutions, select and develop your solution

What are the best practices when Brainstorming?

Come up with a lot of ideas

Differ any judgment

Build on others' ideas

Be Visual

Using the following image: Which step of the DT process involves the divergent and convergent
thinking?

Ideate

"_________ represents the transition from identifying problems to creating solutions for your users.
________is your chance to combine the understanding you have of the problem space and people you
are designing for with your imagination to generate solution concepts. Particularly early in a design
project, _________ is about pushing for a widest possible range of ideas from which you can select, not
simply finding a single, best solution.” What is it?

Ideation

Before you start the ideation process, its always recommended to do the...

HMW "How might we questions"

Which of the following are true statements about Divergent and Convergent thinking? [more than one
answer].

Both divergent and convergent thinking are used in the ideation and brainstorming process

Divergent thinking allows the user to generate several ideas without judgment or criticism while in
convergent thinking the user focus, evaluate and select the best ideas.

Once you finish the brainstorming session (ideation), the next to do is to focus the best ideas or
solutions for your challenge/problem, this step is called the convergent thinking. Which ones of the
following are best practices when you focus your best idea(s)? [more than one answer]

No voting

Communicate your idea simply and clearly

Evaluate with open mind

Accept ambiguity

Which ones of the following tools you might use in the IDEATE step of the Design Thinking?

Brainstorm
StoryBoard

Mindmap and sketches

What is the key element in a successful transition from the Define stage to the Ideate stage in design
thinking?

The problem statement

Which of these is an effective question to use in the transition stage between Define and Ideate in
design thinking?

How might we increase battery life?

The transition from the Define stage to the Ideate Stage in design thinking is a move from focusing on
_____ to focusing on _____.

Problems, solutions

What is the role of the Define stage of design thinking?

To define the problem that needs to be solved.

In design thinking, how is a good problem statement assembled?

By understanding the user and his or her needs.

In design thinking, point of view in crafting a problem statement should _____

Provide focus for the team when problem-solving.

What is the next step after a good brainstorming session?

It is an evaluation of ideas to see which ones are feasible

Assignment 5:

Which one of the following best describes a strategy?

A plan of the actions that an entreprise will take to achieve its mission and goals

When developing your business strategy, you always analyze the following business threats that might
negatively impact your business?

New substitute in the market

New product in the market

New competitors in the market

Buyer power

Supplier power

What are the promising industries in the near future?

BioMedical

Transporation

Space

Communication

Health care

Tourism

Using the Yahoo case-study pages 12 - 13, answer the following question: What are the main customer
categories?

Large businesses using the Internet

Small home based businesses using internet

individual user/consumer using internet

Match each company with its mission.

We strive to offer our customers the lowest possible prices, the best available selection, and the utmost
convenience.

Amazon

Excellence. Simply Delivered.

DHL

Grow our global business by serving the logistics needs of customers, offering excellence and value in all
that we do. Maintain a financially strong company with broad employee ownership-that provides a long-
term competitive return to our shareowners.

UPS

To provide a global trading platform where practically anyone can trade practically anything

eBay

A ______________ is an imaginative picture of the future, while a ____________ is a description of the

course of action to implement the vision. The mission of an organization is lofty and audacious. It
provides for a theory of change.

vision

mission

What are the correct steps to follow when developing a good Business Strategy?

Develop a vision, mission and a business model

Describeb the key values and competencies

Describe the market and industry for the business

Determine the strenghts and weaknesses of the business

Identify the key factors for success

What are some sources of a business opportunity?

Customers/users problems and challenges

Unique knowledge (expertise)

Improvement of existing products or services

Innovation and discovery of new products/services

Family business

Online research on new trends and future technologies such AI

What is the best definition of a business "Opportunity"?

An opportunity is a timely and favourably juncture of cicumstances providing a good chance for a
successful venture

What is a Startup?

It s a newly established business/venture

When developing a mission, the founder of a venture/entreprise must add some key values to offered
to customers. Which of the following represent key values for a customer [more than one answer]?

Price

Access

Experience

Service

Good/product quality

Using the Yahoo case-study pages 15 - 16, answer the following question: What is the main Risk of
Yahoo! ?

