entrepreneurship

due diligence

The difference between risk and calculated risk is; conducting the necessary research and investigation to make informed decisions that minimize risk.

infrastructure

all resources the entrepreneur will need in order to launch and sustain a business venture

entrepreneurial mindset

an awareness and focus on identifying an opportunity through solving a problem, and a willingness to move forward to advance that idea.

lifestyle venture

business in which the founders' primary focus is the lifestyle they will attain through becoming entrepreneurs, rather than a primary interest in financial rewards through the selling of the business.

divergent thinking

by generating as many ideas as possible, even when those ideas do not seem logical.

benchmarking

comparing one's own company's performance with an industry average, a leader within the industry, or a market segment

business ethics

conduct by which companies and their agents abide by the law and respect the rights of their stakeholders, particularly their customers, clients, employees, and the surrounding community and environment

A career entrepreneur

daily management as the owner of the venture, accepting, and perhaps enjoying, the daily risks and rewards of managing and building the venture

entrepreneurial spirit

describes a quality of those individuals who are productive self-starters focused on making changes happen

competitive advantage

describes your venture's unique benefits that poise it for growth

opportunity-identifying perspective

determining how the problem could be translated into an opportunity to create a new venture

corporate entrepreneurship

development of new ideas, opportunities, or ventures through formal research and development processes that focused on the corporation's strategy and goals

creativity

development of original ideas

e-commerce

e-commerce electronic transactions, particularly over the Internet, for the exchange of goods and services

minimum viable product (MVP)

early version or prototype of a product that may not be polished or complete but that functions well enough that you can begin to market it or test it with potential users

intrapreneur

employee who acts as an entrepreneur within an organization, rather than going solo

serial entrepreneur

entrepreneur who becomes involved in starting multiple entrepreneurial ventures

social entrepreneurship

entrepreneurial ventures focused on identifying a societal problem and creating a product or process to solve that problem

environmental entrepreneurship

entrepreneurial ventures focused on identifying an environmental problem and creating a product or process to solve that problem

franchising

form of licensing that allows the business (franchisor) to share its business model to expand through various distributors (franchisees) for a fee

mission statement

formal declaration about what the venture will do, what value it will provide to the end customer, and how it will accomplish this action.

lateral thinking

free and open thinking in which established patterns of logical thought are purposefully ignored or even challenged

bootstrapping

funding strategy that seeks to optimize use of personal funds and other creative strategies (such as bartering) to minimize cash outflows

brainstorming

generation of ideas in an environment free of judgment or dissension with the goal of creating solutions

copyright

grants the creator of a work the exclusive right to reproduce the work, typically for a specified period of time

empathy

human ability to feel what other humans are feeling, which in the context of creativity, innovation, and invention is essential to beginning a process of human-centric design

fairness

impartial, unbiased compliance with rules and standards of what is right, just, and equitable

anchoring strategies

in the ethical context, the process of making ethics a foundation (anchor) of your business so that decision makers act keeping in mind key ethical considerations

diversity

inclusion of many types of employees, regardless of differences (race, religion, gender, disability, LGTBQ, socioeconomic, cultural)

incremental innovation

innovation that modifies an existing product or service

entrepreneurial venture

is the creation of any business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established.

patent

legal grant of protection for an inventor over the rights, usage, and commercialization of an invention for a set time period

intellectual property

legally protected result of creative work to turn a unique idea into a product or service

breakeven point

level of operations that results in exactly enough revenue to cover costs

linear thinking

logical, step-by-step process

financial viability

long-term financial sustainability of an organization to fulfill its mission

cash management

management of cash inflows and outflows to support cash needs of the venture

gig economy

market system in which independent contractors fill a variety of positions

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

cash flow

money collected by the business through revenue and funding versus money disbursed by the business through expenses

diffusion chasm

most critical point of adoption, which often occurs at the end of the early adoption phase, before the early majority steps in and truly confirms (or not) the diffusion of an invention

scientific method

most often associated with the natural sciences, outlines the process to discover an answer to a question or a problem

demand

need or desire for the outputs, the product or services

innovation

new idea, process, or product, or a change to an existing product or process

pioneering innovation

one based on a new technology, a new advancement in the field, and/or an advancement in a related field that leads to the development of a new product

situational opportunity

one that becomes available, depending on factors such as where you work, your family obligations, your idea or invention, your unique creative expression, or a recent career search or job change

action plan

organized, step-by-step outline or guide that pulls together the ideas, thoughts, and key steps necessary to help set the stage for entrepreneurial success

customers

people the business will be serving, including potential customers from one or more market segments

vision statement

picture you have for what the venture will become in the future: what it will grow into.

