Unit 1.4 - How Do Business Ideas Originate?

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7 Terms

1
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Entrepreneur

An individual who develops a new business and assumes its risks and potential rewards

2
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Design-Thinking Process

A structured approach to generating and validating a business idea: observe/interview to validate a problem, develop a solution, then test it

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Minimum Viable Product (MVP)

The simplest version of a product idea, with only its core features, used to gather early customer feedback

4
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Customer Interview

A conversation with a potential customer designed to validate a problem, not to pitch a solution

5
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Business Hypothesis

A specific, testable prediction about whether a solution will work for a target customer

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Falsifiable

Capable of being proven wrong by a real test — a requirement for a good hypothesis

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Problem-Solution Fit

The point at which real customers consistently respond to a solution the way the hypothesis predicted