chapter 4 entree
SCAMPER- a tool used to trigger new ideas for your business
Substitute Combine Adapt Magnify or Modify Put to other uses Eliminate Rearrange
freemium
an approach to pricing, and a business model, that connects free and premium products or services
retail arbitrage
approach to business where the entrepreneur buys something at a low price and resells it at a price closer to retail price
customer segment
group of potential purchases
target market
individuals or market groups called segments
license
legal agreement granting you rights to use a particular piece of property
causal model of entrepreneurship
one of two approaches to thinking about entrepreneurship/ creating a service that does not yet exist
gain
outcome that customers would like to encounter or be able to depend on
royalty
payment to a licensor based on the number or value of licensed items sold
conversion rate
people who click on your online advertisement
pain
problem, annoyance, or suboptimal situation customers or potential customers face
creativity
producing an idea or opportunity that is novel and useful
radical innovation strategy
rejecting existing ideas, and presenting a way to do things differently
opportunity recognition
searching new ideas that lead to business opportunites
entrepreneurial alertness
set of observational and thinking skills that help entrepreneurs identify good opportunities
imitative strategy
strategic approach in which the entrepreneur does more or less what others are already doing
Licensee
the person or firm which is obtaining the rights to use a particular piece of intellectual property
Licensor
the person or organization that is offering the rights to use a particular piece of intellectual property
business model
way to identify and organize key info on a business and how it achieves its goals
pilot test
way to test the fit of a solution and value proposition to the customers using a low-cost, low-risk approach
incremental strategy
taking an idea and offering a way to do something slightly better than it is done presently
customer job
term given to what a potential customer is trying to do
A/B testing
way to check customer reaction to websites describing your product or service
feasibility
which an idea is viable and realistic and the extent to which you are aware of internal and external forces
IDEO screen
-conducting a fast initial analysis of an idea for their potential -fast and simple 1. Market Desirability 2. Technical Feasibility 3. Business Viability