ch.6 and ch.7 vocab

Question 1

adaptive model

Answer 1

method of entrepreneurial problem solving that seeks solutions in ways that are tested and known to be effective

Question 2

assessment

Answer 2

experiments and analyzes the potential process and its capabilities

Question 3

brainstorming

Answer 3

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

Question 4

clarify

Answer 4

first step for the creative process, which involves recognizing the existence of a gap between the current state and a desired state

Question 4

communication skills

Answer 4

skills entrepreneurs use to pool resources for the purposes of investigating solutions leading to innovative problem solving and competitive advantage

Question 5

critical thinking

Answer 5

complex analysis of a problem or issue with the goal of solving the problem or making a decision

Question 5

develop

Answer 5

stage in which the entrepreneur takes the list of ideas generated and tests each solution for feasibility

Question 6

crowdsourcing

Answer 6

teams of amateurs and non-experts working together to form a solution to a problem

Question 7

data analysis

Answer 7

process of analyzing data and modeling the data into structure that leads to innovative conclusions

Question 8

design thinking

Answer 8

product on the needs of the customer, typically involving an empathy-driven process to define complex problems

Question 8

decisiveness

Answer 8

ability to make a quick, effective decision, not letting too much time go by in the process

Question 9

entrepreneurial problem solving

Answer 9

process of using innovation and creative solutions to close the opportunity gap by resolving complex societal, business, or technological problems

Question 10

evaluate

Answer 10

stage in which the final solution is assessed

Question 11

evaluation

Answer 11

lean problem-solving process phase in which behaviors are analyzed to assess success

Question 12

implement

Answer 12

means to enact the plan and test for success

Question 12

external environment

Answer 12

outside the enterprise and encompasses customers, industry trends, and competition

Question 12

hackathon

Answer 12

brings together programmers and workers with other degrees of specialization within the company, community, or organization to collaborate on a project over a short period of time

Question 13

human centered design

Answer 13

focuses on people during design and development

Question 13

ideate

Answer 13

stage of the creative problem solving process leading to the detailing and formation of idea generation by entrepreneur

Question 14

innovative model

Answer 14

method of entrepreneurial problem solving that uses techniques unknown to the market and that bring competitive advantage to an organization

Question 15

internal environment

Answer 15

comprises the factors inside the enterprise, such as employees, and internal practices and processes

Question 16

lean process

Answer 16

systematic process for the maximizing of continuous
improvement and the minimization of surplus or unused material in the production of a process

Question 17

need awareness

Answer 17

occurs when the entrepreneur notes a gap between societal or customer needs and actual circumstances

Question 18

observation

Answer 18

lean problem-solving process phase in which the entrepreneur studies the challenge and notes all facets of the challenge requiring solution

Question 19

petitioner problem solvers

Answer 19

problem solvers who see a problem and ask others for solution ideas

Question 20

resourcefulness

Answer 20

ability to discover clever solutions to obstacles problem solvers who are autonomous and work on their own

Question 21

self-regulating problem solvers

Answer 21

without external influence; they have the ability to see a problem, immediately visualize a possible solution to the problem, and seek to devise a solution

Question 22

storyboarding

Answer 22

process of presenting an idea in a step-by-step graphic format

Question 23

team creativity

Answer 23

process of a team creating an unexpected solution for an issue or challenge

Question 24

theorist problem solvers

Answer 24

problem solvers who see a problem and begin to consider a path toward solving the problem using a theory

Question 25

whiteboarding

Answer 25

type of graphing that permits the entrepreneur to plot each step in a process to build comprehension and detailing of the process

Question 25

ask

Answer 25

specific amount of money or type of assistance requested in a pitch

Question 26

corporate narrative

Answer 26

story about how a successful company grew from something small into something broad and powerful, serving thousands or even millions of people; it may have marketing purposes, and it may serve as an inspirational story for leaders and employees

Question 27

elevator pitch

Answer 27

abbreviated pitch, a memorized talk that can get you into the door to put your full pitch deck on display

Question 28

entrepreneurial contest

Answer 28

any entrepreneurial competition other than a pitch competition; contests may entail submitting business models, long-form prospectuses, or forms tailored to contest specifications

Question 29

FOMO

Answer 29

need to keep up with peers and the personas they represent in social settings, particularly on social media

Question 30

iceberg principle

Answer 30

writing principle useful for preparing contest documents and pitch decks; following this principle, each word or sentence in the submission or presentation should be backed up with a wealth of supporting information and details that go unspoken in the pitch or proposal, but which you have at the ready should an investor take interest in the details and your knowledge of them

Question 31

ideation

Answer 31

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 32

mission statement

Answer 32

statement of an organization’s reason for being that defines its primary long-term goal, explains what the venture will do, what value it will provide to the end customer, and how it will accomplish that action

Question 33

pitch

Answer 33

formal presentation in which you ask for something and that is delivered (usually) to potential investors in a startup competition that may have cash prizes or mentorship

Question 33

noncompete agreement

Answer 33

work for another organization that is a direct competitor of their current employer during employment and usually for a specified length of time after employment ends

Question 33

NDA

Answer 33

contract that carries harsh financial penalties should one party to the agreement disclose what they know of the proprietary information

Question 34

pitch competition

Answer 34

opportunities for winners; you are expected to present your business idea in the form of a presentation, usually with a pitch deck

Question 34

pitch deck

Answer 34

slide presentation that you create that gives a quick overview of your product and what you’re asking for

Question 34

problem-solution narrative

Answer 34

brief story of a sentence or two that states a problem affecting many people and offering a solution that is innovative, unique, insightful, or all of these

Question 34

UI (user interface)

Answer 34

what a customer sees when they use your product; having a variant of a UI is not necessarily grounds for establishing a patent, but having unique design in the broader sense may help you to secure patent protection

Question 35

value proposition

Answer 35

summary describing the benefits (value) customers can expect from a particular product or service

Question 36

work for hire agreement

Answer 36

agreement between an individual employee and a company states that ownership of innovations belongs to the company, even if an individual makes substantial contributions to the product