Creating Value for Entrepreneurs
-
Upload
mohammad-tawfik -
Category
Education
-
view
1.739 -
download
2
description
Transcript of Creating Value for Entrepreneurs
![Page 1: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/1.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Creating Value
Mohammad Tawfik
![Page 2: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/2.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Reference:The Personal MBABy: Josh Kaufman
http://personalmba.com/
![Page 3: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/3.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Make something people want . . . There’s nothing more valuable than an unmet
need that is just becoming fixable. If you find something broken that you can fix for a lot of people, you’ve found a gold mine.
PAUL GRAHAM, FOUNDER OF Y COMBINATOR, VENTURE CAPITALIST, AND ESSAYIST AT PAULGRAHAM.COM
![Page 4: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/4.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
The value you create can take on one of several diferent forms, but the purpose is always the
same: to make someone else’s life a little bit better.
![Page 5: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/5.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Roughly defined, a business is a repeatable process that:
![Page 6: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/6.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
1. Creates and delivers something of value . . .
![Page 7: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/7.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
2. That other people want or need . . .
![Page 8: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/8.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
3. At a price they’re willing to pay . . .
![Page 9: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/9.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
4. In a way that satisfies the customer’s needs and expectations . . .
![Page 10: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/10.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
5. So that the business brings in enough profit to make it worthwhile for the owners to continue
operation.
![Page 11: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/11.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
A venture that doesn’t create value for others is a hobby.
A venture that doesn’t attract attention is a flop.
A venture that doesn’t sell the value it creates is a nonproit.
A venture that doesn’t deliver what it promises is a scam.
A venture that doesn’t bring in enough money to keep operating will inevitably close.
![Page 12: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/12.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
The FIVE-PARTS of business
![Page 13: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/13.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Every business is fundamentally a collection of five Interdependent processes, each of which
flows into the next:
![Page 14: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/14.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
1. Value Creation. Discovering what people need or want, then creating it.
![Page 15: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/15.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
2. Marketing. Attracting attention and building demand for what you’ve created.
![Page 16: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/16.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
3. Sales. Turning prospective customers into paying customers.
![Page 17: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/17.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
4. Value Delivery. Giving your customers what you’ve promised and ensuring that they’re
satisifed.
![Page 18: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/18.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
5. Finance. Bringing in enough money to keep going and make your effort worthwhile.
![Page 19: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/19.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Don’t go around saying the world owes you a
living. The world owes you nothing, it was here first.
—MARK TWAIN,
AMERICAN NOVELIST
![Page 20: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/20.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Market matters most; neither a stellar team nor fantastic product will redeem a bad
market.
Markets that don’t exist don’t care how smart you are.
MARC ANDREESSEN, VENTURE CAPITALIST AND
FOUNDER OF NETSCAPE AND NING.COM
![Page 21: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/21.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
What may drive customers to you?
![Page 22: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/22.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
According to Harvard Business School professors Paul
Lawrence and Nitin Nohria, the authors of "Driven: How Human Nature Shapes Our Choices",
all human beings have four Core Human Drives that have
a profound inlfuence on our decisions and actions:
![Page 23: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/23.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
The Drive to Acquire.
The desire to obtain or collect physical objects, as well as immaterial qualities like status, power, and
inlfuence.
![Page 24: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/24.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Businesses built on the drive to acquire include retailers, investment brokerages, and political
consulting companies.
![Page 25: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/25.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Companies that promise to make us wealthy, famous, influential, or powerful connect to this
drive.
![Page 26: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/26.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
The Drive to Bond.
The desire to feel valued and loved by forming relationships with others, either platonic or
romantic.
![Page 27: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/27.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Businesses built on the drive to bond include restaurants, conferences, and dating services.
![Page 28: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/28.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Companies that promise to make us attractive, well liked, or highly regarded connect to this drive.
![Page 29: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/29.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
The Drive to Learn.
The desire to satisfy our curiosity.
![Page 30: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/30.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Businesses built on the drive to learn include academic programs, book publishers, and training
workshops.
![Page 31: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/31.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Companies that promise to make us more knowledgeable or competent connect to this drive.
![Page 32: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/32.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
The Drive to Defend.
The desire to protect ourselves, our loved ones,and our property.
![Page 33: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/33.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Businesses built on the drive to defend include home alarm systems, insurance products, martial
arts training, and legal services.
![Page 34: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/34.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Companies that promise to keep us safe, eliminate a problem, or prevent bad things from
happening connect to this drive.
![Page 35: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/35.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Twelve Standard Forms of Value
![Page 36: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/36.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Value is not intrinsic; it is not in things. It is within us; it is the way in
which man reacts to the conditions of his environment.
—LUDWIG VON MISES, AUSTRIAN ECONOMIST
![Page 37: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/37.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
1. Product. Create a single tangible item or entity, then sell and deliver it for more than what it cost to
make.