Competition and competitive service

List all reasons not to be an entrepreneur.

Your can work whenever you want

You work by yourself because you can't assemble a good team

You hate and bored by your job

Which one of the following best describes Entrepreneurship?

The pursuit of opportunity without regard to the resources already under control

What are the correct steps of a Business Design Process

vision

Mission

Value(s) proposition

Business Model

Using the following Amazon mission statement "An easily accessible internet site that is always
convenient and provides a wide selection of products at a fair price of the busy, computer-literate
customer". What are the three primary key values of Amazon business?

Price

Product

Access

Using the Yahoo case-study file, pages 11 - 16, answer the following question: How will Yahoo! make
money (business model) pages 11 - 16.

Sponsorship and advertisement

Match the following companies with their primary value proposition.

Starbucks and Disney Land

Experience

Wal_Mart and Visa

Price

Amazon and Ebay

Access

Toyota and Mercedes

Prodcut

When developing a new idea or a new startup/venture, you always consider the following Business
Risks?

Team risk

Market risk

Technological risk

Capital or Financial risk

Which ones of the following questions will help you when you develop a vision for your
business/venture?

What business are you in?

What is your goal or purpose?

What do you wish to achieve with this business?

Assignment 6:

Each company has its own positioning statement that defines their product and market advantages,
match the following statements to its company.

Apple provides cutting edge technology for tech-savvy consumers who want the top of the line laptops,
computers, and mobile devices. Apple promotes inclusion and accessibility for all and takes
responsibility for its employees in addition to committing itself to sourcing the highest quality materials
and products.

Apple

Starbucks offers the best coffee and espresso drinks for consumers who want premium ingredients and
perfection every time. Starbucks not only values every interaction, making each one unique, but the
brand commits itself to the highest quality coffee in the world.

Starbucks

Enables customers to experience ease and convenience when a car arrives at his location almost
instantly with one tap of a button.

Uber

Provides a user-friendly interface for its users considering customer needs and cultural normsunique to
each country. It provides rapid and logical technology style of living with information that theycan grow
with and benefit from.

Google

What are the five potential market threats (risks)?

New Entrants

Substitutes

Buyers power

Suppliers power

Competitive rivalry

What are the key components of the Customer development process?

Customer discovery
Customer validation

Customer creation

Which one of the following best describes LEAN STARTUP?

A way of developing enterprises based on quick product cycles with intense, hypothesis-driven
experimentation and adaptive learning that allows for a scalable business model paired with an agile
customer development focus.

There are two methods in Lean Startup processes; method I and II. Which one of the following are the
core components of the Lean Startup method I?

Customer development process

Product development process

What are the core components of the Business model Canvas?

Customer/market/product

Cost/Revenue Structure

Activities/partners/resources

Value proposition

Using the PureHarvest startup Website https://pureharvest.ae/ ; what are the strengths of the
PureHarvest?

Use of technology such as the IoT "Internet of things"

Lowest cost

Eco-friendly

Easy-access to products

Premium quality

There are several methods of startup valuation, which ones of the following are correct methods of
valuation [more than one question].

Cost to duplicate valuation

Stage development valuation

Market multiplier

Using the following website DSH; What are some reasons why do Startups fail in Dubai? NB. Sometimes
the link takes time to load.

Challenge of finding reliable data about the local market

Most of startups founders launch a business before determing whether their products or services serve
a market need

Banking and Funding challenges

Using the business canvas, what are the key compnents of the customer/product quadrant?

What are the potential type of customers

The way how we reach the customers

Methods that allow you to keep the relationship with the customers

The needs of the customers

Using the following picture, what are the primary and secondary value propositions of Amazon
company?

Access and Product

In the Lean startup method II using the Agile programming concept, what is the key component that will
allow you to test your product and learn from the customer?

Minimum Viable product

Which ones of the following sources of capital will allow you to Fund your startup and don't loose any
ownership and control of your business? [more than one answer].

Family, Friends and Founders

Crowdsourcing

Angel Capitalists

Bank Loans

Quiz 1:

At what stage of the DT, the designers to fine-tune (improve the solutions and features) need
consumers’ feedback?

