BMS5502S Cheatsheet · The Entrepreneur's Edge: Marketing for New Ventures

0 · Exam Mapcourse assessment table

permitted-materials truth · verbatim“Final Test (20%) An individual, open-book written examination administered in Session 13.” (BMS5502S course outline, Semester 1 AY2026/27)

Published materials conflict on the Final Test weight: the assessment table gives 25%; the quoted detailed heading gives 20%. Use the table split above for the course map and confirm the current Canvas instructions.

1 · Entrepreneurial MarketingS1 · Ch 1

Entrepreneurial marketing spots and pursues openings ahead of demand to win and retain profitable customers through innovative approaches to risk, resources and value. Diagnose a case as a profile: name 2–3 strong dimensions, the neglected dimension, then link neglect to the failure.

SAVE: validated solution; access where/when needed; value rather than features; education that builds trust. Lean Marketing Canvas order: problem → segment → unique value → minimum solution → channels → revenue.

OCT gate: a real accessible opportunity, a specific reachable customer and payment/usage traction must align. If one side is missing, marketing spend amplifies uncertainty rather than resolving it.

2 · Stage Before TacticS1 · Ch 1

Where it bites: diagnose the stage from evidence, then reject a tactic aimed at a later stage. Acquisition cannot repair weak retention.

3 · EffectuationS1 · Ch 2

resource leverageborrow trust · share cost · repurpose content · sweat owned assets · earn attention

Application: name the exact founder asset or partner. “Use social media” is generic; “ask repeat buyers for referrals through the founder's existing messaging group” is effectual.

Customer intensity + Asian context

A customer-centric firm measures lifetime value, net promoter score and retention, organises around journeys and innovates from unmet needs. Four failures: heart (empathy absent), head (no measured strategy), ears (insight trapped), feet (leaders never observe journeys).

4 · Opportunity, Not SolutionS2 · Ch 4

opportunity statement[specific group] repeatedly struggles to [job/problem], costing [money/time/effort/consequence].

Three tests: pain strong enough to seek a fix; market large enough to support a business; venture capable of outperforming what customers do now.

Problem-first: enough people face it often, care and already spend resources coping. Solution-first: identify who hurts, how much, the workaround and willingness to pay.

5 · Jobs to Be DoneS2 · Ch 4

Use a past episode. Ask when and why the purchase happened; category rivals may not be the real competitors. The milkshake case competed with bananas, bagels and coffee because the job was a less dull commute plus fullness until lunch.

Empathy map: says gives language; thinks gives the unsaid; does exposes workarounds; feels gives decision-driving emotion. Insight often sits between says and thinks.

6 · Customer DiscoveryS2 · Ch 5

Five interview rules

1. Do not pitch; the conversation ends when the product appears.
2. Ask about past behaviour, not future intent.
3. Apply the Mom Test: kindness must not create false validation.
4. Ask for the top three frustrations and force a rank.
5. Capture vivid pain language word for word.

Method split: interviews, observation, diaries, shadowing and communities explain why; surveys, search volume, social listening, reviews and government statistics estimate how many. Use both in sequence.

First Project evidence: 15–20 discovery interviews or at least 50 target-segment survey responses in Singapore. Session guidance for a founding team is higher: about 50 interviews before building.

Do not collect identity numbers or sensitive personal data. Recruitment must reach the target segment, not merely the founder's supportive network.

7 · Validation GateS2 · Ch 5

A validated opportunity is a top-three priority; customers have tried to solve it; at least 10% in the session's version have spent money; current solutions fail for a specific durable reason; and no legal or ethical barrier blocks entry.

evidence sentenceWe observed [behaviour] in [n/N], exceeding/failing [pre-set line]; therefore [decision], unless [new evidence].

8 · TAM → SAM → SOMS2 · Ch 6

outer measuresTAM = potential customers × annual category spend
SAM = TAM narrowed by reach and delivery limits

bottom-up inner measureSOM = reachable customers × annual revenue/customer
Marketplace revenue = partners × orders × value × take rate

Where it bites: show the unit at every multiplication. A credible small SOM beats “1% of a huge market”. SOM means realistic capture within 3–5 years given competition and resources.

