Chapter 1
a way of thinking and being that combines the ability to find new opportunities with the courage to act on them
What is Entrepreneurship
They perceive their talents and abilities as set traits.
What is a fixed mindset?
The three central characteristics of opportunity
What is potential economic value, novelty or newness, and perceived desirability?
an interactive approach to problem solving
What is design thinking?
Describes the rationale of how a new venture creates, delivers, and captures value.
What is a Business Model?
It is a method that requires practice
What is a Feature of Entrepreneurship?
When a person is frustrated, he perseveres until the issue causing the frustration is resolved.
What is Growth Mindset?
All forms of value are predicated on this assumption
There is a market populated with enough people to buy
Trying to determine whether the idea will be able to generate enough income or revenue
What is Viability
Fulfilling unmet customer needs by incorporating new features not currently in similar products or services
What is Differentiation?
a temporary organization in search of a scalable business model
What is a Startup?
Statements that keep you grounded and focused
What are Why Statements?
The three criteria that an idea has to meet in order to be rated as an innovation
What is novelty, usefulness, and value
Experience what others feel
What is empathy?
Posting a complex business problem to a discussion board to generate possible solutions is this.
What is Crowdsourcing?
They seek innovative solutions to social and environmental problems
What are social entrepreneurs?
the art of spontaneously creating something without preparation
What is Improvisation
The first step in creating and identifying opportunities
What is idea generation?
A small and diverse group meets to brainstorm ways they can raise money for a new theater group and establishes no suggestions are off-limits.
What is divergent thinking
populate the segments of the market your offering intends to serve
What are Customers?
employees who think and act like entrepreneurs within large or small organizations
What is intrapreneurship?
a process whereby people can influence and control their own behavior, actions, and thinking to achieve self-direction and self-motivation
What is Self-Leadership?
The ______ phase of the IDEATE method involves expanding a concept to new applications.
What is enhance?
The phase of the design-thinking process are ideas transformed into concrete actions or products
What is prototype?
Demonstrates how a business will meet the needs of customer segments
What is a Customer Value Proposition (CVP)?
It accounts for the unpredictable and complex nature of entrepreneurship.
What is Entrepreneurship as a Process?
A principle/phrase central to improving improvisation skills
What is “Yes, and”
The phase of the IDEATE method involves searching your own environment for migraine headache problems
What is discover?
When its best to use the AEIOU model
What is observing customer behaviors in the field
Which Canvas emphasizes different types of customers?
What is a Lean Business Model Canvas?
says the future is unpredictable yet controllable
What is effectuation?
If something goes wrong, you assess why it went wrong and how to can avoid making the same mistake in the future.
What is self-correcting feedback
A mental process that allows users to connect seemingly unrelated things
What is bisociation
The golden rule of interviewing
What is active listening
Market that is marketed to ALL users
What is a Mass Market?
It is non-linear and iterative.
What is Entrepreneurship as a Method?
when you stop and deliberately ask yourself questions about what you are accomplishing, what you are not accomplishing, what is standing in your way, and how you feel about it?
What is Self Observation
Makes a product that is valuable
What are people who buy the product
A tool that helps collate and integrate your interview data to discover new insights
What is an Empathy Map?
a small market segment comprised of customers with specific needs and requirements.
What is a Niche Market?