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Module 2

Bizinnovator Review

QuestionAnswer
Idea A formulated thought for a business.
Opportunity A set of circumstances that makes it possible to do something.
Economics & Profitability Evaluating an entrepreneurial opportunity requires an analysis of the capital needed to start, projected profit and breakeven points, and the return on investment potential.
Management & Team Evaluating an entrepreneurial opportunity requires an analysis of the business’s potential management style, team structure and composition, and their backgrounds and integrity.
Competitive Advantage Evaluating an entrepreneurial opportunity requires an analysis of the benefits the product/service offers potential customers, streamlined processes/efficiency, value of intellectual property, and strategic partnerships.
Creativity The potential of the mind to conceive new ideas.
Innovation Translating an idea or invention into a good or service.
Creativity and Innovation Creativity is the potential for the mind to conceive new ideas while innovation is the process of translating an idea into a product or service that provides value to a potential customer.
Intellectual Property A work or invention that is the result of creativity.
Patents An exclusive right given to a creator to decide if/how they will share their invention.
Trade Secret A secret device or technique used by a company in manufacturing its products.
Utility Patent Protects how something works, its functionality; generally lasts for 20 years (protection for new, useful, and non-obvious inventions, such as a process, machine, article of manufacture, or composition of matter, and improvements to these).
Provisional Patent A temporary application that establishes a filing date but is not examined. It must be followed by a non-provisional application within one year to maintain the original filing date.
Plant Patent Protection for new and distinct plant varieties that have been asexually reproduced (e.g., by grafting or budding).
Design Patent A type of intellectual property protection that covers the unique, ornamental, and non-functional appearance of a product.
Design Thinking The process of combining empathy for potential customers’ needs and problems with innovation of an entrepreneur and the entrepreneur’s ability to iterate numerous prototypes to discover what best meets the customers’ needs and creates value.
SCAMPER A creative brainstorming technique that can be used to generate new ideas and solutions to problems.
Value Proposition What you promise to deliver to customers post-purchase; what are your customers buying (the potential customer derives the value).
Components of the value proposition The key components include 1) identify customer benefits, 2) differentiation and positioning, and 3) link the benefits to product/service value
Differentiation What makes a product unique.
Positioning How a product or service is presented to a customer in a specific market.
Product Market Fit The point at which a product satisfies strong market demand, with customers enthusiastically buying, using, and sharing it.
Utility of Form The added value a product gains when its physical characteristics are changed through production, assembly, or design to meet consumer needs and desires.
Utility of Time The value or benefit consumers get from having a product or service available at the exact moment they need or want it.
Utility of Possession The value a customer derives from owning and being able to use a product.
Utility of Place The value of a product or service by making it available in a convenient location for consumers.
Utility of Information The value a product or service provides by giving customers useful information (catalogs and manuals).
Created by: user-1902110
 

 



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