Testing

Using the following POV “an adult need a transportation 3 times a week to go to the city. He wants to
share the car with other neighbours because its cheaper and he cares about the environment, he cannot
afford to buy a car. He also want enjoy to talks to other people”. Which ones of the following are good
How Might We questions for the above POV? [more than one answer]

How might we design an easy, cheap and secure transportation?

How might we design a transportation journey joyfull and effective?

The prototype model in the prototype step of the design thinking should include all the following
characteristics? [more than one answer]
Low-cost

Quickly assembled

Minimum features

You will be using How Might We questions to

Brainstorm solutions

What is the next step after a good brainstorming session?

Evaluation of ideas to see which ones are feasible

Who is or what is the center of the Design Thinking?

User

What is a prototype in the design thinking process?

A model that end users can test and give feedback on

What should you do if an end user is critical of your prototype during testing?

Agree with them

Which ones of the following approaches are involved in the Empathy phase of the Design Thinking
Process? [more than one answer]

Interview

Observe

Research

Which of the following would influence your innovative mindset? [more than one answer]

Attitude

Environment

Lifelong learning (Experience)

Cognitive skills (knowledge and intelligence)

Why is the Testing step important in design thinking?

It provides for feedback to refine a product

Which one of the following is not a good opportunity for innovation?

Replicating and idea

Quiz 2:

What is the purpose of the BMC “Business Model Canvas”?

It states the activities, customers, products and financial state of the startup

A quick and easy way to test the business model of a startup

Which ones of the following assert that your business idea is a real market opportunity? [more than
one]

There is a burning need for your product/service

You have customers who are willing to pay for your product/service

Your product has unique characteristics from competitors

You can scale your business

You can easily find investors to fund your business

Choose two reasons why Entrepreneurs are important in the economy?

An important engine of growth in the economy

An important engine that contribute in the development of the society and development of the
communities

Which ones are good values for a startup?

Caring

Transparency and fairness

Trusworthiness

What are some of the ideal qualities of an entrepreneur?

Perseverance

Which ones of the following are important when you Pitch your business idea to investors

Team (skills, dedication…)

Financial status

Market opportunity

The process of creating a new product in the market is called…

Opportunity

Customer segmentation is a way to target a category of customers with specific needs, the customer
segmentation can be based on… [more than one answer]

Age

Gender

Income
According to business reports, around 80% of startups fail. What are some of the common reasons
entrepreneurs or startups fail?

Mismanagement, not taking enough time and efforts to work in the business

Funding concerns

Taking the product too late to the market

The steps to create a Business is called a __________?

Business Plan
👍 1.Which ones of the following would in luence your Innovative mindset? [more
than two answers]
A.
Attitude✅
B.
Environment✅
C.
Failure in life
D.
Market✅

👍 2. Why is the Testing step important in design thinking?

A.
It provides feedback to re ine a product.✅
B.
It creates opportunity for brainstorming.
C.
The Testing step is an optional step.
D.
It allows the design team to de ine the problem.

👍 3. Using the following POV:

"an adult person need a transportation 3 times a week to go to the city. He wants to
share the car with other neighbours because its cheaper and he cares about the
environment, he cannot afford to buy a car. He also want enjoy to talks to other
people".

Which ones of the following are good HMW questions for the above POV? [Two
answers]
How migt we design an electrical car?
f
f
f
How might we design an easy, cheap and secure transportation?✅
How can we make a bus cheap and easy to use?
How might we design a transportation journey joyfull and effective?✅

4. Which ones of the following approaches are involved in the Empathy phase of the
Design Thinking process? [Four answers]
A.
Journey Map✅
B.
Interview✅
C.
Observe✅
D.
Make a Point of View
E.
Research✅

👍 5. The protoytpe model in the prototype step of the design thinking should
include all the following characterstics? [more than two answers]

Low-cost✅
Quickly assembled✅
Minimum features ✅
Final version

👍 6. What is Innovation? [three answers]

A.
 Invention that produces economic value in the marketplace as the
commercialization of new technologies✅
B.
Innovation is a process not an event✅
C.
Applying creativity to develop and implement new ideas✅
D.
Innovation is the synonym of creativity

👍 7.When de ining a problem, you problem statement should include a solution.

