Basics
An organization that produces and distributes products
What is a business?
Any physical or virtual space where sellers interact with buyers
What is a market?
These are 3 of the PESTEL factors
What are Political, Economic, Social, Technological, Environmental, or Legal factors?
This is an individual who develops a new business and assumes the risks and the potential rewards
What is an entrepreneur?
This is what MVP stands for
What is the Minimum Viable Product?
The two things that a product could be
What is a good or service?
The ability to outperform rivals in the same market
What is competitive advantage?
A PESTEL factor can be ____, ________, or _________.
What is a problem, opportunity, or both?
These are the 3 types of resources required to bring a new product to market
What are Financial, Physical, and Human resources?
These are the 2 main types of production processes
What is artisan production and mass production?
When a problem, need, or want is not being met well
What is a market opportunity?
These are 2 of the 5 ways a product can be differentiated.
What are Higher-quality products; Unique product features; Better customer service; Lower prices; or More effective marketing?
These are the defining beliefs and principles that guide an individual's or business's actions
What are core values?
These are the 4 different ways to organize and register a business
What is a sole proprietorship, partnership, Limited Liability Company, or corporation?
This is what exists when a core value conflicts with another core value or with business goals and practices
What is an ethical dilemma?
What happens when a business can charge more for a product than is costs to produce
What is value capture?
This is 1 of the 5 barriers to entry
What are Intellectual property rights; Regulations that limit rivals; Limited access to resource suppliers; High startup costs; Low prices possible by operating at large scale?
These two PESTEL factors are most frequently confused
What is Political and Legal? (or Environmental second)
These are the two types of research one can use in hypothesis testing for a business
What is Primary source and Secondary source research?
This is what the following format is called:
"I believe that [target customer] struggles with [specific problem or need] because [reason or evidence]."
What is the problem statement?
The three dimensions businesses can vary across
What is geographic reach, number of employees, and revenue?
These are 3 of the 5 criteria to consider when choosing suppliers
What is Cost, Quality, Efficiency, Convenience, and Risk?
These are 5 of the 6 specialized departments in large companies
What are: Sales & Marketing; Research & Development; Operations; Accounting; Finance; and Human Resources?
These are 2 of the 3 motivations for bringing a new product to market or starting a business
What is the potential to earn profits, satisfaction of solving a problem, or ability to pursue a passion?
These are 2 of the 3 considerations a business should consider when designing a production process
What are Customer Priorities; Core Competencies; and Competitive Landscape?