entre chapter 4 test
customer segment
A group or subgroup of potential purchasers that can be approached in a coherent manner.
license
A legal agreement granting you rights to use a particular piece of intellectual property.
royalty
A payment to a licensor based on the number or value of licensed items sold.
pilot test
A preliminary run of a business, sales effort, program, or website with the goal of assessing how well the overall approach works and what problems it might have.
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.
IDEO screen
A technique for conducting a fast initial analysis of ideas for their potential.
A/B testing
A way to check customer reaction to websites describing your product or service.
business model
A way to identify and organize key information on a business and how it achieves its goals.
retail arbitrage
An approach to business where the entrepreneur buys something at a severely reduced retail price like clearance or closeout merchandise from a retailer and then resells it most typically online at a price closer to the typical retail price.
freemium
An approach to pricing, and a business model, that connects free and premium products or services.
imitative strategy
An overall strategic approach in which the entrepreneur does more or less what others are already doing.
gain
Any sort of outcome (a product, service, outcome, or situation) customers or potential customers would like to encounter or be able to depend on.
pain
Any sort of problem, annoyance, source of aggravation, shortcoming, or suboptimal situation customers or potential customers face.
E
Eliminate
target market
Individuals or groups that are called segments
M
Manage or modify
causal model of entrepreneurship
One of two approaches to thinking about entrepreneurship that does not exist, you have to cause the products or service to exist (the other is effectuation).
opportunity recognition
Searching and capturing new ideas that lead to business opportunities.
incremental strategy
Taking an idea and offering a way to do something slightly better than it is done presently.
Feasibility
The extent to which an idea is viable 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.
conversation rate
The measure of how many visitors to your website (or people who click on your online advertisement) are actually willing to make a commitment to the product or service promoted on the site.
licensee
The person or firm that 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.
customer job
The term given to what a potential customer is trying to do—perform or complete some sort of task, solve some problem, or try to achieve some outcome.
Scamper
a tool to trigger new ideas for your business
A
adapt
C
combine
Creativity
process producing an idea or opportunity that is novel and useful, frequently derived from making connections among distinct ideas or opportunities.
P
put to other use
R
rearranger
S
substitute