Ch.4 and Ch.5 vocab

Question 1

brainstorming

Answer 1

generation of ideas in an environment free of judgment or dissension with the goal of creating solutions

Question 2

creativity

Answer 2

development of original ideas

Question 3

design thinking

Answer 3

product on the needs of the customer, typically involving an empathy driven process to define complex problems and create solutions that address those problems

Question 4

diffusion chasm

Answer 4

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

Question 5

empathy

Answer 5

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

Question 5

disruptive innovation

Answer 5

process that significantly impacts the market by making a product or service more affordable and/or accessible often by smaller companies in an industry

Question 6

ideation

Answer 6

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

Question 7

incremental innovation

Answer 7

innovation that modifies an existing product or service

Question 8

invention

Answer 8

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

Question 9

innovation

Answer 9

new idea, process, or product, or a change to an existing product or process

Question 10

iterative development

Answer 10

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

Question 11

lateral thinking

Answer 11

free and open thinking in which established patterns of logical thought are purposefully ignored or even challenged

Question 12

linear thinking

Answer 12

logical, step-by-step process

Question 13

minimum viable product (MVP)

Answer 13

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

Question 14

open innovation

Answer 14

searching for and finding solutions outside of the organizational structure

Question 15

pain point

Answer 15

problem that people have with a product or service that might be addressed by creating a modified version that solves the problem

Question 16

pioneering innovation

Answer 16

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

Question 17

scientific method

Answer 17

most often associated with the natural sciences, outlines the process to discover an answer to a question or a problem

Question 18

user interface

Answer 18

what the user sees and interacts with

Question 19

business model

Answer 19

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

Question 20

competitive advantage

Answer 20

describes your venture’s unique benefits that poise it for growth

Question 21

creative destruction

Answer 21

theory developed by Joseph Schumpeter stating that entrepreneurial innovation is the disruptive force that creates and established companies and disrupts employment

Question 21

customer

Answer 21

people the business will be serving, including potential customers from one or more market segments

Question 22

demand

Answer 22

need or desire for the outputs, the product or services

Question 22

entrepreneurial opportunity

Answer 22

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

Question 23

demographics

Answer 23

statistical factors of a population or group, such as information about age, gender, income, race, or ethnicity

Question 24

financial viability

Answer 24

long term financial sustainability of an organization to fulfill its mission

Question 25

gig economy

Answer 25

market system the entrepreneur will need in order to launch and sustain a business venture

Question 26

infrastructure

Answer 26

all resources the entrepreneur will need in order to launch and sustain a business venture

Question 27

offering

Answer 27

actual product service, its value proposition, and how you will reach and communicate with your target customers

Question 28

opportunity screening

Answer 28

process used to evaluate innovative product ideas, strategies, and marketing trends, focusing on financial resources, skills of the entrepreneurial teams, and competition

Question 29

primary research

Answer 29

research that involves gathering new data

Question 30

secondary research

Answer 30

research that uses existing data

Question 31

shared economy

Answer 31

economy in which some assets are not in use, which may present an entrepreneurial opportunity

Question 32

supply

Answer 32

amount of a product or service product

Question 33

SWOT analysis

Answer 33

strategic analytical tool used to help a potential venture or existing company identity its strengths, weaknesses, opportunities, and threats related to business competition

Question 34

unique selling preposition

Answer 34

marketer’s rationale as to why a product or service is different/better than the competitor’s products.