Entrepreneurship the Sequal

Adaptive Model

The method of entrepreneurial problem solving that seeks solutions in. ways that re tested and known to be effective

Assesement

Lean problem-solving process phase in which the entrepreneur experiments and analyzes the potential process and its capabilities

Brainstorming

Generation of ideas in an environment free of judgment or dissension with the goal of creating solutions

Clarify

First step of the creative process, which involves recognizing the existence of a gap between the current state and a desired state

Communication Skills

Skills entrepreneurs use to pool resources for the purposes of investigating solutions, leading to innovation, problem solving, and competitive advantage

Creativity

Development of original ideas

Critical Thinking

Complex analysis of a problem or issue with the goal of solving the problem or making a decision

Crowdsourcing

Team of amateurs and non-experts working together to form a solution to a problem

Data Analysis

Process of analysing data and modeling the data into structure that leads to innovative conclusions

Decisivness

Ability to make a quick, effective decision, not letting too much time go by in the process

Design Thinking

Method to focus the design and development of a product on the needs of customer, typically involving empathy-driven process to define complex problems and create solutions that address those problems

Develop

Stage in which the entrepreneur takes the list of ideas gathered and tests each solution for feasibility

Entrepreneurial Problem Solving

Process of using innovation and creative solutions to close the opportunity gap by resolving complex societal, business, or technological problems

Evaluate

Stage in which the final solution is assesed

Evalutation

lead problem-solving process phase in which behaviors are analyzed to assess success

External Environment

Outside the enterprise and encompass customers, industry trends, and competition

Hackathon

Event, usually hosted by a tech organization, which brings together programmers and workers with other degrees of specialization within the company, community, or organization to collaborate on a project over a short period of time

Human Centered Design

focuses on people during design and development

Ideate

stage of the creative problem-solving process leading to the detailing and formation of idea generation by the entrepreneur

Implement

means to enact the plan and test for success

Innovation Model

 method of entrepreneurial problem solving that uses techniques unknown to the market and that bring competitive advantage to an organization

Internal Environment

comprises the factors inside the enterprise, such as employees, and internal practices and processes

Lean Process

systematic process for the maximizing of continuous improvement and the minimization of surplus or unused material in the production of a process

Need Awareness

occurs when the entrepreneur notes a gap between societal or customer needs and actual circumstances

Observation

lean problem-solving process phase in which the entrepreneur studies the challenge and notes all facets of the challenge requiring solution

Petition Problem Solvers

problem solvers who see a problem and ask others for solution ideas

Resourcefulness

 ability to discover clever solutions to obstacles

self-regulating problem solvers

problem solvers who are autonomous and work on their own, without external influence; they have the ability to see a problem, immediately visualize a possible solution to the problem, and seek to devise a solution

Storyboarding

process of presenting an idea in a step-by-step graphic format

Team Creativity

 process of a team creating an unexpected solution for an issue or challenge

Theorist Problem Solvers

problem solvers who see a problem and begin to consider a path toward solving the problem using a theory

Whiteboarding

type of graphing that permits the entrepreneur to plot each step in a process to build comprehension and detailing of the process

Ask

specific amount of money or type of assistance requested in a pitch

corporate narrative

story about how a successful company grew from something small into something broad and powerful, serving thousands or even millions of people; it may have marketing purposes, and it may serve as an inspirational story for leaders and employees

elevator pitch

abbreviated pitch, a memorized talk that can get you into the door to put your full pitch deck on display

entrepreneurial contest

any entrepreneurial competition other than a pitch competition; contests may entail submitting business models, long-form prospectuses, or forms tailored to contest specifications

fear of missing out (FOMO)

need to keep up with peers and the personas they represent in social settings, particularly on social media

iceberg principle

writing principle useful for preparing contest documents and pitch decks; following this principle, each word or sentence in the submission or presentation should be backed up with a wealth of supporting information and details that go unspoken in the pitch or proposal, but which you have at the ready should an investor take interest in the details and your knowledge of them

ideation

purposeful process of opening up one’s mind to new trains of thought that branch out in many directions from a stated purpose or problem

mission statement

statement of an organization’s reason for being that defines its primary long-term goal, explains what the venture will do, what value it will provide to the end customer, and how it will accomplish that action

noncompete agreement

formal agreement that the person signing the document will not work for another organization that is a direct competitor of their current employer during employment and usually for a specified length of time after employment ends

nondisclosure agreement (NDA)

contract that carries harsh financial penalties should one party to the agreement disclose what they know of the proprietary information

pitch competition:

competition that may have cash prizes or mentorship opportunities for winners; you are expected to present your business idea in the form of a presentation, usually with a pitch deck

pitch deck

slide presentation that you create that gives a quick overview of your product and what you’re asking for

problem-solution narrative

brief story of a sentence or two that states a problem affecting many people and offering a solution that is innovative, unique, insightful, or all of these

user interface (UI)

 what a customer sees when they use your product; having a variant of a UI is not necessarily grounds for establishing a patent, but having unique design in the broader sense may help you to secure patent protection

value proposition

summary describing the benefits (value) customers can expect from a particular product or service

work-for-hire agreement

agreement between an individual employee and a company states that ownership of innovations belongs to the company, even if an individual makes substantial contributions to the product