Entrepreneurship Chapter 4

License

a legal agreement granting you rights to use a particular piece of intellectual property

Imitative Strategy

an overall strategic approach in which the entrepreneur does more or less what others are already doing

Radical Innovation

rejecting existing ideas, and presenting a way to do things differently

Opportunity Recognition

searching and capturing new ideas that lead to business opportunities, this process often involves creative thinking that leads to discovery of new and useful ideas

Incremental Strategy

taking an idea and offering a way to do something slightly better than it is done presently

Feasibilty

the extent to which an idea is visible and realistic and the extent to which you are aware of internal (to your business) and external (industry, market, and regulatory environment) forces that could affect your business

Conversion Rate

the measure of how many visitors your Website (or people who click on your online advertisement) actually make a purchase from you

Licensee

the person or firm which is obtaining the rights to use a particular piece of intellectual property

Licensor

the person or organization which is offering the rights to use a particular piece of intellectual property

Royalty

a payment to a licensor based on the number of value or licensed items sold

Pilot Test

a preliminary run of a business, sales effort, program, or Web site with the goal of assessing how well the overall approach works and what problems it might have

Creativity

a process producing an idea or opportunity that is novel and useful, frequently derived from making connections among distinct ideas or opportunites

Entrepreneurial Alertness

a special set of observational and thinking skills that help entrepreneurs identify good opportunities; the ability to notice things that have been overlooked, without actually launching a formal search for opportunities, and the motivation to look for opportunities