ap busi 1.4

entrepreneur

an individual who starts and develops a business by identifying opportunities and organizing resources

entrepreneurship

the process off staring a managing a business while accepting financial and operation risk

risk

the possibility that a business will fail to generate enough revenue to cover its costs

reward

the potential benefits of entrepreneurship, including profit, independence, solving problems and passion

profit

the money a business earns when total revenue exceeds total cost

pain point

a specific frustration, inconvenience, or unmet need experienced by customers

market gap

an unmet consumer need not adequately addressed by existing products or services

market research

the process of gathering information about customer needs and preferences

prototype

an early, simple version of a product created to test an idea and gather feedback

validation

the process off confirming that a real problem exists and customers are are willing to pay for a solution

minimum viable product (MVP)

the simplest version of a product that includes only the essential features