Entrepreneurship and Innovation Lecture Notes

Vocabulary practice flashcards covering entrepreneurial mindsets, innovation, idea generation techniques, design thinking, and product development concepts.

Entrepreneurship

The ability and readiness to develop, organize, and run a business enterprise.

Curiosity and Creativity

An entrepreneurial mindset characteristic defined by always looking for new ways to do things.

Problem-Solving

Identifying problems and finding solutions while remaining unafraid to take risks and experiment.

Self-Motivation

Being driven to succeed, unafraid of hard work, and willing to put in the hours to make dreams a reality.

Resilience

A characteristic of entrepreneurs who do not give up easily and are always looking for ways to improve.

Optimism

Positive thinking characterized by believing in oneself and one's ability to succeed.

Steve Jobs

Co-founder of Apple.

Cleantech

A relatively new industry that focuses on developing sustainable energy sources and technologies.

Create a culture of Creativity

Encourage your employees to come up with new ideas and experiment with new approaches

creative thinking and innovation

Are essential for entrepreneurship. Entrepreneurs need to be able to generate new ideas, solve problems in new ways, and identify new opportunities in order to succeed

Freewriting

A writing technique that involves writing whatever comes to mind without stopping.

Recognizing market gaps and needs

Can develop new products and services or differentiate themselves from competitors

Brainwriting

An idea-generation technique where each group member writes down their ideas on a piece of paper, and the papers are passed around so everyone can add to or improve on them.

Brainstome Regularly

Schedule time brainstorming sessions with your teams. this is great way to generate new ideas and solve problems

SCAMPER

A framework consisting of 7 ways to improve something: Substitute, Combine, Adapt, Modify, Eliminate, Rearrange, and Put to another use.

Role-Playing

A technique used to generate new ideas by looking at a problem from a different perspective.

Reverse Brainstorming

An idea-generation technique where you list what you do not want, then do the opposite.

Mental Blocks & Biases

Barriers that stop and prevent creative thinking and good decisions.

Groupthink

A barrier to decision-making that can be overcome by encouraging open discussion and debate within the group.

Human-Centered

An aspect of design thinking focused on putting the user at the center of the process to understand their needs, wants, and pain points.

Collaborative (Design Thinking)

A process that involves people from different backgrounds and disciplines to provide diverse perspectives essential for generating creative solutions.

Pitching and presenting innovative ideas

is a critical skill for entrepreneurs, innovators, and anyone who wants to make a different in the world

Visual (Design Thinking)

An approach where teams use sketches, diagrams, and other visual tools to communicate ideas and prototype solutions.

Developing Innovative Solutions

The process of coming up with new and better ways to solve problems, which can help improve efficiency, productivity, and profitability.

MVP (Minimum Viable Products)

A version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least effort.