9 · Environment + StructureS2 · Ch 7

Invisible rival: include indirect substitutes and doing nothing. For Singapore, use specific policy, regulation and cultural evidence; generic global-city claims do not establish feasibility.

Lifecycle: emerging = educate / demand risk; growth = speed / premature-scale risk; mature = price and feature rivalry / disruption risk; declining = harvest. One category can sit at different stages by country.

10 · Value PropositionS3 · Ch 8–9

Value proposition = clear promise of how an offer solves a specific customer's problem, the benefit delivered, and why it beats alternatives. It is not a tagline, mission, feature list or product description.

six-component chaintarget → job/need → friction → mechanism → distinctive benefit → evidence

Raise value: feature → functional → emotional → social. Meaning must come from the customer's struggle; it is harder to copy than function.

11 · Segment → Beachhead → PositionS4 · Ch 10–12

opportunity scoreurgency × dissatisfaction (each informed by frequency and cost of failure)

Beachhead = smallest segment the venture can dominate, reach now and use as a reference. Targeting requires sacrifice: if nobody is excluded, no choice was made. Expand only by proximity of pain and after the first segment is defended.

Positioning chooses a distinct, worthwhile place in the target buyer's mind relative to alternatives; branding expresses it. Test claims for relevance, distinctiveness and credibility.

12 · Case-Answer Enginefinal-test format

paragraph stemBecause [case fact], this is [named diagnosis]. Therefore [action] before [premature action], accepting [cost]. I would change course if [threshold/evidence].

Three extended case analyses in two hours: surface the numbers first, underline constraints, then spend words on the choice. Lists describe; causal links earn the judgement.

Framework selection shortcuts

“Who/what progress?” → JTBD. “Is demand real?” → discovery + validation gate. “Can this earn enough?” → bottom-up SOM. “Where is profit?” → Five Forces. “Which group first?” → needs segmentation + beachhead matrix. “Why choose us?” → value proposition + positioning courtroom.

When two tools apply, sequence them: discover the job before sizing it; segment before scoring a beachhead; build the customer profile before the value map; select the target before positioning; test positioning before expressing it through branding.

13 · Worked · Hawker Retentioncourse worked example

Given: 300 launch sign-ups; 36 still take orders after 30 days; S$20,000 remains; founders want 3,000 sign-ups.

D30 retention = 36 ÷ 300 = 12%
3,000 × 12% = 360 active hawkers

14 · Worked · Evidence RankingCh 5 example

Laundry survey: 80 respondents; 62 “interested”; 14 already pay someone; 5 leave an email.

already spending = 14 ÷ 80 = 17.5% > session's 10% line

Conclusion: a paying segment exists but is far smaller than the interest number implies. Interview the 14 about current spend and reasons; ask for a pre-order. Do not report 62/80 as validated demand.

Mini drill · affordable loss

Leather-goods venture, S$3,000 spare: cap loss at an absorbable S$800 before spending. Continue only for 10 paid orders inside the limit; otherwise stop/change offer or channel. First test founder-network sales and referrals.

Why: expected return is guesswork; downside is controllable.

15 · Worked · JTBDCh 4 example

Case: co-working members book only two weekday-afternoon hours.

Test: ask 10 short-booking members to reconstruct the last afternoon: task, location trigger, what happened before/after and where they would otherwise go. If calls/deadlines near home dominate, market short bookable call rooms rather than monthly desks.

safe interview sequencelast time → trigger → steps → workaround → cost → what was tried → why it failed → current spend → ranked frustrations

Avoid “Would you buy?” and “Do you like the idea?” They predict politeness. Ask for the next costly act—a trial, second meeting, deposit or pre-order—only after the problem interview has established context.

16 · Worked · Bottom-Up SOMCh 6 example

Tutoring marketplace, year 3: 150 active tutors; 9 paid lessons/week; 44 weeks/year; S$60 average fee; 15% take rate.

