NFTE Essential Vocab Test Lesson 4-6

Front

The ability to understand how your customers think and feel, what they say and do, what they struggle with, and what they want out of life.

Back

Empathy

Front

To think of an idea or several ideas.

Back

Ideate

Front

A process for solving problems with a focus on a consumer’s needs and interests.

Back

Human-Centered Design Thinking

Front

A prototype or first attempt at an idea built quickly and cheaply that the entrepreneur tries to sell to get feedback from potential customers

Back

Minimum Viable Product

Front

A problem, real or perceived, that an entrepreneur can create a business opportunity to solve.

Back

Pain Point

Front

A way to come up with new ideas or solve problems through a group discussion.

Back

Brainstorming

Front

A customer need or want that can be met by a new business.

Back

Business Opportunity

Front

A limited number of customers within a target market that are grouped by their shared common characteristics. Many entrepreneurs will make this grouping for specific marketing purposes.

Back

Customer Segment

Front

A short statement that summarizes the benefits a company gives to its customer segments.

Back

Value Proposition

Front

A business evaluation method that focuses on four categories: Strengths, Weaknesses, Opportunities, and Threats.

Back

SWOT Analysis