Ch 4 Small Business Ideas: Creativity, Opportunity, and Feasibility

License

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

Entrepreneurial Alertness

A special set of observations 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.

Imitative Strategy

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

Radical Innovation Strategy

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 better than it is done presently.

Feasibility

The extent to which an idea is visible and 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 Web site 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 or value of 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 opportunities.