Design Thinking
A full-scale model of a new product.
What is a prototype?
A short restatement of the report portion of a business plan.
What is executive summary?
The study of moral choices and values; involves choosing between right and wrong.
What is ethics?
A business owned by two or more people.
What is a partnership?
"Facebook was not originally created to be a company. It was built to accomplish a social mission - to make the world more open and connected."
Who is Mark Zuckerberg?
The step of the design thinking process that encourages brainstorming and wild ideas.
A financial statement that shows the business’s revenues and expenses incurred over a period of time and the resulting profit or loss.
What is an income statement?
An indispensable moral virtue that includes acting with honesty, fairness, and decency.
What is integrity?
The possibility of some kind of loss.
What is risk?
"Persistence is very important. You should not give up unless you are forced to give up."
Who is Elon Musk?
An in-depth interview with a group of target customers who provide valuable ideas on products or services.
What is a focus group?
The products and materials needed to make the products that a business sells to its customers.
What is inventory?
The dishonest conduct for personal gain by people in power.
What is corruption?
This is an independent agency of the federal government that was created to provide support to entrepreneurs and small businesses.
What is the Small Business Administration (SBA.)
“Be ready to revise any system, scrap any method, abandon any theory, if the success of the job requires it."
Who is Henry Ford?
The first step of the design thinking process that can involve interviews, shadowing, and observing the target market.
What is empathize?
The combination of products and services a business
provides its customers.
What is a value proposition?
Living to meet the needs of the present generation without depleting the resources that future generations will need to meet their needs.
What is sustainability?
A legal agreement that gives an individual the right to market a company’s products or services in a particular area.
What is a franchise?
"We all need people who will give us feedback. That’s how we improve."
Who is Bill Gates?
A fictional but highly realistic character representing the end user of an organization’s service or product, primarily based on direct research and engagement of their unmet needs, behaviors, experiences and goals.
What is a persona?
A description of the characteristics of the person or company that is likely to purchase a product or service.
What is a customer profile?
The tendency people have to be more confident in their own abilities, including making moral judgments, than objective facts would justify.
What is overconfidence bias?
This occurs when people’s needs and wants are unlimited and the resources to produce the goods and services to meet those needs and wants are limited.
What is scarcity?
“A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.”
Who is Jeff Bezos?