The Mindset
A characteristic of the mindset that includes the process of developing original ideas.
What is creativity?
Business arrangement where you use an established company's operating plan.
What is a franchise?
Looking at what you love to do every day or in your free time is checking this internal source.
What are hobbies?
Building a non-working model out of foam or wood to find the correct shape.
What is a prototype?
The study of how possible it is to pursue an idea to see if it is a realistic opportunity.
What is feasibility?
Creative thinking is also known by this name.
What is lateral thinking?
The established company that sells the rights to its name.
What is a franchisor?
This external source of opportunities involves attending industry conventions where businesses gather to promote their products and services.
What are trade shows?
Asking "What if my restaurant did not have menus?" is an example of this activity.
What is Challenge the Usual?
Part of the entrepreneurial process that includes coming up with many business ideas.
What is idea generation?
Logical thought process that involves analyzing a situation; also called vertical thinking.
What is critical thinking?
An alternate tool to traditional planning used for ongoing evaluation.
What is a business canvas?
This government source provides data on industry trends.
What is the Small Business Administration (SBA)?
To pivot means to do these two things to your initial idea.
What are change and revise?
Entrepreneurs use creative thinking to see these where others see problems.
What are opportunities?
This technique is used to generate a high volume of ideas where there are "no wrong answers" and even "ridiculous" ideas are encouraged to spark imagination.
What is brainstorming?
These ongoing payments are a percentage of the franchisee's sales.
What are royalty fees?
Searching for trends online utilizes this external source.
What is the Internet?
A working prototype is an exact sample of how the final product will look and ______.
What is operate/function?
The four areas of SWOT are Strengths, Weaknesses, Opportunities, and ____.
What are Threats?
This activity involves linking ideas together in a visual aid.
What is an idea map?
A person licensed to sell existing businesses to others.
What is a business broker?
This internal source includes things you are naturally good at doing.
What are talents (or skills)?
If you discuss your product with a manufacturer, they should sign this secrecy document.
What is a nondisclosure agreement?
This is the value of what you give up when choosing one opportunity over another.
What is opportunity cost?