AP®︎ Business with Personal Finance: Topic 1.4 Flashcards

Master key terms and definitions for Topic 1.4 of AP Business with Personal Finance – How Do Business Ideas Originate? to help you prep for quizzes and the AP exam.

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Term

Entrepreneur

Definition

An individual who develops a new business and assumes its risks and potential rewards

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Entrepreneur
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An individual who develops a new business and assumes its risks and potential rewards

1.4.A1.4.A.1
Business Opportunity
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A plausible connection among a customer problem, a product that addresses it, customers willing to buy it, and a business able to provide it

1.4.A
Customer Observation
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Examining what potential customers actually do to identify difficulties, workarounds, frustration, or unmet needs

1.4.A1.4.A.2
Customer Interviews
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Detailed conversations used to understand the reasons, nature, and context behind potential customers’ problems

1.4.A1.4.A.2
Customer Surveys
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Consistent questions given to a larger group to determine whether multiple potential customers experience a problem

1.4.A1.4.A.2
Market Research
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Research into products, competitors, complaints, purchasing patterns, and trends to identify inadequately addressed customer needs

1.4.A1.4.A.2
Market Gap
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A customer problem, need, or want that existing products do not adequately address

1.4.A1.4.A.2
Technical Research
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Investigation of materials, equipment, software, processes, or scientific knowledge to discover possibilities or assess whether a solution can work

1.4.A1.4.A.2
Developing Capabilities Through Experimentation
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Testing approaches to create new knowledge, skills, processes, or technologies that make new product ideas possible

1.4.A1.4.A.2
Entrepreneurial Design-Thinking Process
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Identify and validate a customer problem, develop a solution, represent it as an MVP, gather feedback, and retain, revise, or reconsider the idea

1.4.C
Problem Validation
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Gathering evidence that a customer problem, need, or want exists, can be clearly defined, and is experienced by multiple potential customers

1.4.C1.4.C.1
Idea Validation
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Gathering feedback from potential customers on whether an MVP’s core solution appears to address the validated problem

1.4.C1.4.C.3
Minimum Viable Product (MVP)
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The simplest version of a product idea containing only its core features and used to gather initial feedback from potential customers

1.4.C1.4.C.3
Risk
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Uncertainty that a product’s outcome will not justify the financial, physical, and human resources committed to bringing it to market

1.4.B1.4.B.1