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

advertising

mass communication that allows companies to reach a broad audience through TV, radio, newspaper, Internet, magazines, and outdoor ads

brand

 image a company promotes and the connotations it fosters of itself and its products

brand advocate

 someone who is a fan of your products and passes on the word to others

brand strategy

 image a company conveys to its customers

bundling

bundle of products that is discounted to encourage customers to buy in bulk

causal research

identification of cause-and effect-relationships between two or more variables

close

step in the sales process in which the salesperson asks for and gets the sale

conjoint analysis

survey tool in which respondents must rank, choose, or a rate a number of “conjoint,” or linked, features or benefits

cost-led pricing

easiest way to price a product by taking the cost of making the product and marking it up to create profit

customer-led pricing

pricing led by what the customer is willing to pay

digital marketing

online marketing

direct mail

connecting to consumers via email or through printed mailed pieces

entrepreneurial marketing

set of unconventional practices that can help start-ups and younger firms survive in competitive markets

ethnographic research

use of personal observation of the subject by being immersed in the subject’s environment

executive summary

initial section of a business plan document that summarizes the key elements of the entire plan

expeditionary marketing

marketing designed to move established companies and their products into new markets and territories

focus group

gathering of people, typically six to twelve participants, who come together to discuss a topic presented by a moderator, who usually poses questions and collects qualitative data that can be used to answer questions or define research further

guerrilla marketing

creative approaches to marketing that seek to gain maximum exposure through unconventional means

introductory offers:

using lower initial prices to attract new customers and build a customer base before prices return to their standard amount

jingle

short song or sound that brands a product or company and helps to promote it

loss leader pricing

using a below-standard price to attract customers in the hope that they will purchase other, more profitable goods and services

market analysis

analysis of the overall interest in the product or service within the industry by its target market

market opportunity

unmet need within a target demographic

market research

collection and analysis of data related to a business’s target market

marketing

umbrella term given to those activities that companies use to identify consumers and convert them 

into buyers

marketing mix

basic set of possible strategies and approaches that marketers use to reach their target market

marketing plan

 formal business document that used as blueprint for how a company will achieve its marketing and business goals

marketing strategy

company’s game plan for how it will reach consumers and convert them into paying customers

odd numbers strategy

psychological pricing strategy that uses odd numbers in the prices to make a product’s price point more attractive to consumers

penetration pricing

pricing below that of a competitor’s price

people

company’s human resources

physical environment

where a service takes place or a product is manufactured

place

 channels or locations—physical or digital—where products can be found by customers

positioning

(or value proposition) statement of how you want the customer to perceive your company, good, or service

premium pricing

charging a price above a competitor’s price

price

value that must be exchanged in order for a customer to receive a product or service

primary research

research that involves gathering new data

process

chain of procedures and/or activities required to provide the product to the customer

product

 good or a service that creates value by fulfilling a customer need or desire

profit margin

 amount by which revenue exceeds costs, typically described as a percent

promotion

process of communicating value to customers in a way that encourages them to buy

public relations

marketing that focuses on connecting with constituents by developing goodwill

qualitative researc

use of open-ended techniques such as observation, focus groups, and interviews to gain an understanding of customers’ basic reasons, opinions, and motivations

quantitative research

generation of numerical data through techniques such as surveys and questionnaires

real-time marketing

seeks to turn immediately available sales data into actionable and timely strategies that target the shifting landscape of consumer tastes and trends

relationship marketing

creates customer loyalty through personal interaction and strives for long-term engagement

sales promotion

incentives such as coupons and discounts that help attract customers and help them take action

sales strategy

 plan that the entrepreneur uses to identify and engage a consumer, from prospecting to securing the sale and beyond

sample

group of people participating in market research

secondary research

research that uses existing data

segmenting

separating the total population by homogeneous groups of people that have similar tastes, backgrounds, lifestyles, demographics, and culture

serviceable available market (SAM)

portion of the market that a business can serve based on its products, services, and location