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| 🇬🇧 | 🇬🇧 |
| Which are the 6 subject of the CiE course? | -Antecedents and requirements for growth -Growth strategies -Growth process & phases -Innovating for growth -Incubators & accelerators -Leadership & human capital |
| What are the 5 main building blocks for the Lean Startup? | -Finding & prioritizing market opportunities -Designing business models -Validated learning (incl customer development) -Building minimum viable products (MVP) -Learning to persevere or to pivot |
| Why is the Lean Startup used? | -Entrepreneurs adopt an outwoard looking learning mindset -Working with a first set of tools to accomplish the search, learning and validation of activities (Blank, 2013). -Designing a business model and developing & testing hypotheses about the business and its profitability (Osterwalder & Pigneur, 2010) -Utilizing a Build-Measure-Learn feedback loop in order to pivot (Ries,2011) -A wide-lens perspective to find different potential market domains ( Gruber & Tal, 2017) |
| Which are first 5 building blocks of the Business Model Canvas? | 1. Customer segments: which customers are we serving? 2. Value proposition: a set of products/services that will help the customer to get the job done 3. Channels: how does the customers want to be reached? 4. Customer relationships: how personalized in order to get, keep & grow customers? 5. Revenue streams: what are customers willing to pay and how? |
| Which are the last 4 building block of the Business Model Canvas? | 6. Key resources: which resources do we need to create value? Factories, A brand, Intellectual property 7. Key activities: what do we need to do, what do we need to be good at? Marketing ,Sales, R&D, …? 8. Key partners: partners who can leverage the business` model? 9. Cost structure: what are the core costs? |
| What does the Business Model Canvas aim to do? | -'How to play’ in a given setting to develop a viable new venture -Provide a framework from which hypotheses related to venture creation & growth can be formulated -How a new venture can create value through delivering products/services as a solution for its customers -‘A leap of faith’ based on a set of created assumptions. Solving a customers problem by a product/service (Osterwalder & Pigneur, 2010) -Testing rapidly hypotheses and refine or change the envisioned business models (Blank ,2013) |
| Describe Validated Learning through the Customer Development Process ( Blank, 2013) | 1. Customer Discovery (contruct hypothesis based on Business Model Canvas, collect data) 2. Customer Validation (Product-Market fit?) 3. The Pivot (In case of sudden changes) 4. Customer Creation (user demand and scale) 5. Company building |
| 1) What is the Minimum Viable Product and 2) what is it used for? | 1) A build – measure- learn loop with minimum of effort and development time 2) MVP contains only the critical features of envisaged product MVP has a tangible, sharable & understanding dimension MVP is a boundary object which facilitates communication & knowledge sharing |
| What is the MVP development in 3 steps? | 1. Planning 2. Analysis & Design 3. Testing & Evaluation |
| What is a pivot? | A structured course correction to test a new fundamental hypothesis about product, strategy |
| Why pivot? | To move closer to or reach a sustainable, repeatable business model which allows growth |
| What is important to do, in order to make the pivot or persevere decision? | Set learning milestones to accumulate information the help the pivot or persevere decision |
| When is it harder to pivot? | The greater the investments made the more difficult it will be to pivot |
| What distinguishes a Rapid Growth Firm? | 1. Employment grows with 15% per year 2. 3year compound sales growth rate 80% or more 3. Capital, scaling and exit strategy |
| What distinguishes the Flat Growing Firms in the post growth economy ( Rieback, 2019)? | 1. Limits to economy and market 2. Building on working ideas and concepts 3. Appropriate solutions (place, time, resources) |
| Name The 4 area attributes of Rapid Growth Firms (RGF) | -Founder Characteristics -Firm Attributes -Business Practices -HRM practices |
| What are the 5 relevant FOUNDER Characteristics? | 1. Relevant industry experience 2. Higher education 3. Entrepreneurial experience 4. Broad social and professional network 5. Size of founding team |
| What are the 6 relevant FIRM Attributes? | 1. Growth oriented vision and mission 2. Commitment to growth 3. Participation in inter-organizational relationships 4. Planning & goal setting 5. Geographic location 6. High buyer concentration |
| What are the 4 relevant BUSINESS Practices? | 1. Creating unique value for customers 2. Customer knowledge 3. Product superiority(quality) 4. Innovation (R&D) |
| What are the 4 relevant HUMAN RESOURCE management practices? | 1. Selective hiring 2. Training and employee development 3. Performance-based incentives (profit sharing/bonus plans) 4. Stock option plans and employee stock ownership plans |
| Why is it so hard to Build Disruptive New Businesses? | -The great majority of companies are adept at producing products & services for existing customers in existing markets -New sustainable growth comes from creating new markets & ways of competing -The reluctance to start new sustainable ventures in good times -Maintaining growth by launching new growth businesses when core business is strong? (s-curves) |
