Essential Vocabulary - DNA of an Entrepreneur/Design Thinking

A source of perplexity, distress, or vexation. 

• Problem

• Reward

• Solution

• Risk

An action or process of solving a problem.

• Problem

• Solution

• Entrepreneur

• Business

The chance of losing something or having a negative outcome. 

• Risk

• Monopoly

• Problem

• Resolution

Someone who creates and owns a business.​

• Entrepreneur
• Business owner
• Investor

An organization that provides products or services, usually to make money.

• Business

• Risk

• Opportunity

• Corporation

What entrepreneurs get in exchange for starting a business; can include money, personal satisfaction, independence, or positive impact on the economy/communit

• Reward

• Risk

• Profit

• Solution

A strategic management and lean startup template for developing new business models. 

• Lean Canvas

• Business Plan

• Corporation

• Mission Statement

A social skill that helps you better understand the emotions, intentions, thoughts, and needs of others so that you are in a better position to develop valuable solutions. (adapted from Venture Blocks).​ (a)  

• Empathy
• Sympathy
• Intuition

A methodology used by designers to solve complex problems and find desirable solutions for clients. The steps in human-centered design thinking are: Empathize, Interpret, Ideate, MVP Prototype, Test and Evolve. (adapted from IDEO and Stanford d.school)​ (a)  

• Human-Centered Design Thinking
• Design Thinking
• User-Centered Design Thinking