Vocabulary
A consumer need or want that might be met by a new business.
What is a business opportunity?
Thought process that involves looking at a situation or object in new ways; also called lateral thinking.
What is creative thinking?
Hobbies, interests, talents, and skills are these types of opportunity sources.
What are internal sources?
To be a good opportunity, a business idea must lead to a profit and meet a consumer ____ or ____.
What are needs or wants?
Someone who is licensed to sell businesses.
What is a business broker?
The process of forming ideas; the first phase of the entrepreneurial process.
What is ideation?
A technique where one thinks of as many possible answers to a question as quickly as possible.
What is a brainstorm?
The category of sources that includes events, trade shows, and the Internet.
What are external sources?
The ongoing process of changing and revising your initial idea until you get a better opportunity.
What is a pivot?
The act or process of introducing new ideas, devices, or methods.
What is innovation?
Something that people must have to survive, such as water or food.
What is a need?
This visual tool allows one to come up with numerous ideas at once by linking them together.
What is an idea map?
A convention where related businesses come to promote their products or services.
What is a trade show?
This period of time is the limit you have to act before a business opportunity is lost.
What is the window of opportunity?
A model on which future reproductions of an invention are based.
What is a prototype?
A product or service that people desire but do not need to survive.
What is a want?
This 4-step activity involves stating assumptions and asking “what if” questions.
Challenge the Usual?
These publications are specific to certain industries and can be a source of business ideas.
What are trade publications?
One of the screening questions asks if you can attract these while earning a reasonable profit.
What are customers?
A legal document used to keep sensitive business information confidential.
What is a nondisclosure agreement (NDA)?
Regular, ongoing payment to a franchisor based on a percentage of sales.
What is a royalty fee?
Thinking "outside the box" often involves looking for new solutions to these.
What are existing problems?
This government agency provides information about various business and industry trends.
What is the Small Business Administration (SBA)?
One of the screening questions asks if you have these two things to create the business.
What are resources and skills?
The buyer of a franchise.
What is a franchisee?