Innovation & Entrepreneurship Final Exam: Mindset & Characteristics

The belief that abilities are fixed and cannot be developed. People with a fixed mindset tend to avoid challenges and give up easily.

The belief that abilities can be developed through effort and learning. People with a growth mindset embrace challenges and see failures as opportunities for improvement.

A characteristic of someone with a fixed mindset; they give up when faced with challenges, believing they lack the ability to succeed.

A mindset characterized by quickly sensing opportunities, taking action, and organizing effectively under uncertain conditions.

Shifting your mindset from fixed to growth by being aware of and responding to negative self-talk.

Belief in the ability to learn and develop, leading to a focus on effort and improvement.

Viewing challenges and failures as opportunities to improve learning and skills. This is a key outcome of having a growth mindset.

People with a growth mindset often respond to challenges with determination and optimism.

Comparing oneself to others or listening to negative voices can erode confidence and hinder growth.

The first stage in Design Thinking, where you seek to deeply understand your users, their needs, and their context.

The stage in Design Thinking where you define the needs and challenges of your users, focusing on their core problems and aspirations.

The outcome of achieving self-efficacy is a sense of confidence, believing in your ability to make a difference.

The process of cultivating a growth mindset and fostering innovation within an organization by addressing gaps and inspiring creative confidence.

Empathy is essential in innovation. It involves understanding the feelings and thoughts of others, connecting with their needs and perspectives.

Goals are broad, general statements about what you want to achieve, while Objectives are specific, measurable steps that lead towards achieving your goals.

The Diverge phase in innovation is about generating multiple, diverse ideas. This stage encourages brainstorming and exploration.

A crucial step in the innovation process, testing involves gathering feedback from users about the prototype to identify areas for improvement and validation.

The Observe stage in empathy-building involves actively observing users in their natural environment, noticing their needs and situations.

Entrepreneurship is a learnable science, involving the ability to identify and address market needs through innovation and resourcefulness.

A startup's primary objective is to validate its business model hypotheses, finding a repeatable and scalable model that meets market needs.

A compelling mission statement is concise, clear, and inspiring, outlining the purpose of the company or organization.

Most startups fail due to timing or market fit issues. The idea might be great, but it may not be needed or wanted by customers at that moment.

A vision statement defines the company's long-term destiny, outlining its goals and aspirations for the future.

A lean startup is a methodology for developing businesses and products, aiming to reduce risk and increase efficiency by focusing on customer feedback and rapid iteration.

The Golden Circle is a framework for understanding why a company exists (purpose), how it executes (process), and what it does (actions).

Traditional business models often involve significant upfront investment and risk, making them prone to failure.

The lean startup method aims to reduce the likelihood of startup failure by focusing on customer feedback and rapidly iterating the product or business model.

The first principle of the lean startup method involves framing your business hypotheses as testable assumptions about the market and customer needs.

Customer development focuses on gathering feedback from potential customers to understand their needs and validate your product or business model.

Product development often focuses on building a product first, while customer development prioritizes understanding the customer and validating the product idea.

A minimum viable product (MVP) is a basic version of your product that includes essential features to gather early customer feedback and validate your idea.