True
False✅

👍 8. Which one of the following is NOT a good opportunity for innovation?

A.
Introduction of a new technology
B.
Introduction of a new product or improving an existing one
C.
Introducing a service or a process or improving them
D.
Replicating an idea✅

👍 9. Which two steps of the ive Design Thinking process does not necesssarily
involve any interaction with the user?
A.
Empathy
B.
De ine✅
C.
f
f
f
Ideate✅
D.
Prototype
E.
Test

👍 10. Which ones of the following tools are used in the De ine step of the Design
Thinking?
A.
How Might We questions?✅
B.
Point of View✅
C.
Journey Map
D.
Empathy Map

11. Once you choose your inal idea, you make a prototype and test it, how do you
know that your inal idea/product is a good one?

Write 3 statements/criteria showing that you idea/solution is a good one.

👍 12. Which of these statements are best practices of the Ideate step? [choose two
answers]
A.
Always brainstorm ideas with your team away from the of ice
B.
Come up with different How Might We questions
C.
f
f
f
f
 Always start with the convergent thinking and then divergent thinking to come up
with the inal idea/solution✅
D.
Always refer to your problem statement to focus your ideas✅

👍 13. You will be using the HMW questions to:

A.
Brainstorm solutions✅
B.
Prototype the idea
C.
Test the idea
D.
To de ine the problem

👍 14. The transition from the De ine stage to the Ideate Stage in design thinking is a
move from focusing on ____________ to focusing on _________.
A.
"Needs, prototypes"
B.
"Customers, problems"
C.
"Solutions, problems"
D.
"Problems, solutions"✅
f
f
f
 👍 15. What is a prototype in the design thinking process?
A.
A model used to help de ine the problem that needs solved.
B.
A planning stage for designers to empathize with users.
C.
A model that end users can test and give feedback on.✅
D.
A method of brainstorming to come up with various ideas.

👍 16. At what stage of the DT, the designers to ine-tune (improve the solution and
features) need consumers' feedback?"
A.
Ideation
B.
De ining the need
C.
Protoytping
D.
Testing✅

17. In the De ine step of DT, you need to identify a speci ic user, insights and needs,
what are needs? [two answers]
A.
An idea that a designer develop through an observation
B.
A physical, psychological or cultural requirement of an individual or group that is
missing or not met through existing solutions.✅
C.
Verbs and activities (not nouns or solutions) that capture the motivations and
emotions of people.
D.
A need represents a physical product needed by the society
f
f
f
f
f
👍 18. Which one of the following mindset involves a low risk of failure?
A.
Routine mindset✅
B.
Innovative mindset
C.
Both routine and innovative mindsets
D.
None of them

19. What should you do if an end user is critical of your prototype during testing?
A.
Thank him and ind another user
B.
Explain more and defend your product.
C.
Give him another appointment
D.
Agree with them.✅

21. Design thinking is a linear process which focuses on a collaboration between

designers and users, it brings innovative solutions to life based on how real users
think, feel and behave, this product-centered design process consists of ive core
stages Empathize, De ine, Ideate, Prototype and Test.
True✅
False

22. Which one of the following is the most important in Design Thinking Process?
A.
f
f
f
Product
B.
Used✅
C.
Business’s
D.
Innovation concept

👍 23. Which one of the following type of thinking will help the designer(s) to come
up with a multiple ideas and choices.
A.
Divergent thinking✅
B.
Convergent thinking
C.
Routine mindsets
D.
Interview

👍 24. What is the next step after a good brainstorming session?

A.
Prototype all ideas
B.
Evaluation of ideas to see which ones are feasible✅
C.
Let each individual of the team evaluate the ideas in a separate room
D.
Better to iterate several times before moving to next step
 GEIE222

MODULE I: INNOVATION

What is Innovation?

- An idea that has been transformed into practical reality.

- Invention that produces economic value in the marketplace as the commercialization of
new technologies.
- Applying creativity to develop unique ideas.
- The implementation of creativity.

Innovation= Creativity + Implementation

What is Creativity?

- Bringing old ideas to new products, people and places.

- Is about creating new combinations with existing ideas as well as importing commonly
thought-of things to uncommon places.

