1.4 - 1.6 Quiz

study guide

Opportunity

A set of circumstances favorable for the creation of value by offering a new or modified good or service.

Pain Point

A specific frustration or problem customers experience with a current product, service, or process (shows up in wasted time, wasted money, inconvenience, or risk).

Market Gap

A need that existing products or services fail to meet, or meet poorly (e.g., underserved customer groups, unaddressed price points, missing features/locations).

Prototype

A preliminary depiction or model of a product created to explore and validate ideas (e.g., sketch/diagram, digital model, 3D print, video, miniature, or working model).

Minimum Viable Product (MVP)

The simplest version of a product that serves its intended purpose and allows for customer feedback (focuses on core features only, with no cosmetic extras).

The Find Pathway

Experiencing or observing an unmet need in one's own life or environment.

The Search Pathway

Deliberate, active search for unmet needs through market research or technical research.

The Effectuate Pathway

Starting from existing skills, knowledge, resources, and network to build an opportunity.

The Ideate Pathway

Pure creative brainstorming without personal need or formal search; fills visible market gaps or creates unthought-of demand.

Empathize

 Information-gathering via surveys, interviews, and observations to gain deep target audience understanding.

Define

Framing the core problem using "How might we...?" questions based on empathize insights.

Ideate

Free-form brainstorming to generate a broad range of potential solutions without criticism.

Prototype

Building simple, low-fidelity representations of product ideas for experimentation.

Test

Sharing early versions/MVPs with target users for validation, feedback, and refinement.

Risks & Costs

Substantial research and development (R&D) costs, obtaining financing, setting up manufacturing facilities, sourcing raw materials, safety compliance, and expensive marketing campaigns.

Rewards

 Long stream of profits, personal satisfaction from solving meaningful problems, positive environmental/social impact, and fame/reputation.

Core Values

Underlying principles and beliefs that shape decision-making for companies and individuals.

Core Competencies

Capabilities or strengths that enable a business to stand out from rivals and deliver unique value.

Vision Statement

 Concise summary of an organization's aspirations—what it wants to become and the long-term impact it aims to make.

Mission Statement

Brief description of why an organization exists and what it does to achieve its long-term goals.

Nonprofit Organization

Serve the public good; excess revenues are reinvested back into the organization.

Codes of Conduct

Cover legal compliance, confidentiality, conflicts of interest, ethical AI usage, entertainment/gifts, and workplace safety.

Internal Stakeholders

 Directly involved in organization activities (employees, managers, owners, board of directors).

External Stakeholders

Outside entities affected by business activities (customers, local communities, environment, suppliers).