| What is the s-curve? When should you start Building Disruptive New Businesses? | During growth! Break out of ongoing routine before growth starts to decline. |
| Why try attaining distruptive innovations as opposed to sustaining? | -Pace of technological progress creates disruptive opportunities -Disruptive innovations are appealing to existing customers -For new growth one should seek disruptive innovations |
| Name 2 strategies for creating new disruptive growth | 1. Creating a new market as a base for disruption 2. Disrupting the business model from the low end |
| Give some examples of Creating a new market as a base for disruption | -An innovation for customers disabled by money/skills? (e.g. PC-story) -An innovation for customers looking for a ‘simple’ product (e.g. Apple toy) -Help customers do more easily and effective (e.g. digital camera) |
| Give some examples of Disrupting the business model from the low end | -Are prevailing products overshooting what customers really use/want? (e.g. 3 or 18 speed bike?) -A new business model that enables attractive return at prices that can steel the business from the incumbents ( Merck-Medco) |
| Name The three classes of factors to Make the Disruptive Strategy work | 1. Resources (Allocate the required resources for disruptive projects, Right people to lead: Challenges - Experiences – Backgrounds: Capturing ideas for new growth from people in the field) Cash & Patience are not the priorities) 2. Processes (Start before you need to, i.e. when the company is growing, Well functioning flexible mainstream processes ) 3. Values (Setting the right supporting and bold priorities, Create a corporate team responsible for collecting/preparing disruptive innovation ideas) |
| Mention some strong capabilities of young Global Start Ups | -Young firms are more flexible, less bureaucratic -Internal conditions that encourage innovativeness -Strong innovation culture to pursue international markets -Pursuing foreign ventures with a strong marketing orientation |
| What 2 (different) Organisational Culture(s) are there for Born Global Firms? | 1. Int’l entrepreneurial orientation (A leap into new international markets, Overall innovativeness and proactiveness, Support key strategic initiatives) 2. Int’l marketing orientation (Creation of value via key marketing elements, Offer products/services which exceeds the expected value, A foundation to interact with diverse foreign markets) |
| For Born Global firms: what 4 Business Strategies can the Organisational Culture(s) translate into? | 1. Global technological competence (Develop unique products to differentiate) 2. Unique product development (Rise to innovativeness processes and practices) 3. Quality focus (Strong market knowledge with support of competent foreign intermediates) 4. Leveraging of foreign distributor competences (Global technological competences & resources) |
| Name The five key dimensions how companies grow ( Greiner, 1998) | 1. The age or life span of an organization (rigidness!) 2. The size of an organization (hierarchy!) 3. Stages of evolution (smooth growth) 4. Stages of revolution (turbulent times!) 5. Growth rate of the industry (market expectations!) |
| Name The five phases of growth: Evolution and Revolution ( Greiner, 1998) | Phase 1 : Creation (Evolution) vs Leadership (Revolution) Phase 2: Direction (Evolution) vs Autonomy (Revolution) Phase 3: Delegation (Evolution) vs Control (Revolution) Phase 4: Coordination (Evolution) vs Red Tape (Revolution) Phase 5: Collaboration (Evolution) vs “?” (Revolution) |
| What are the Organizational practices in the 5 phases of growth? | Evolution Phase 1 (Creativity): make and sell, informal, individualistic and entrepreneurial, market results, ownership Evolution Phase 2 (Direction): efficient operations, centralized, directive, standards and cost centers, salary and merit increases Evolution Phase 3 (Delegation): market expansion, decentralized and geographical, delegation, reports and profit centers, individual bonus Evolution Phase 4 (Coordination): consolidation, line staff, watchdog, plans and investment centers, profit sharing and stock options Evolution Phase 5 (Collaboration): problem solving and innovation, matrix of teams, participative, mutual goal setting, team bonus |
| Name The five stages of small business growth | Stage 1: Existence (one-man-shop, minimum systems & planning) Stage 2: Survival (Workable business, finance growth, systems development) Stage 3: Success - Disengagement (economic healthy, market size, average earnings) (Stage 3: Success - Growth) Stage 4: Take-off (Decentralized , refined systems, Ops & strategic planning) Stage 5: Resource maturity (Staff & fin.resources, systems developed) |
| Name the 5 main drivers for High Growth | 1. Human Capital (Knowledge is embodied in people) 2. Strategy 3. Human resource management (to enhance firm performance) 4. Innovation 5. Capabilities (to purposefully enact resources, practices, and processes) |