What is mindset?

Is a set of values and attitudes.

Innovative mindset vs Routine mindset

Innovative mindset Routine mindset

Risk No risk

Variation No variation

Resilient Do same things

Enhance variance Drive out variance

See old things in new ways See old things in old ways

Break from the past Replicate the past

Make money later Make money now

Example: designing a new car , researching a Example: ying an airplane, settings my goals.
new source of energy.

Types of innovation:

1) Disruptive innovation- old technology + new market

2) Radical innovation- new technology + new market
fl
 What are good opportunities for innovation?

+ New technology
+ New product or improving existing one
+ Improving a service
+ New method of production.

What are the skills for innovative people?

+ Cognitive skills (knowledge)

+ Social & physical skills
+ Environment (surroundings)
+ Self-e cacy ( values, personality, resilient, accept others, open mind)
+ IT skills
+ Time management
+ Honestly & credibility
+ Adaptability
+ Agility & exibility
+ Self-con dent

What are Mega trends / global trends?

- Are the driving forces that de ne the world today and that of tomorrow.
- They are what we know about a likely future.

What are the things might change the world ?

+ Demography (change in the population)

+ Environment & Fragile earth (lack of natural resources, pollution)
+ Technology (big data, AI, IoT, blockchain, cybersecurity)
+ Geopolitics
+ Health, Urbanization & Automation
+ Security
+ Energy, food, water , air

What is Entrepreneurship?

- The identi cation and exploitation of previously unexploited opportunities by

enterprising individuals.
- The nexus of enterprising individuals and promising opportunities.
- The pursuit of opportunity beyond resources controlled.
- Turn into real opportunities
- People who create opportunities
- Who exploit new or existing opportunities
ffi
fi
fl
fi
fi
 What are good reasons to be an Entrepreneur?

+ Create opportunities
+ Solve real problems
+ Be successful and inspiring others.

From where ideas come?

+ Problem faced
+ experience
+ observe & curious
+ Volunteer
+ Memories & travel
+ Events
+ Question “why”
+ Knowledge & skills

How you build your self con dence?

1) Start from your own imagination

2) Do it yourself
3) Try it out
4) Knowledge ( survey, reading, brainstorm, interview, experts)
5) Role modeling
6) Good sources of information
7) Preparation

What makes a good team?

+ Collaboration
+ Creativity & innovation
+ Communication
+ Critical thinking & problem solving

The link between innovation & entrepreneurship

- Entrepreneurs use innovation processes for gaining strategic advantage in markets, by

creating and exploiting change situations as opportunities for value creation.
- Entrepreneurs drive innovation is an attempt to change conditions in markets, as part of
endless cycles of creative destruction.

————————————————————————————————————————

Design Thinking Process

Is a ve steps process
fi
fi
Step 1: EMPATHY

What is Empathy?

- Is the foundation of a human-centered design process.

- To create meaningful innovations, you need to know your users and care about their
lives.

How to empathize?

1) Observe- view users and their behavior in the context of their lives.
2) Engage, understand & interview- interact with and interview users through both
scheduled and short ‘intercept’ encounters.
3) Immerse- experience what your user experiences.

+ Without judgment
+ With a beginner’s eyes
+ With curiosity
+ Respectfully
+ Optimistically
+ Converse not interview

Use What? How? Why?

Tools for Empathy?

1) Journey map- is a tool to visualize the experience of interacting with your brand from
the customer’s point of view. This map is critical because it forces you to look at how your
customers actually experience your brand versus how you think they do.

2) Empathy map- is a collaborative tool teams can use to gain a deeper insight into their
customers. Can represent a group of users, such as a customer segment.

What are the e ective ways to collect data?

+ Open mindset
+ Don’t judge
+ Better to have one user
+ Question everything
+ Get more insights, not only facts
+ Be truly curious

What are the e ective ways to conduct interview?

+ Time your interview

+ Prepare good questions
+ Question everything
ff
ff
+ Prepare how to conduct the interview
+ Try it out before the real interview

Step 2: DEFINE & REFRAMING THE PROBLEM

- Download
- Saturate the collected data
- Group into categories
- Analyze & Synthesize

1) Point Of View (POV)

Statement that focusses on speci c users, and insights and needs.

