THE PennSYLVANIA State University Department of Industrial & Manufacturing Engineering IE466: Concurrent Engineering

Questions Hand-in at start of next class Name: __Jun Lin_ Answer the following questions while watching the 44-minute video, “Why Accountants Don’t Run Startups,” available online via Justin.tv: http://justin.tv/startuplessonslearned/b/262670582

Who is Steve Blank? How does he establish his credentials? Is it effective?
He spent 21 years at high technology companies. He taught student in Stanford for 10 years and also has some programs. He wrote a book named “The Four Steps to the Epiphany”. He studies from failure to success. It is effective. What do the words entrepreneur and start-up mean in Silicon Valley? How does that compare to how the words are traditionally used elsewhere in the U.S.? A startup is a temporary organization used to search for a repeatable and scalable business model. Startup is to serve known customer with known product and feed a family. Solve pressing social problems, social enterprise: profitable, and social innovation: new strategies. Scalable startup means to solve for unknown customers and unknown features. Buyable startup means to solve for internet and mobile apps. What is the difference between a business plan and a business model? What is a “pivot”? Business model ascertains how your business makes money. It identifies the services that your customers value and shows the reciprocation of funds for the services your small business renders to your customers; it may also provide additional services. The customer benefits from the wide selection of inventory and your small business enjoys the profits of the wide inventory selection. The business plan provides the details of your business. It takes the focus of the business model and builds upon it. It