| Define HUMAN CAPITAL in HGF's | -Education and skills -Management experience -Cognitive ability -Domain expertise |
| Define STRATEGY characteristics in HGF's | -Strategic planning -Differentiation strategy (portfolio of products sold in different markets) |
| Define HRM in HGF's | -Employee selection -Employee training -Employee and manager incentive systems |
| Define INNOVATION & CAPABILITIES in HGF’s | -Not process but product innovation -Three different capabilities for high growth: managerial, financial and innovation (-Financial capabilities, i.e. budgeting & cash flow management, financial capital & reporting -Managerial capabilities, i.e. organizational structuring, HR, Marketing & Finance) |
| What are the 3 categories in Transforming for Growth? | 1. Leadership 2. Strategy 3. Culture |
| What are the 7 key success factors in Transforming for Growth? | (Leadership) 1. Take a fresh look at your business (starting with a new leader) 2. Ensure leadership continuity after the transformation starts (Strategy) 3. Take a Long-Term perspective on strategy 4. Prioritize exploration over exploitation 5. Treat transformation as an ongoing capability |
| (cont'd): What are the 7 key success factors in Transforming for Growth? | (Culture) 6. Become a purposeful organization 7. Think biologically Ps: applying more then five of the seven factors chance of achieving successful growth transformation increased with 59% |
| Define the relationship between innovation & product diversification in the case of new ventures (Unidirectional or bidirectional?) | -Resource based view (RBV) usually for established firms: unidirectional link --> First building an innovative position & resource pool then diversifying to exploit the pool’s economies of scope -Sociocognitive theory (SCT) ususally for new ventures: bidirectional link --> between Innovation and Diversification is happening simultaneously |
| Key dimensions for international Marketing strategies (innovation and adaptation) for international growth? | 1. Value innovation (a parallel of differentiation and cost advantages for different industries) 2. Co-created marketing (in co-operation with external partners to support different marketing functions) 3. Low-cost marketing (strategies such as PR, social media) 4. Country adaptation (answering to regional requirements) 5. Customer adaptation (customizing products/projects & using customer brands) |
| What is an incubator? | Physical space for startups that offers the best environment (e.g., low rent, office supplies) possible to ensure startups hatch into healthy businesses |
| When and how did incubation start? | In the 1960's landlords had empty factories they had to pay tax for every month so they decided to do something with it (first generation incubation) |
| What defines incubation generation one? | Using the empty spcae of a building |
| What defines incubation generation two? | Realizing there's potential to increase the survival rate of startups -> offering mentoring and coaching, plus offering coffee etc |
| What defines incubation generation three? | Policy makers and politicians became interested -> added to the portfolio of mentors and coaches into industry experts, accounting and financial advisors, marketing experts, investors etc (whole packcage) |
| What is a lurker company? | Companies in an incubator program who don't integrate or share their knowledge with others |
| What's a zombie company? | A company too poor to live but too rich to die, but it will survive under subsidized forms such as an incubator program (below market rent etc) |
| Definition incubator (as opposed to accelerator)? | Non-competitive, non-cyclical selection 1-5 years Less intense education and mentoring Rent, service income |
| In one sentence, what is an accelerator program? | A fixed-term, cohort-based program, including mentorship and educational components, that culminates in a public pitch event or demo-day. |
| What was the process for the first (Y Combinator) acceleration program? | Entrepreneurs were provided with a space -> worked intensively on their portfolio (sleep, eat, work in the office) -> well known guest speakers would come in (such as mr Zuckerberg himself) -> Demoday! (pitch event) -> gain investors |
| In one sentence, what is an accelerator program? | A fixed-term, cohort-based program, including mentorship and educational components, that culminates in a public pitch event or demo-day. |
| How did acceleration programs begin? | First one was founded by Paul Graham (entrepreneur, essayist, philosopher), Y Combinator in 2005 ''summer founders program'' |
| What are some example questions you may be asked upon application to an accelerator? | -Six months from now, what’s going to be your biggest problem? -Who is “the boss”? -How does this become a billion-dollar company? -Tell us something surprising that has happened. |
| Name 3 design elements of a acceleration program | 1. Consultation intensity 2. Peer disclosure 3. Customized learning |
| What happens after the acceleration program is done, next possible steps (6 are mentioned in the slides)? | 1. Bootstrapping (move out, use return on sales, slowly grow business) 2. Incubation 3. Another accelerator 4. Merger and Acquisition (sell business) 5. Serier A fund (venture capitalist, investor) 6. Failure (60-80%) |