I) WHO? User- de ne the type of person you are designing for.

II) WHAT? Need- select the most essential needs, which are the most important to ful ll.
III) WHY? Insights- work to express the insights (emotions and motives).

What is needs?

- A physical, psychological or cultural requirement of an individual or group that is missing

or not met through existing solutions.
- Verbs and activities (not nouns or solutions) that capture the motivations and emotions
of people.

2) How Might We? Asking questions

- It should be human-centered — speak to a real need so that you can brainstorm

meaningfully.
- HMWs that are too broad or narrow
- HMWs that don’t spark ideas
fi
fi
fi
 Divergent thinking vs Convergent thinking

- Divergent- expanding your thoughts and developing options in many di erent directions.

- Convergent- narrowing the focus, carefully selecting the best options to take forward,
and importantly always with an open mind.

Step 3: IDEATE

- Is your chance to combine the understanding you have of the problem space and
people you are designing for with your imagination to generate solution concepts.
- Is about pushing for a widest possible range of ideas from which you can select, not
simply nding a single, best solution.

Ideation tools?

+ Brainstorming
+ Worst possible idea
+ Brain-writing
+ Sketching/storyboarding
+ Storytelling
+ Prototyping

Step 4: PROTOTYPE

- Is an early sample or model built to test a concept or process or to act as a thing to be

replicated or learned from.

Why prototype & test?

+ Build to think
+ Learn and advance your idea quickly
+ Change the conversation
+ Get your users reaction

Step 5: TEST

- How the user use your nal solution in order to collect feedback.
- Ask them how it will solve and improve his need/problem.

What are the steps in the design thinking doesn’t need to interact with the user?
1) De ne
2) Ideate
fi
fi
fi
ff
 What are good sources of new business ideas?
1) Business news
2) Discussions with distributors of similar products
3) Formal & informal experimentations with new concepts
4) Challenges, di culties and frustrations in life.
5) Consumers complains

————— ——————————————————————————————————

MODULE 2: ENTREPRENEURSHIP

Promising Industries

+ Information technology
+ Information management
+ Security and Cyber Security
+ BioMedical
+ Transportation
+ Environment and Health Care
+ Communication
+ Tourism, Entertainment and Leisure

What are the indicators to open a business

- Market (customers)
- Product ( attractive & competition)
- Team ( are you ready, can you do it)

Don’t use your own opinion and perceptions, choose others opinion.
You need to research the market, business plan.

How do you know your idea is a good business opportunity?

+ Team- passionate, skills, knowledge, network, tech skills

+ Resources- money, location, online, social capital
+ Product- novel product, best product, added values
+ Market- number of customers, competition
+ Risks- nance, technology, can’t grow the business, obstacles to start business

What is Vision?

- Is a statement of insights, intention, ambition and purpose, or what do you want to

accomplish in the future.
fi
ffi
- An informed and forward-looking statement of purpose that de nes the long-term
destiny of a company.
- Is an imaginative picture of the future

Vision should be:

1) Clear- easy to understand and focused.

2) Consistent- does not change often in response to challenges.
3) Unique- is tailored to the speci c venture.
4) Purposeful- de nes the enduring character of the organization or the culture of the
organization towards the customer or product, the core ideology.

Questions help you to develop your vision:

1) What is your goal or purpose?

2) What business are you in?
3) What do you wish to achieve with this business?

What is Mission?

- Is the description of the course of action to implement the vision.

- The mission of an organization is lofty and audacious. It provides for a theory of
change.

Mission statement include only some of the following elements:

+ core values
+ customers
+ products
+ market
+ competitive advantages
+ values provided to customers.

Mission should be:

1) Concise- Fewer than 100 words

2) Clear- Explanation of Purpose
3) Authentic- Values that stem from the founders’ personal values.
4) Purposeful- Provides reason for being and others to care.
5) Product- Clear explanation of the product.
6) Customers, Stakeholders, etc. - Align all stakeholders.

What is Value Proposition?

fi
fi
fi
- Value is the worth, importance, or usefulness to the customer.
- To be successful, you must o er products that meet the needs and values of the
customer.

