Entrepreneur ch 4

Customer segment

A group or sub group 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 or based on the number or value of license 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

Creativity

A process producing an idea or opportunity that is novel and useful, frequently derived from making connections amongst distinct ideas or opportunities

Entrepreneurial alertness

A special set of observation 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

A/B testing

A way to check customer reaction to websites describing your product or service

Business model

A way to identify an organized confirmation on a business and how it achieves its goals

A

Adapt

Imitative strategy

An overall strategic approach which entrepreneur does more or less what others are already doing

Gain

Any sort of outcome customers or potential customers would like to encounter or be able to depend on

Pain

Any sort of problem annoyance, source of aggravation

C

Combine

E

Eliminate

Retail arbitrage

In approach to business where the entrepreneur buy something at a severely reduced retail price and then resells it at a price closer to the typical retail price

Freemium

In approach to pricing, and a business model, that connects free and premium products or services

M

Magnify or modify

P

Put to other uses

R

Rearrange

Target market

Refers to the group of customers in the area you plan to serve who would likely be interested in your product, or those of competitors

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

IDEO Screen

Simplest in fastest ways to screen ideas

S

Substitute

Incremental strategy

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

Casual model of entrepreneurship

The casual approach is one in which you want to create a particular product or service that does not yet exist, and to achieve that in, you have to cause the product or service to exist

Feasibility

The extent to which an idea is firewall in realistic and the extent to which you are aware of internal and external forces that could affect your business

Conversion rate

The measure of how many visitors to your website or actually willing to make a commitment to the product or service promote it 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. The target of the job is often the key to what a proposed product or service is intended to help.

What is SCAMPER?

a tool for identifying new entrepreneurial opportunities

Novel

new and different