Business Basics & Value
Solving a customer's problem or fulfilling an unmet need is known as this.
Value Creation
A market structure with only one single seller who controls pricing power.
Monopoly
The "T" in PESTEL, which evaluates the impact of automation and digital platforms on a business.
Technological
This 5-stage framework consists of Empathize, Define, Ideate, Prototype, and Test
What is Design Thinking?
A future-oriented, aspirational statement defining the long-term impact an organization aims to achieve.
Vision Statement
What is the equation for Profit?
Revenue - Expenses
High legal, technological, or financial hurdles (like patents or massive capital) that discourage new competitors from entering a market
Barriers to Entry
The "E" in PESTEL that deals with inflation, interest rates, and raw material costs.
Economic
The simplest functional model of a product containing only core features needed to gather real user feedback.
Minimum Viable Product (MVP)
Uncompromised, foundational guiding principles that dictate how a company operates and makes decisions during trade-offs
Core Values
Charging a price for the solution you created in order to generate revenue is known as this.
Value Capture
A strategy focused on offering unique features, superior quality, or social purpose to command premium prices.
Product Differentiation or Differentiation Strategy
The PESTEL factor that evaluates shifts in lifestyle, demographics, and aging populations.
Social (or Socio-cultural)?
This stage of Design Thinking focuses specifically on brainstorming ideas and coming up with creative solutions.
Ideate
Broad, transferable organizational strengths that enable an enterprise to outperform rivals across multiple contexts
Core Competencies
These are the 5 Traditional Factors of Production needed to create goods and services, NAME 3!
Land, Labor, Capital, Knowledge, and Entrepreneurship
A competitive strategy focused on minimizing per-unit operational costs to offer lower prices than rivals.
Cost Leadership
The PESTEL factor most directly involved when a town considers banning gas-powered lawn equipment.
Legal (or Political/Environmental)
This research is done by talking directly to your potential customers and can be accomplished using interviews, surveys, and focus groups.
Primary Research (Customer Validation)
The ethical philosophy focused on generating the greatest good for the greatest number of people.
Utilitarianism
An organization that uses a commercial sales engine to self-fund a mission, often balancing financial sustainability with social impact.
Social Enterprise
A market structure with many sellers offering slightly differentiated products, giving them some, but not total, pricing power.
Monopolistic Competition
Unlike internal factors (like hiring or pricing), PESTEL forces are considered this by management.
Uncontrollable (or Macro/External)
When conducting primary and secondary market research, every entrepreneur should start with this, "This Big Question"
Hypothesis Testing
This ethical philosophy holds that individuals and organizations must fulfill moral duties and rules regardless of the financial outcome.
Deontology