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Saturday, July 23, 2016

The Vocabulary Of Strategy, Innovation, & Entrepreneurship

The Vocabulary Of Strategy, Innovation, & Entrepreneurship

Added on November 5, 2015 by Kavi Guppta.
Whether you’re new to the world of Value Proposition Design and Business Model Generation, or simply need a refresh, here are key phrases that will help you to better articulate your approach to business strategy and innovation within your company.
Key_Phrases_BM_VP
I’ve also included some quick links to important blog posts, tools, videos, and examples that will help strengthen your skills with these key phrases or concepts.
(Business) Hypothesis
Something that needs to be true for your idea to work partially or fully but that hasn't been validated yet.
Business Model                  
Rationale of how an organization creates, delivers and captures value.
Business Model Canvas                  
Strategic management tool to design, test, build, and manage (profitable and scalable) business models.
Business Tools
Conceptual frameworks that are specifically designed to help business practitioners solve a concrete (and limited) business problem in a real-world context. The best tools are conceptually sound, simple, practical, visual, with a great user interface (UI) and a great user experience (UX). These characteristics makes them fit for the real world and increases adoption by business practitioners.
Call to Action (CTA)
Prompts a subject to perform an action; used in an experiment in order to test one or more hypotheses.
Chief Entrepreneur
someone who can lead the future of the company while the CEO takes cares of running the existing business. This is a huge divergence from the traditional norm for chief roles, but the CE is a necessary position of power to ensure that a company innovates.
Chief Internal Ambassador
The Chief Internal Ambassador knows everything that’s going on in both sides of the company. The CIA knows all of the resources, activities, and patents that exist on the execution arm of the organization, and also has the trust of the powerful people that manage them. The CIA makes sure the Chief Entrepreneur and the team benefits from the strengths of the existing company by negotiating access to elements like clients, a salesforce, the brand, and its skills. This role is the link between the existing company and its innovative partner. Communication on each other’s progress will be integral to finding the right relationship between both sides.
Customer Development                  
Four-step process invented by Steve Blank to reduce the risk and uncertainty in entrepreneurship by continuously testing the hypotheses underlying a business model with customers and stakeholders.
Customer Insight                  
Minor or major breakthrough in your customer understanding helping you design better value propositions and business models.
Customer Profile                  
Business tool that constitutes the right-hand side of the Value Proposition Canvas. Visualizes the jobs, pains, and gains of a customer segment (or stakeholder) you intend to create value for.
Environment Map                  
Strategic foresight tool to map the context in which you design and manage value propositions and business models.
(Business) Experiment/Test                  
A procedure to validate or invalidate a value proposition or business model hypothesis that produces evidence.
Fit                  
When your products and services create customer value because they address relevant jobs, pains, and gains that matter to your customers. There are three types of fit: problem-solution fit; product-market fit; and business model fit.
Jobs to be done                  
What customers need, want, or desire to get done in their work and in their lives.
Lean Startup                  
Approach by Eric Ries based on the Customer Development process to eliminate waste and uncertainty from product development by continuously building, testing, and learning in an iterative fashion.
Learning Card                  
Strategic learning tool to capture insights from research and experiments.
Minimum Viable Product (MVP)
A model of a value proposition designed specifically to validate or invalidate one or more hypotheses.
Progress Board                  
Strategic management tool to manage and monitor the business model and value proposition design process and track progress towards a successful value proposition and business model.
Prototyping (low/high fidelity)
The practice of building quick, inexpensive, and rough study models to learn about the desirability, feasibility and viability of alternative value propositions and business models.
Search & Implement
A constant back and forth between where you design and test business models and value propositions. You continually iterate between what you design and what you test (implementation) until you find a value proposition that customers want, that can also be embedded into a scalable and profitable business model.
Test Card
Strategic testing tool to design and structure your research and experiments.
Validate/Invalidate (Tests)
A series of hypotheses you will test that will either prove your assumptions to be correct or incorrect. The outcomes from these tests will help you understand the viability of your business idea.
Value Map  
Business tool that constitutes the left-hand side of the Value Proposition Canvas. Makes explicit how your products and services create value by alleviating pains and creating gains.
Value Proposition                    
Describes the benefits customers can expect from your products and services.
Value Proposition Canvas                    
Strategic management tool to design, test, build, and manage products and services. Fully integrates with the Business Model Canvas.
Value Proposition Design              
The process of designing, testing, building, and managing value propositions over their entire lifecycle.

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