Key values

What is Business?

- Involve all activities of selling and buying goods (products/ services)

Why you want to be an Entrepreneur?

+ Independent and freedom

+ Create opportunities & jobs
+ Passion
+ Boredom
+ It doesn’t feel like work
+ Have free time
+ To get new skills
+ Present new challenges
+ I want to be my own boss
+ Creativeness
+ Know many and have experience
+ Learn more and discover
+ To make my own money

What is Opportunity ?

- Is a timely and favorable juncture of circumstances providing a good chance for a

successful venture.

Turning ideas into opportunities:

ff
 + Starting a new business
+ Buying an independent business
+ Buying a franchise
+ Becoming an inventor

To evaluate an opportunity use:

+ Cost/Bene t Analysis
+ Opportunity-Cost Analysis
+ SWOT Analysis

SWOT:

1) Strength ( about yourself )

2) Weakness ( about yourself )
3) Opportunities ( about the market )
4) Threats ( about the market )

To think creatively you should:

+ Challenge the usual “why” and “what”?

+ Be exible
+ Judge later “brainstorm”
+ Draw ideas map
+ Daydream “pick an appropriate time”

Source of opportunities:
fl
fi
• Problems & challenges
• Changes
• Unique knowledge (expertise)
• Improvement of existing products and services
• Innovation & discovery of new products/ services
• Family business
• Online research on new trends & future technologies such AI

What is Business Strategy?

- A plan or road map of the actions that a rm/ enterprise or organization will take to
achieve its mission or goals.

Business Strategy should be:

+ Action- oriented
+ Simple & clear

Steps to develop a good Business Strategy:

Step 1- develop a vision, mission and a business model.

Step 2- describe the key values and competencies.
Step 3- describe the market and industry for the business.
Step 4- determine the strengths and weaknesses of the business.
Step 5- identify the key factors for success.

Business Threats:

- New substitute in the market.

- New product in the market.
- New competitors in the market.
- Buyer power
- Supplier power

Reasons NOT to be Entrepreneur:

+ You hate and bored by your job.

+ You work with yourself cause you can’t assemble a good team.
+ You can work whenever you want.

What is Startup?

- New founded company by few founders ( new venture)

fi
 What is Lean startup?

- A new process to start a venture or a business .

- Is a quick way to show your business activities.
- A way of developing enterprises based on quick product cycles with intense,
hypothesis-driven experimentation and adaptive learning that allows for a scalable
business model paired with an agile customer development focus. A process that
undergoes constant changes and iterations.

Bene ts of Lean startup:

+ Start as quick as possible.

+ Fail sooner to learn
+ Build.. test .. learn
+ Agile development
+ Develop your costumer and your product as the same time

Product development process:

- A classic model of business development comprised of concept, development, testing,

and launch.

Customer development process:

- A key process within the Lean startup method, comprised of customer discovery,
validation, creation and company building.

Why customer development process?

+ Parallel process to product development

+ Measurable checkpoints
+ Not tied to FCS, but to customer milestones
+ Notion of market types to represent reality
+ Emphasis is on learning & discovery before execution
fi
 What is a Business model?

- Is a company’s core pro t- making plan which de nes the products or services it will
sell , its target market, and any expected costs.
- A plan for the successful operation of a business, identifying sources of revenue, the
customer target base, product, and details of nancing.

Pro t = Revenue - Cost

What is a Business Canvas Model?

- Provides a way to create a clear business model in a single sheet of paper.

- Made up of 9 blocks.

Why a Business Canvas Model?

+ Easy to understand.
+ Easy to focused.
+ Flexible.
+ Customer focused.
+ Shows connections (key business drivers).
+ Easy to communicate.
+ Easy to alter and modify.

Avoid:

+ A broad de nition of your customer segment.

+ A value proposition that's focused on being the best at something.
fi
fi
fi
fi
fi
+ Key activities that are similar to other rivals in your industry.
+ Cost structure not aligned with unique activities & resources.
+ Not clear about what you won't do. Or trying to be everything to everyone.

What are the business risks?

+ Team risk
+ Market risk
+ Technological risk
+ Capital or Financial risk

What is Business plan?

