business ch 5 and 6

start-up

new business started from scratch

founders

people who create or start new businesses

Variance

permission from a government organization to act differently than the laws state

informational website

an internet site designed to introduce and explain a business to others

accelerator

an organization that supports start-up technology businesses by providing inexpensive office space, a variety of support services, and resources; most accelerators are associated with universities

e-commerce

general term for conducting business on the internet

zoning laws

government specifications for acceptable use of land and buildings in particular areas

full-time employment

more than 35 hours of work per week

Hybrid entrepreneurship

the process of initiating a business while simultaneously remaining employed for wages or salary

Bootstrapping

using low-cost or free techniques to minimize your cost of doing business

Effectual Reasoning

A logical process in which one analyzes the resources available and restraints on the use of resources to create an attainable goal.

part-time employment

35 hours or less per week

Part-time business

A business in which the owner either participates fewer than 35 hours per week or operates on a temporary or seasonal basis while maintaining employment elsewhere for wages or salary.

minimum viable product

A concept central to lean business practices where you make a minimum product, but one that can be sold. By selling to customers and collecting feedback, an entrepreneur can develop a product at minimum cost.

Pop-up business

A temporary business that offers services or products in a variety of locations for a brief period at a time.

episodic business

A temporary, project-based, or sporadically operating business.

Lean Business Practices

An application created by Eric Ries that addresses the specifics of new business creation, particularly Internet-based businesses, where rapid experimentation and constant monitoring of viewers' choices are possible.

Business-to-consumer (B2C)

E-commerce transactions between businesses and consumers.

Business-to-business (B2B)

E-commerce transactions between businesses.

tweet

a 140-character or less message sent using the Twitter web service

RSS feed

An internet messaging service that pushes (sends) whatever web material you specify to subscribers to that feed

strategic partnerships

Formal or informal relationships with customers, vendors, or mentors to ensure the success of an entrepreneurial venture.

Bricolage

Refers to the process of analyzing the resources available and creating a product or service from them.

Affordable loss

The minimum possible expenditure of capital and other resources in order to bring an entrepreneurial idea to market.

Leveraging contingencies

The practice of and ability to seize upon novel opportunities that become apparent during the conduct of business.

Casual (predictive) reasoning

The process of setting a goal and then determining the strategy and resources required to attain the goal.

revolving credit

a credit agreement that allows the borrower to pay all or part of the balance at any time; as the loan balance is paid off, it becomes available to be borrowed again

Consumer

a private individual or household that is the end user of a product or service

blog

a web page in which entries are posted in reverse chronological order

asset

something the business owns that is expected to have economic value

Volatility

the frequency of business starts and stops

Covenant

the limitations imposed on an individual's property by the neighborhood group