NFTE Unit 2 Vocab Quiz

Something that you assume is true about your business.

• Needs

• Assumptions

• Wants

• Explanations

Phase of the design process where the intended audience tests out the features of a product or service so that final changes can be made before release. Often used in app/software development.

• Beta Testing

• Delta

• Testing assumption

• Gamma

A cost-effective and efficient process for iterative design for a product or service through feedback loops

• Delete-Pause-Repeat

• Define-Delete-Refine

• Build-Measure-Learn

• Compose-Revise-Draft

Proving through ongoing market research and data analysis that your business idea is a true business opportunity; Combined result of a validated business opportunity and value proposition.

• Testing

• Cognitive Dissonance

• Business Model Validation

• Business Model Verification

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

• Definition of Business

• Decision Analysis

• Business Banking

• Business Opportunity

Risks entrepreneurs take after carefully considering potential costs and benefits before starting a business.

• Definitive Risk

• Calculated Risk

• Condensation Risk

• Opportunity Risk

A limited number of customers within a target market grouped by shared common characteristics. Many entrepreneurs will do this for specific marketing purposes.

• Payment Calculator

• Customer Domain

• Customer Segment

• Customer Solution

How possible or worthwhile it is to pursue your idea.

• Accessibility

• Accountability

• Novelty

• Feasibility

Business ideas that arise from your own personal hobbies, interests, talents and skills.

• Internal Sources of Opportunity

• External Sources of Opportunity

• Opportunity to Develop

• Individual Resources

Starting a business as soon as possible with very limited resources and using ongoing research to fine tune the business.

• Startup ideaology

• Turnover costs

• Lean Startup Methodologies

• Business Model Method