Flashcards on Entrepreneurial Problem Solving and Venture Development
Entrepreneurial Problem Solving & Venture Development Guide
Tap to flip · Swipe to navigate
Problem Solving
23 cards
Card 1
Question: What is the primary purpose of the 5-Why method in problem solving?
Answer: To uncover the root cause of an issue by repeatedly asking "why" until deeper underlying causes are revealed (typically five times or until a meaningf
Card 2
Question: How do you start a 5-Why analysis?
Answer: Begin by identifying a clear problem, then ask "why" it happened and continue asking "why" about each answer iteratively to move from symptoms to root
Card 3
Question: Why is it recommended to ask "why" around five times in this method?
Answer: About five iterations typically shift focus from surface-level symptoms to deeper underlying causes, though you stop when a meaningful insight emerges
Card 4
Question: What should you evaluate before committing resources to solve a problem?
Answer: Assess the problem's significance from a customer-centric perspective, understanding the potential impact on customers if it remains unresolved.
Card 5
Question: List key questions to assess the customer impact of a problem.
Answer: How often customers encounter the problem; severity when it occurs; instances of significant disruptions or negative outcomes; potential long-term con
Card 6
Question: How does personal connection influence effective problem-solving?
Answer: Personal motivation, skills, experiences, passion, and background make solutions more meaningful, keep you motivated, and help design practical fixes.
Card 7
Question: What three personal factors are suggested to leverage when choosing problems to solve?
Answer: Education and background, passion and purpose, and personal experience.
Card 8
Question: Why must entrepreneurs identify root causes rather than treating symptoms?
Answer: Because addressing root causes ensures solutions solve the fundamental issue rather than temporarily alleviating surface-level symptoms.
Card 9
Question: What mindset is recommended when designing potential solutions?
Answer: Keep an open mind, avoid tunnel vision, and consider a range of potential ways to solve the problem.
Card 10
Question: How does developing empathy help in problem analysis?
Answer: Stepping into customers' shoes helps assess how the problem affects users and guides design of effective, socially responsible solutions.