![Page 38: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/38.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
2. Service. Provide help or assistance, then charge a fee for the benefits rendered.
![Page 39: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/39.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
3. Shared Resource. Create a durable asset that can be used by many people, then charge for
access.
![Page 40: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/40.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
4. Subscription. Offer a beneit on an ongoing basis, and charge a recurring fee.
![Page 41: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/41.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
5. Resale. Acquire an asset from a wholesaler, then sell that asset to a retail buyer at a higher
price.
![Page 42: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/42.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
6. Lease. Acquire an asset, then allow another person to use that asset for a predefined amount
of time in exchange for a fee.
![Page 43: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/43.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
7. Agency. Market and sell an asset or service you don’t own on behalf of a third party, then collect a
percentage of the transaction price as a fee.
![Page 44: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/44.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
8. Audience Aggregation. Get the attention of a group of people with certain characteristics, then sell access in the form of advertising to another
business looking to reach that audience.
![Page 45: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/45.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
9. Loan. Lend a certain amount of money, then collect payments over a predefined period of time equal to the original loan plus a predeined interest
rate.
![Page 46: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/46.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
10. Option. Ofer the ability to take a predefined action for a fixed period of time in exchange for a
fee.
![Page 47: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/47.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
11. Insurance. Take on the risk of some specific bad thing happening to the policy holder in
exchange for a predefined series of payments, then pay out claims only when the bad thing
actually happens.
![Page 48: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/48.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
12. Capital. Purchase an ownership stake in a business, then collect a corresponding portion of
the profit as a one-time payout or ongoing dividend.
![Page 49: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/49.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
The Iteration Cycle is a process you can use to make anything better over time
![Page 50: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/50.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Iteration has six major steps
WIGWAM method:
![Page 51: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/51.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
1. Watch—What’s happening? What’s working and what’s not?
![Page 52: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/52.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
2. Ideate—What could you improve? What are your options?
![Page 53: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/53.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
3. Guess—Based on what you’ve learned so far, which of your ideas do you think will make the
biggest impact?
![Page 54: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/54.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
4. Which?—Decide which change to make.
![Page 55: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/55.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
5. Act—Actually make the change.
![Page 56: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/56.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
6. Measure—What happened? Was the change positive or negative?
Should you keep the change, or go back to how things were before this iteration?
![Page 57: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/57.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Feedback
![Page 58: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/58.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
1. Get Feedback from real potential customers instead of friends and family.
Your inner circle typically wants you to succeed and wants to maintain a good relationship with
you, so it’s likely that they’ll unintentionally sugarcoat their Feedback.
For best results, be sure to get plenty of Feedback from people who aren’t personally invested in you
or your project.
![Page 59: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/59.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
2. Ask open-ended questions.
When collecting Feedback, you should be listening more than you talk. Have a few open-
ended questions prepared to give the conversation a bit of structure, but otherwise encourage the other person to do most of the
talking.
Short who/what/when/where/why/how questions typically work best.
Watch what they do, and compare their actions with what they say
![Page 60: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/60.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
3. Steady yourself, and keep calm.
Asking for genuine Feedback (the only useful kind) requires thick skin—no one likes hearing
their baby is ugly.
Try not to get ofended or defensive if someone doesn’t like what you’ve created; they’re doing
you a great service.
![Page 61: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/61.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
4. Take what you hear with a grain of salt.
Even the most discouraging Feedback contains crucial pieces of information that can help you
make your offering better.
The worst response you can get when asking for Feedback isn’t emphatic dislike: it’s total apathy.
If no one seems to care about what you’ve created, you don’t have a viable business idea.
![Page 62: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/62.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
5. Give potential customers the opportunity to preorder.
One of the most important pieces of Feedback you can receive during the iteration process is the
other person’s willingness to actually purchase what you’re creating.
It’s one thing for a person to say that they’d purchase something and quite another for them to be willing to pull out their wallet or credit card and place a real order. You can do this even if the ofer
isn’t ready yet—a tactic called Shadow Testing
![Page 63: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/63.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Assuming the promised beneits of the ofering are appealing, there are nine common Economic
Values that people typically consider when evaluating a potential purchase. They are:
![Page 64: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/64.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
1. Eficacy—How well does it work?
![Page 65: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/65.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
2. Speed—How quickly does it work?
![Page 66: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/66.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
3. Reliability—Can I depend on it to do what I want?
![Page 67: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/67.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
4. Ease of Use—How much efort does it require?
![Page 68: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/68.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
5. Flexibility—How many things does it do?
![Page 69: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/69.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
6. Status—How does this afect the way others perceive me?
![Page 70: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/70.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
7. Aesthetic Appeal—How attractive or otherwise aesthetically pleasing is it?
![Page 71: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/71.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
8. Emotion—How does it make me feel?
![Page 72: Creating Value for Entrepreneurs](https://reader033.fdocuments.net/reader033/viewer/2022052522/554c6b2eb4c9057c778b4c46/html5/thumbnails/72.jpg)
Creating ValueMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
9. Cost—How much do I have to give up to get this?