- Is a written document that describes in details how a new business is going to achieve
its goal.

What is Go-to-Market?

- An organization’s plan to deliver their value proposition to a de ned customer segment.

What is Go-Market-Strategy?

- A plan concerning distribution , promotion and pricing to e ectively plan for the
company’s future growth and success.
ff
fi
What is Market Segment?

- A group with similar needs or wants and may include geographical location, purchasing
power and practices.

What is Market Segmentation?

- The division of the market into segments that have di erent buying needs, wants and
habits.

1) Burning need

+ Customers who are willing to pay.

+ Customers thank you for your product/service.
+ Customers act as parents ( share his/her info , feelings , I’m coming back)

2) Big Enough Market

3) Product Di erentiation

+ What is unique about your product?

+ What make your product special from others?
+ Why should I buy it?
+ What are the features?

3) Positioning Statement

What is positioning?

- The act of designing the product o ering and image to occupy a distinctive place in the
target customer's mind, with a product-market-team t.
ff
ff
ff
fi
 What is positioning statement?

- A written statement that helps to de ne the positing of a product by stating the target
customer, need, product category and bene t.

For ( target customer )

Who ( statement of need or opportunity)
The ( the product/service name ) is a ( product category)
That/ Why ( statement of bene t )

What are the di erence between Entrepreneurs and Investors?

Entrepreneurs Investors

who identify and create opportunities who invest in business with calculated risks

take risk they see obstacles

focused on building a successful business are interested in investing and making a pro t
to grow their portfolio
want to maintain their wealth and preserve
their capital

What is risk reduction?

- The key gap between the mindset of entrepreneurs and investors, for an entrepreneur to
align their mindset with investors.

Methods to evaluate a startup:

- is valued by the growth stages.

1) Seed
2) Business plan
3) Pro t
4) Market growth

Investors questions might be:

+ How much you spend in the startup initial stage?

+ Did you make any sales?
+ What are the total sale and pro t?
+ How many customers?
+ How many customers are you projected?
+ How much pro t you might make?
fi
fi
ff
fi
fi
fi
fi
fi
 How to value a startup?

1) Determine the company's worth.

2) Look to angel or investors to raise much-needed capital to get their business o the
ground.
3) Start-ups are hard to value because they don’t yet have operating income.
4) Discounted cash ows approach can be used to value both start-ups and established
rms.
5) Cost-to-duplicate and stage valuation are unique to new ventures.

Types to evaluate your startup?

+ Stage valuation/ development

+ Market multiple
+ Cost-to-Duplicate

What are the sources of capital?

Sources Meaning Estimated Advantages Disadvantages

Company Value
FFF ( Friends, - 5000- 20,000 Less stress Not having
Family, experience &
Founders) expertise

Angel capitalist Wealthy 15,000- 40,000 Help you from Silent partners,
individuals, seed/ idea ask to return
usually
experienced
entrepreneurs,
who invest in
business startups
in exchange for
equity in the new
ventures.
Venture Wealthy 50,000- 1 million Expertise, Share your pro t
capitalist individuals or customers
entrepreneurs, reputation
who invest in
business startups
often for no
equality or
ownership
(sometimes a
small amount of
equality).
Partnership 50%- 50% Work with you Divide your
pro le
fi
fi
fi
fl
ff
Crowdsourcing ( Obtaining fund 10$ - 50,000$ Online website
websites like and money using
GoFundMe and internet and
Kickstarter ) social media .

Personal The founders

investment cash, this proves
to investors and
bankers that you
have long-term
- - -
commitment to
your project and
that you are
ready to take
risks.

Pitching (presenting)?

+ Storytelling
+ Make the audience the hero.
+ Focus on the audience, the problem of the audience and your service/product will help
them.
+ Don’t try to sell or encourage them to buy your product.
+ Design your pitch around the audience.
+ Generate empathy .
+ Consider a real need of your audience.
+ Use pictures
+ Present data in simple and attractive way.
+ Keep it simple so everyone can understand you.

How to Present an Entrepreneurial Investment?

1) Entrepreneurial team
2) Market opportunity
3) Initial product/solution
4) Financial plan

What is Competition or substitutes products?

- Risks that can obstruct your business.