Entrepreneurship Vocabulary

Question 1

Process of forming revising pondering and sharing new ideas of any kind realistic abstract or anywhere in between

Answer 1

idea generation

Question 2

Means acquiring information from world around you based on five senses

Answer 2

observation

Question 3

Considering the end-user or customers’ needs & incorporating when solving solutions

Answer 3

design thinking

Question 4

Way of thinking that means that one’s brain is capable of learning anything compared to fixed mindset

Answer 4

growth mindset

Question 5

Simple models entrepreneurs used to explain their idea get user feedback & learns how products needs tweaked

Answer 5

prototypes

Question 6

Shortest version of your pitch that you have ready anytime - same length as elevator ride

Answer 6

elevator pitch

Question 7

Money earned is more than cost of running the business

Answer 7

profit

Question 8

Makes product/service different from others that are available it can be feature of product service

Answer 8

unique selling point

Question 9

Process of looking at a problem backwards instead of trying to come up with new ideas

Answer 9

reverse brainstorming

Question 10

Deciding if making & selling new product idea is really possible

Answer 10

feasibility

Question 11

Involves taking into inventions & turnings them into products

Answer 11

innovation

Question 12

Process of deciding which ideas represent market opportunity

Answer 12

opportunity analysis

Question 13

Questions that require a specific answer that has been provided

Answer 13

closed questions

Question 14

Brings together small group of people with moderator for a product/service

Answer 14

focus group

Question 15

Process of gathering & analyzing information about market for product/service

Answer 15

market research

Question 16

Questions that allow person to use own words to respond

Answer 16

open-ended questions

Question 17

Information comes from any research method that allows respondents to provide answers

Answer 17

qualitative information

Question 18

Research that gives numerical data

Answer 18

quantitative information

Question 19

Being able to understand/share feelings & perspective of someone else

Answer 19

empathy

Question 20

Coherent plan on how to operate a business

Answer 20

business model

Question 21

Approach business uses to achieve long-term goals

Answer 21

strategy

Question 22

Process of analyzing businesses costs & revenues to find out number of sales needed to cover costs

Answer 22

break-even analysis

Question 23

When business doesn’t earn enough sales revenue to cover costs of normal operation

Answer 23

loss

Question 24

Describes way business plans to bring income from its customers

Answer 24

revenue model

Question 25

Costs that vary directly with the levels of output

Answer 25

variable cost