Ch.4 and Ch.5 vocab Flashcards
brainstorming
generation of ideas in an environment free of judgment or dissension with the goal of creating solutions
creativity
development of original ideas
design thinking
product on the needs of the customer, typically involving an empathy driven process to define complex problems and create solutions that address those problems
diffusion chasm
most critical point of adoption, which often occurs at the end of the early adoption phase, before the early majority steps in and truly confirms (or not) the diffusion of an invention
empathy
human ability to feel what other humans are feeling, which in the context of creativity, innovation, and invention is essential to beginning a process of human-centric design
disruptive innovation
process that significantly impacts the market by making a product or service more affordable and/or accessible often by smaller companies in an industry
ideation
purposeful process of opening up one’s mind to new trains of thought that branch out in many directions from a stated purpose or problem
incremental innovation
innovation that modifies an existing product or service
invention
truly novel product, service, or process that, though based on ideas and products that have come before, represents a leap, a creation truly novel and different
innovation
new idea, process, or product, or a change to an existing product or process
iterative development
process in which inventors and innovators continuously engage with potential customers in order to develop their products and their consumer bases at the same time
lateral thinking
free and open thinking in which established patterns of logical thought are purposefully ignored or even challenged
linear thinking
logical, step-by-step process
minimum viable product (MVP)
early version or prototype of a product that may not be polished or complete but that functions well enough that you can begin to market it or test it with potential users
open innovation
searching for and finding solutions outside of the organizational structure
pain point
problem that people have with a product or service that might be addressed by creating a modified version that solves the problem
pioneering innovation
one based on a new technology, a new advancement in the field, and/or an advancement in a related field that leads to the development of a new product
scientific method
most often associated with the natural sciences, outlines the process to discover an answer to a question or a problem
user interface
what the user sees and interacts with
business model
plan for how venture will be funded; how the venture creates value for its stakeholders, including customers; how the venture’s offerings are made and distributed to the end users; and the how income will be generated through this process
competitive advantage
describes your venture’s unique benefits that poise it for growth
creative destruction
theory developed by Joseph Schumpeter stating that entrepreneurial innovation is the disruptive force that creates and established companies and disrupts employment
customer
people the business will be serving, including potential customers from one or more market segments
demand
need or desire for the outputs, the product or services
entrepreneurial opportunity
point at which identifiable consumer demand meets the feasibility of satisfying the requested product or service and meets the following conditions: significant margins, and resources to support the venture’s success
demographics
statistical factors of a population or group, such as information about age, gender, income, race, or ethnicity
financial viability
long term financial sustainability of an organization to fulfill its mission
gig economy
market system the entrepreneur will need in order to launch and sustain a business venture
infrastructure
all resources the entrepreneur will need in order to launch and sustain a business venture
offering
actual product service, its value proposition, and how you will reach and communicate with your target customers
opportunity screening
process used to evaluate innovative product ideas, strategies, and marketing trends, focusing on financial resources, skills of the entrepreneurial teams, and competition
primary research
research that involves gathering new data
secondary research
research that uses existing data
shared economy
economy in which some assets are not in use, which may present an entrepreneurial opportunity
supply
amount of a product or service product
SWOT analysis
strategic analytical tool used to help a potential venture or existing company identity its strengths, weaknesses, opportunities, and threats related to business competition
unique selling preposition
marketer’s rationale as to why a product or service is different/better than the competitor’s products.
