ECON TEST 2

Design Sprint

A time-constrained process that uses divergent (inspiration: what’s the problem then ideation how do we solve the problem) and convergent (implementation: how can we make it better) thinking to design and test ideas quickly.

Social Enterprise

An organization that applies commercial strategies to maximize improvements in human and environmental well-being.

Business Enterprise

A for-profit organization that aims to generate revenue through the sale of goods or services.

Means of an Entrepreneur

The resources, skills, and strategies that an entrepreneur uses to create and manage a business.

Pivot

A fundamental shift in business strategy to test a new approach after learning from previous efforts.

Problem

An issue or challenge that needs to be addressed or solved in the context of business or entrepreneurship.

Value

The importance, worth, or usefulness of a product or service to customers.

Risk

The potential for loss or failure in a business venture, often associated with uncertainty.

Scalability

The ability of a business to grow and manage increased demand without compromising performance or losing revenue potential.

Opportunity Notebook

A tool used by entrepreneurs to record and evaluate potential business opportunities.

Broad Entrepreneurship Domain

The wide range of activities and sectors that encompass entrepreneurial ventures: mindfulness, adaptability, passion, openness to change

Assets

Resources owned by a business that have economic value and can provide future benefits.

Brainstorming

A creative group activity aimed at generating a large number of ideas for solving a problem.

Brainwriting

A written form of brainstorming where participants write down their ideas and share them with others for further development.

Business Plan

A formal document outlining a business's goals, strategies, and financial projections.

Model Canvas

A strategic management tool that provides a visual framework for developing, describing, and analyzing business models.

Capital

Financial resources available for use in the production of goods and services.

Casual Thinking

An informal approach to problem-solving that relies on intuition and spontaneous ideas.

Effectual Thinking

A decision-making process used by entrepreneurs that focuses on available means and co-creating opportunities with stakeholders.

Consequential Problem

A significant issue that arises from previous decisions or actions, impacting future outcomes.

Evidence-Based Process

A systematic approach to decision-making that relies on data and empirical evidence.

Habituation

The process of becoming accustomed to a stimulus after repeated exposure, which can affect decision-making.

Hypothesis Testing

A method used to determine the validity of a proposed explanation or theory through experimentation and observation.

Ideation/Iteration

The process of generating ideas (ideation) and refining them through repeated cycles of feedback and improvement (iteration).

Idea Mythology

The collection of beliefs and narratives surrounding the origin and development of ideas in entrepreneurship.

Intellectual Property (IP)

Legal rights that protect creations of the mind, such as inventions, designs, and artistic works.

Minimum Viable Product (MVP)

A product with just enough features to satisfy early adopters and gather feedback for future development.

Pitch

A presentation designed to persuade an audience to support an idea, project, or business venture.

Target Market

A specific group of consumers at which a business aims its products and services.

Value Proposition

A statement that explains how a product or service meets customer needs and stands out from competitors.

different models of entrepreneurship

startup, tech, intrapreneurship, social

startup

A new business designed to grow quickly and reach a large market.

social

Using a business or organized solution to solve a social or environmental problem.

intrapreneurship

Creating a new idea inside an existing organization instead of starting a brand-new company.

tech

Using technology (apps, software, AI, platforms) as the core of the solution.

Entrepreneurship

the process of identifying a problem or opportunity and creating a solution by organizing resources, taking risks, and delivering value to others.

Entrepreneurship relates to economics

because it involves using limited resources to create goods or services that meet needs and wants, which helps drive production, employment, and economic growth.

Examples of means

materials, social media (pr), facilities, other schools, colleges or universities, funding, data digital assets, equipment

value proposition

• Who you help

• What problem you solve

• How your solution helps

• Why it’s better than other options