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The Opportunity
Entrepreneurship Unit 2
| Term | Definition |
|---|---|
| lean canvas model | one-page tool for planning the nine key parts of a business idea |
| minimum viable product (MVP) | basic version of a product where customers can interact or use product |
| prototype | preliminary model of a product used to get feedback about how it might work |
| ideation | process of generating many possible ideas for a business, product, or solution |
| innovation | turning a creative idea into a useful product, service, or process that adds value |
| invention | new and unique product, service, or process that did not exist before |
| brainstorming | generating many ideas without judging or criticizing them |
| unique value proposition (UVP) | statement explaining a product’s benefit, the problem it solves, and what makes it different |
| competitive advantage | benefit or edge that makes a business more attractive than its competitors |
| customer segment | specific group of customers with similar characteristics, interests, or needs |
| market research | gathering information about customers, competitors, and the market |
| pivot | major change in a business strategy or product based on what the entrepreneur has learned |
| social entrepreneurship | financially sustainable business designed to solve a social or community problem |
| green entrepreneurship | business focused on solving environmental problems |
| emerging technology | new or developing technology that can create new opportunities or industries |
| agentic AI | AI that can independently plan and take actions to accomplish a goal |
| extended reality (XR) | technology that combines or changes physical and digital environments |
| brain-computer interface | technology allowing the brain to communicate directly with a computer or device |
| bioprinting | use of 3D printing technology to create biological materials such as tissues |
| quantum computing | computing technology using quantum physics to solve certain complex problems |
| fusion power | energy created by combining atomic nuclei |
| pain point | specific problem or frustration experienced by customers |
| empathy | understanding another person’s needs, feelings, or experiences |
| eat your own dog food | having a company’s employees use and test its own products |
| iterative development | building a product through repeated testing, feedback, and improvements |
| vision statement | description of what a business hopes to become in the future |
| mission statement | description of what a business does, why it exists, and who it serves |
| SMART goals | |
| specific | |
| measurable | able to be tracked using numbers, data, or other evidence |
| achievable | challenging but realistically possible |
| relevant | supporting the business’s needs and long-term vision |
| timely | having a defined deadline or time frame |
| divergent thinking | generating many different, creative, or unusual ideas |
| disruptive technology |
Created by:
PRO Teacher
busynessgirl
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