Vertical Thinking
Another name for the logical thought process of critical thinking
What is vertical thinking?
In SWOT, "S" stands for this internal factor.
What are Strengths?
The value of what you will give up to get something else.
What is opportunity cost?
This 9-block tool is an alternative to traditional business planning.
What is a business canvas?
Thinking and acting while affected by existing opinions and feelings.
What is being subjective?
Critical thinking involves these two actions regarding a situation or object.
What are analyzing and evaluating?
These are external obstacles that stand in the way of your opportunity.
What are threats?
This process involves adding up benefits and subtracting all expected costs.
What is a cost/benefit analysis?
This term describes how possible or worthwhile it is to pursue an idea.
What is feasibility?
Thinking and acting fairly, without emotion or prejudice.
What is being objective?
Entrepreneurs use critical thinking to determine if an idea is a realistic _______.
What is a business opportunity?
Skills or knowledge areas where you need to improve represent this SWOT category.
What are weaknesses?
A risk where potential costs and benefits are carefully considered before starting.
What is a calculated risk?
The business canvas allows you to make these as more information is gathered.
What are changes (or revisions)?
Non-material things that have value, such as a brand's reputation, your time, and being a good salesperson.
What are intangibles?
While creative thinking is used for idea generation, critical thinking is used for this.
What is idea evaluation?
This SWOT category asks if your business idea fills an unmet need or want.
What are opportunities?
These are physical things you can assign a dollar value to in an analysis.
What are tangibles?
A business canvas is often used during the validation of this.
What is a business model?
Looking at information "subjectively" means you are not being this.
What is objective?
This is the goal of evaluating opportunities—to find the most ______ one.
What is feasible (or realistic)?
SWOT analysis draws its name from these.
What are the four areas it evaluates?
This is a non-monetary benefit an entrepreneur might gain from a business.
What is personal satisfaction (or flexibility)?
Name one of the four areas to review during ongoing opportunity evaluation besides the business model.
What is competition, value proposition, or cost structure?
The first phase of the entrepreneurial discovery process is this.
What is ideation?