| How much do accelerators normally ask in return? | Around 7% in equity |
| What are the flipsides of accelerators? | -''Accelerators are venture capital in disguise'' (harder to obtain funding, can't exploit information asymmetri in an accelerator) -Rich vs King, the founder dilemma (give up part of the idea and value in order to develop it) |
| Definition accelerator (as opposed to incubation)? | Cyclical, competitive selection Mentorship and educational components Culminating in public pitch event 2-10% equity stake |
| What is academic incubation and acceleration? | Universities pay! (objective to foster entrepreneurship) |
| IXA/Amsterdam venture Studios are using a few policies similar to acceleration/incubation programs, which ones? | -Funding/Access to capital -SSOP support -Entrepreneurship education -Univ. Commercialization -Entrepr. in residence |
| 4 leadership styles in regards to alignment and empowerment? | -Autocracy through ''Autocratic/Centralized Leadership'' (needed in times of stress/pressure-alignment is high) -Abdication through ''Democratic Leadership'' (needs to be avoided-alignment and empowerment is low) -Chaos through ''Laissez –faire Leadership'' (alignment is low) -Leadership ''A distributive leadership'' (GOOD BALANCE of alignment and empowerment) |
| How to pick the correct leadership style? | Focus not only on external challenges, but internal (Human Capital) challenges |
| What is the Human Innovation Challenge ''paradox'' a leader needs to be aware of? | -The external challenge: an alarming shortage of innovation capacity Paradox: -We are using 10-30% of our corporate explicit knowledge -70-90% we are partly (implicit) or not actively using and/or sharing (tacit) |
| Leadership is playing a significant role in knowledge process. What is the process of Organizational knowledge creation? | Sharing, Creating and Capturing -> ''making available and amplifying knowledge created by individuals'' |
| What is the SECI quadrant (for tacit and explicit knowledge)? | Socialization-externalization->combination->internalization |
| What are the 2 leadership dimensions in knowledge creation? | -Centralized leadership -Distributed leadership |
| In the Theoretical framework of leadership in knowledge creation there are three layers, which ones? | -Informal Core Activity Layer -Conditional Layer Formal structural Layer |
| In the -Informal Core Activity Layer: A Distributed Leader enables the transforming of BA within the SECI process. What does BA stand for? | Cultural, social and historical; and physical, virtual and mental. -> Allows participants to interpret information and create meanings across time and space |
| A Distributed Leader also mobilizes KA necessary for transformation. What does KA stand for, and what does it result from? | KA=Knowledge Assets, results from the SECI process and needs to be captures and validated |
| Moving out to the Conditional Layer and Centralized Leader, what happens here? | BA (cultural, social, historical; physical, virtual and mental knowledge) is BUILT by shaping/conditioning/controlling for interplay between Ba, KA & SECI |
| Finally, in the formal structural layer..? | Allocating resources, defining organizational forms, developing knowledge vision, formulating strategies, goals knowledge creation, controlling & monitoring |
| To enable strategic agility, paradoxical leadership is required. What are the capabilities of strategic agility? | -Strategic sensitivity (Being alert, integrate new possibilities, Learning process, to let go, Ideas from top & bottom) -Leadership unity (Bold & fast decision making, Demo strong commitment top, Collectivity, convergent thinking) -Resource fluidity (Raises stability-change tensions, Requires change, switching, novelty, Taking full advantage of resources) |
| Strategic Agility depends on leader’s responses to competing demands. Mention 3 examples of competing demands | - Identify solution levering synergies & distinctions of the opposite elements (PARADOX) -Selecting the option that maximizes advantages and limits disadvantages (TRADE-OFF) - Blend options into single, new alternative that leverages aspects of each opposing element (COMPROMISE) |
| How to become a paradoxical leader? | -Value Paradoxes as ingredient of high performance -Proactively identify and raise tensions (Share diverse perspectives) -Avoid the traps of anxiety & defensiveness (Build comfort & confidence) -Consistently communicate a both and vision (Embrace both aspects of the tension) -Separate efforts to focus on both sides of a paradox (focus on its different elements) |
| In Entrepreneurial Leadership, there are 3 types of capital to develop. Which ones? | -Human Capital -Social Captial -Institutional Captial |
| Define development of Human Capital | -To enhance human capital in terms of knowledge, skills and capabilities -Gaining an overall view of the business |
| Define development of Social Capital | -Peer-to-peer relationship -Bridging social capital |
| Define development of Institutional Capital | -Replicating the conditions of confidentiality, sharing and trust -Institutionalizing and formalizing the opportunity of developing a peer support community |