Unit 4 Vocabulary

Question 1

a document or planning tool that defines a business’s objectives and strategies for meeting them; typically includes a business summary or concept model, market research and stated need, and plan for execution

Answer 1

BUSINESS PLAN

Question 2

the use of the imagination or original ideas, especially in the production of an artistic work

Answer 2

CREATIVITY

Question 3

a series of steps that engineers and/or innovators can apply to develop a solution to a problem. For this unit we will use a five step engineering process or Ask, Imagine, Plan, Create, Improve

Answer 3

ENGINEERING DESIGN PROCESS

Question 4

a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

Answer 4

ENTREPRENEUR

Question 5

the ability to build on an existing idea, the process of interaction and ongoing development.

Answer 5

INNOVATION

Question 6

the ability to create something new or the act of developing a new process, product, or service.

Answer 6

INVENTION

Question 7

the activity of gathering information, feedback, or research from a specific demographic or consumer group helps to identify the need and value or specific product or service and how the consumer might act/react to a product or service

Answer 7

MARKET RESEARCH

Question 8

a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention

Answer 8

PATENT

Question 9

an initial or preliminary model of an idea or concept that is used for evaluation and testing.

Answer 9

PROTOTYPE

Question 10

entrepreneurs are driven by two things…

Answer 10

IMPACT & PROFIT