Skip to ContentGo to accessibility page
OpenStax Logo
Entrepreneurship

Key Terms

EntrepreneurshipKey Terms

Key Terms

adaptive model
method of entrepreneurial problem solving that seeks solutions in ways that are tested and known to be effective
assessment
lean problem-solving process phase in which the entrepreneur experiments and analyzes the potential process and its capabilities
brainstorming
generation of ideas in an environment free of judgment or dissension with the goal of creating solutions
clarify
first step of the creative process, which involves recognizing the existence of a gap between the current state and a desired state
communication skills
skills entrepreneurs use to pool resources for the purposes of investigating solutions leading to innovative problem solving and competitive advantage
creativity
development of original ideas
critical thinking
complex analysis of a problem or issue with the goal of solving the problem or making a decision
crowdsourcing
teams of amateurs and non-experts working together to form a solution to a problem
data analysis
process of analyzing data and modeling the data into a structure that leads to innovative conclusions
decisiveness
ability to make a quick, effective decision, not letting too much time go by in the process
design thinking
method to focus the design and development decisions of a product on the needs of the customer, typically involving an empathy-driven process to define complex problems and create solutions that address those problems
develop
stage in which the entrepreneur takes the list of ideas generated and tests each solution for feasibility
entrepreneurial problem solving
process of using innovation and creative solutions to close the opportunity gap by resolving complex societal, business, or technological problems
evaluate
stage in which the final solution is assessed
evaluation
lean problem-solving process phase in which behaviors are analyzed to assess success
external environment
outside the enterprise and encompasses customers, industry trends, and competition
hackathon
event, usually hosted by a tech company or organization, which brings together programmers and workers with other degrees of specialization within the company, community, or organization to collaborate on a project over a short period of time
human-centered design
focuses on people during design and development
ideate
stage of the creative problem-solving process leading to the detailing and formation of idea generation by the entrepreneur
implement
means to enact the plan and test for success
innovative model
method of entrepreneurial problem solving that uses techniques unknown to the market and that bring competitive advantage to an organization
internal environment
comprises the factors inside the enterprise, such as employees, and internal practices and processes
lean process
systematic process for the maximizing of continuous improvement and the minimization of surplus or unused material in the production of a process
need awareness
occurs when the entrepreneur notes a gap between societal or customer needs and actual circumstances
observation
lean problem-solving process phase in which the entrepreneur studies the challenge and notes all facets of the challenge requiring solution
petitioner problem solvers
problem solvers who see a problem and ask others for solution ideas
resourcefulness
ability to discover clever solutions to obstacles
self-regulating problem solvers
problem solvers who are autonomous and work on their own, without external influence; they have the ability to see a problem, immediately visualize a possible solution to the problem, and seek to devise a solution
storyboarding
process of presenting an idea in a step-by-step graphic format
team creativity
process of a team creating an unexpected solution for an issue or challenge
theorist problem solvers
problem solvers who see a problem and begin to consider a path toward solving the problem using a theory
whiteboarding
type of graphing that permits the entrepreneur to plot each step in a process to build comprehension and detailing of the process
PreviousNext
Order a print copy
Citation/Attribution
Reuse and redistribution of this content in digital or print format:
  • This book may not be used in the training of large language models or otherwise be ingested into large language models or generative AI offerings without OpenStax's prior written permission.
  • This book uses the Creative Commons Attribution-NonCommercial-ShareAlike License, which means that you can reuse and modify the material only for noncommercial purposes, must attribute OpenStax, and must distribute any derivative works under the same license.
  • Any commercial printing of this textbook, including using a local or custom printer, must be approved by OpenStax, and proper citation provided.
  • OpenStax-copyrighted images, activities, assessments, and similar components of this book are subject to the same licensing – CC-BY-NC-SA. They can be used for noncommercial purposes with attribution. Commercial use requires permission.
  • Permission requests: Anyone who intends to incorporate this content (including text, images, and other components) into large language models, use it in AI offerings, use it commercially (including in print), and/or has questions about another use case is welcome to complete our reuse request form.
Attribution information
  • If you are redistributing all or part of this book in a noncommercial print format, then you must include on every physical page the following attribution:

    Access for free at https://openstax.org/books/entrepreneurship/pages/1-introduction

  • If you are redistributing all or part of this book in a noncommercial digital format, then for every page that includes OpenStax content, you must license the derivative work under the same CC-BY-NC-SA license as the original, and include on every digital page view the following attribution:

    Access for free at https://openstax.org/books/entrepreneurship/pages/1-introduction

Citation information

The information below includes the information needed to generate citations in most major styles (APA, MLA, etc.); you must reformat and organize the information as needed to fit the requirements of the style. Use the information below to generate a citation. We recommend using a citation tool such as this one.

© Jun 17, 2026 OpenStax. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike License. The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo, and Rice University name, and Rice University logo trademarks, or wordmarks are not subject to the Creative Commons license and may not be reproduced without the prior and express written consent of Rice University.