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Business and Entrepreneurial Thinking flashcards
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- What is meant by “Business” in this lesson?What Businesses Do
- A business organizes resources to provide goods or services through an economic activity.
- What is meant by “Entrepreneurship” in this lesson?What Businesses Do
- Entrepreneurship develops and organizes a venture under uncertainty.
- What is meant by “Good” in this lesson?What Businesses Do
- A good is a tangible product provided for use or exchange.
- What is meant by “Service” in this lesson?What Businesses Do
- A service is an activity or benefit provided rather than only a tangible object.
- What is meant by “Customer” in this lesson?What Businesses Do
- A customer obtains an offering and may differ from its ultimate user.
- What is meant by “Stakeholder” in this lesson?What Businesses Do
- A stakeholder affects or is affected by an organization's activities.
- What is meant by “Customer problem” in this lesson?Finding Problems Worth Solving
- A customer problem is a relevant difficulty or unmet need supported by evidence.
- What is meant by “Opportunity” in this lesson?Finding Problems Worth Solving
- An opportunity combines a potentially valuable need with a feasible way to address it.
- What is meant by “Value proposition” in this lesson?Finding Problems Worth Solving
- A value proposition explains the benefit offered to a specified customer.
- What is meant by “Alternative solution” in this lesson?Finding Problems Worth Solving
- An alternative solves the customer's need through another product, process, or behavior.
- What is meant by “Problem-solution fit” in this lesson?Finding Problems Worth Solving
- Problem-solution fit is evidence that a proposed solution addresses a meaningful problem for a defined group.
- What is meant by “Assumption” in this lesson?Finding Problems Worth Solving
- An assumption is an unverified condition a plan depends on.
- What is meant by “Uncertainty” in this lesson?Making Decisions Under Uncertainty
- Uncertainty involves incomplete knowledge about outcomes or their probabilities.
- What is meant by “Calculated risk” in this lesson?Making Decisions Under Uncertainty
- Calculated risk weighs evidence, possible losses, and available safeguards.
- What is meant by “Iteration” in this lesson?Making Decisions Under Uncertainty
- Iteration revises an offering through repeated testing and learning.
- What is meant by “Resilience” in this lesson?Making Decisions Under Uncertainty
- Resilience is the capacity to respond and recover from setbacks without guaranteeing success.
- What is meant by “Opportunity cost” in this lesson?Making Decisions Under Uncertainty
- Opportunity cost is the next-best alternative forgone by a decision.
- What is meant by “Ethical responsibility” in this lesson?Making Decisions Under Uncertainty
- Ethical responsibility considers effects on others beyond immediate financial gain.