Glossary – What Our Terms Mean
The purpose of this glossary is not necessarily to invent new terms but to define what the terms mean in the context of this resource.
There may be debate about the definitions, but at least we all understand what is meant.
Minimum Viable Distinctive Value Proposition
A Minimum Viable Distinctive Value Proposition (MVDVP), is the minimum you can invest in to test a value proposition hypotheses. An MVDVP is often built within an incremental and iterative method, such as The Hypotheses, Design Experiments, Test, and Insights Process,...
Minimum Viable Product (MVP)
Since we favour the more inclusive term solution (a bundle of products, services, and experiences), instead of the term product, we will instead use the expression Minimum Viable Solution (MVS).
Minimum Viable Solution (MVS)
A Minimum Viable Solution (MVS), is the minimum you can invest to reveal and demonstrate what a solution is and is capable of. As Ash Maurya wrote in Scaling Lean, “[a]n MV[S] is the smallest solution that creates and captures monetizable value from [customers].”...
Models
Definitions Models are "a complex set of interrelated hypotheses."Natural Experiments of History, P21, Jared Diamond All models are wrong, but some are useful.George Box, 1978. Discussion Regarding models being wrong, what is meant is that every model is an...
Pivot
Pivot - a change in strategy without a change in vision.The Startup Way, Eric Ries. To pivot is to turn about an axis, and is a term used in business model development to suggest a change in direction, as in, if something doesn’t work, try something else. For example,...
Positioning and Repositioning
Positioning is how you differentiate yourself in the mind of your prospect. It’s also a body of work on how the mind works in the process of communication. Repositioning is how you adjust perceptions, whether those perceptions are about you or about your competition....
Product
Tangible results such as things made for you.In addition, where some authors use the term product, I have chosen to use the term solution.Please also refer to service.
Resilience
Resilience is the capacity of a system, enterprise, or a person to maintain its core purpose and integrity in the face of dramatically changed circumstances.
Risk and Uncertainty
If you don’t know for sure what will happen, but you know the odds, that’s risk... if you don’t even know the odds, that’s uncertaintyFrank Knight #DontThinkCheck #BusinessResultant #StartMyBusiness #RunMyBusiness
Service
Intangible results such as things done for you.In addition, where some authors use the term service, I have chosen to use the term solution.Please also refer to product.