Entrepreneurship Ch. 4
creativity
A process producing an idea or opportunity that is novel and useful, frequently derived from making connections among distinct ideas or opportunities
feasibility
Extent to which an idea is viable and realistic and the extent to which you are aware of internal and external forces that could affect your business
Licensee
Person or firm which is obtaining rights to use a particular piece of intellectual property
entrepreneurial alertness
Special set of observational and thinking skills that help entrepreneurs identify good opportunities; ability to intuitively notice things that have been overlooked
license
a legal agreement granting you rights to use a particular piece of intellectual property
imitative strategy
doing more or less what others are already doing
conversion rate
measure of how many visitors to your web site actually make a purchase
royalty
payment to a licensor based on the number or value of licensed items sold
licensor
person or organization which is offering the rights to use a particular piece of intellectual property
pilot test
preliminary run of a business, sales effort, program, or web site with the goal of assessing how well the overall approach works
radical innovation strategy
rejecting existing ideas, and presenting a way to do things differently (adapting)
opportunity recognition
searching and capturing new ideas that lead to business opportunities. often involves creative thinking that leads to discovery of new and useful ideas
incremental
taking an idea and offering a way to do something slightly better