business model

plan for how venture will be funded; how the venture creates value for its stakeholders, including customers; how the venture's offerings are made and distributed to the end users; and the how income will be generated through this process

entrepreneurial opportunity

point at which identifiable consumer demand meets the feasibility of satisfying the requested product or service and meets the following conditions: significant market demand, significant market structure and size, significant margins, and resources to support the venture's success

harvest

point at which the venture is sold, at which time the investors receive a return on their investment

corporate social responsibility (CSR)

practice in which a business views itself within a broader context, as a member of society with certain implicit social obligations and responsibility for its own effects on environmental and social well-being

sustainability

practice of preserving resources and operating in a way that is ecologically responsible in the long term

four steps of the creative thinking process

preparation, incubation, illumination, and verification

antitrust laws

prevent companies from abusing position or power in the market through exclusion or limitation of competitor access to the market

pain point

problem that people have with a product or service that might be addressed by creating a modified version that solves the problem

iterative development

process in which inventors and innovators continuously engage with potential customers in order to develop their products and their consumer bases at the same time

disruptive innovation

process that significantly impacts the market by making a product or service more affordable and/or accessible often by smaller companies in an industry

opportunity screening

process used to evaluate innovative product ideas, strategies, and marketing trends, focusing on financial resources, skills of the entrepreneurial team, and competition

trade secret

proprietary information, processes, or other internal knowledge that contribute to an organization's competitive edge in a market

design patent

protects product design

utility patent

protects product ideas

ideation

purposeful process of opening up one's mind to new trains of thought that branch out in many directions from a stated purpose or problem

trademark

registration that provides the owner the ability to use a name, symbol, jingle, or character in conjunction with a specific product or service, and prevents others from using those same symbols to sell their products

open innovation

searching for and finding solutions outside of the organizational structure

entrepreneurial process

set of decisions or actions that can be outlined and followed as a guide to developing or adjusting a venture

disclosure

sharing the needed facts and details about a subject in a transparent and truthful way

milestone

significant decision point or significant accomplishment

social entrepreneur

solving a social, environmental, or economic problem.

target market

specific group of consumers for which a company seeks to provide a good or service

SMART goals

specific, measurable, achievable, realistic, and timely

ethics

standards of behavior to which we hold ourselves in our personal and professional lives

venture

startup company or organization that conducts business or is created to satisfy a need

demographics

statistical factors of a population or group, such as information about age, gender, income, race, or ethnicity

vertical integration

strategy of gaining control over suppliers of raw materials and distributors of finished products to expand or control the relevant supply chain

framework

structure or outlined process that can be used to accomplish entrepreneurial goals through problem solving, idea generation and validation, and brainstorming

value proposition

summary statement that conveys the benefits your product, service, or unique business process/model provides to customers.

capitalism

system in which individuals, people, and companies have the freedom to make decisions and own property as well as benefit from their own efforts, with government playing a secondary role in oversight

disruptive technology

technologies that, once introduced, displace established patterns, processes, and systems previously accepted as normal or accepted

creative destruction

theory developed by Joseph Schumpeter stating that entrepreneurial innovation is the disruptive force that creates and sustains economic growth, though in the process, it destroys established companies and disrupts employment

quantifiable manner

there needs to be some method to determine if the goal has been met or not.

invention

truly novel product, service, or process that, though based on ideas and products that have come before, represents a leap, a creation truly novel and different

truthfulness

underlying facts, reality, and evidence on a matter

prejudice

way of thinking about or treating employees in a manner that favors or hinders one person or group over another, usually in a way considered to be unfair

user interface

what the user sees and interacts with

entrepreneurial vision

what you want your venture to become, what this venture will look like, what the driving forces are, and what values and culture should surround it.

conflict of interest

when an individual or organization has interests in multiple areas that come into conflict with each other

entrepreneurial journey

your exploration to discover if entrepreneurship is right for you

Market makers

Innovate or reinvent their market from a future perspective by asking what the market could evolve into

independent contractor

(also, freelancer) people or businesses that provide work similar to an employee without being part of the payroll for the contracting business, and who pay their own taxes and pay for their own benefits

soft launch

(also, soft open) launching a venture for a limited time frame or audience to gain experience, insights, and feedback about the target market or consumer

Innovators

Find new approaches, methods, or products that add value through solving a problem in a unique manner

Creators

Make something new or see a problem that other people have not noticed

Expanders and scalers

Seek out opportunities to expand upon previously created methods, processes, or products

offering

actual product or service, its value proposition, and how you will reach and communicate with your target customers

integrity

adherence to a code of moral values implying trustworthiness and incorruptibility because there is unity between what we say and what we do