150 × 9 = 1,350 lessons/week
× 44 = 59,400 lessons/year
× S$60 = S$3,564,000 GMV
× 0.15 = S$534,600 annual SOM

Interpretation: growth depends on tutor supply and lesson frequency, not on the category's headline size. A plan must show the cost of recruiting/retaining tutors or lifting lessons per tutor.

17 · Worked · Beachhead ScoreCh 11 example

weightspain .25 · size .15 · reach .20 · gap .20 · founder fit .10 · reference .10

Decision: choose logistics SMEs, but name weak founder fit and harder reach. Mitigate by borrowing an industry partner's credibility and budgeting for slower early sales.

Runway + expansion rules

Limited cash can make the largest market the worst first market. Prefer intense pain, access and founder credibility. Hold roughly 30% share before expanding; do not beachhead-hop while customers churn.

Expand to an adjacent segment only when the central job is similar, current buyers can act as credible references and operations scale without rebuilding. A target that excludes nobody has not made the sacrifice targeting requires.

Competitor entry-window drill

18 · Worked · Proposition TestCh 9 example

Claim: help small Singapore cafés cut food waste by one-third by predicting demand from sales history.

Decision: send hand-prepared daily forecasts for two weeks and record whether owners act. A perfect model nobody uses fails the behavioural assumption first.

Canvas drill · graduate jobs

Jobs: tailor applications before clustered deadlines; prepare for tests; feel in control. Pains: repetitive cover letters, little feedback, deadline bunching. Gains: interviews, actionable feedback, a manageable calendar. Fit: drafting from the student's notes + job description relieves repeated rewriting.

Mark assumed canvas boxes: evidence-backed boxes form today's proposition; assumptions become interview questions.

19 · Sixty-Second PitchS3 workshop

Target statement first: context + job + trigger + constraint. Choose one primary axis—price, experience, speed, access, trust or design—and align customer, message and channel. Price alone invites a race to the bottom.

credibility checkRemove the product name. Can a reader still identify who, what progress and why it matters?

Problem test: importance + frequency + dissatisfaction + willingness to switch/pay + efficient reach. Marketplaces need one proposition per side.

Evolution: category → job → outcome → vision as evidence grows. Problem–solution fit precedes product–market fit.

20 · Worked · Needs SegmentCh 10 example

Weak target: “women aged 25–34 in Singapore” groups people who may be saving, borrowing or investing; different needs mean it fails homogeneous.

Rewrite: young couples who have just applied for a flat and must determine whether they can fund the down payment within one year. Job + trigger + deadline make one promise possible.

urgency 5 × dissatisfaction 4 = 20 / 25

Interpret as a strong candidate, not proof. Apply the remaining MISHDS criteria and switching friction. The segment must be countable, findable, commercially substantial, internally similar, externally different and stable for 18–24 months.

21 · Persona EvidenceCh 11

Keep no more than two primary personas in the first 18–24 months, plus a secondary and a negative persona. Willingness to pay rests on what customers already spend, not what a workshop guesses.

Evidence note beside every score: a total without interview or behaviour support is disguised intuition. Pain intensity carries 25%; reachability and competitive gap 20% each; size 15%; founder fit and reference value 10% each.

Negative persona: explicitly state who the venture is not for. It protects product scope, channel spend and positioning from drifting back toward “everyone”.

Validity drill: Test MISHDS before committing: can you count the segment, name 50 members, support a viable SOM, use one message and product, justify a different campaign, and expect the need to remain stable for 18–24 months? If any answer fails, redefine the segment before building.

22 · Positioning DiagnosisS4 · Ch 12

Five map steps: ask 20+ customers to rank purchase criteria; choose two important differentiating axes; plot customer ratings; find white space; test demand and delivery economics there.

23 · Worked · Confused BrandCh 12 example

Case: plant-based snack claims healthy, affordable, premium, fun for children and for athletes; staff disagree. Diagnosis: confused positioning—contradictory price and audience claims.

Fix: choose one primary position. If interviews show parents buy most: “For parents packing school snacks who worry about sugar, the plant-based snack children actually finish, unlike fruit bars that return uneaten.” Test credibility by counting finished packs in a family trial; drop the athlete claim.

24 · Fast Trapsall sessions