Market Wants & Needs
What are the desires, preferences, and challenges of a target audience?
Market wants and needs
What is the first step of the creative process?
Inspiration
What is the first step of design thinking?
Empathize
What problem occurs when demand is uncertain before a product exists?
Chicken-and-egg problem
What is the potential for a business idea to grow over time?
Scalability
 What should businesses understand to create a thriving business?
The market/audience
What step involves generating and refining ideas?
Ideation
What step means understanding the customers needs and experiences?
Empathize
What is it called when a company is not well known?
Low brand awareness
What is a unique strength that sets a business apart?
Competitive advantage
What company created a $400 high-tech juicing machine?
Juicero
What step identifies the successes and failures of ideas?
Evaluation
What step creates inexpensive, tangible representations of ideas
Prototype
What percentage of online shopping carts are started but not completed?
Cart abandonment rate
What is the ability to generate revenue and manage costs?
Profitability
What do successful entrepreneurs identify and provide solutions for
Challenges
What method generates many ideas in a group?
Brainstorming
What step uses real users to evaluate a prototype?
Test
Name one way to improve customer retention.
Loyalty programs / personalized communication / high-quality products
What analysis determines whether a business opportunity is viable?
Feasibility analysis
What happened to Juicero about 16 months after production began?
It shut down production
What is brainstorming through writing instead of talking
Brainwriting
What is a concise statement that clearly defines a problem
Problem statement
What is the percentage of customers a business keeps over a period?
Customer retention rate
What are the six steps of a feasibility analysis?
Preliminary analysis, projected income statement, market survey, business organization/operations, opening day balance sheet, review/analyze data