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Natural Disasters > Entrepreneurship > Flashcards

Entrepreneurship Flashcards

1
Q

Alertness

A

The ability some people have to identify opportunities

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2
Q

Analytical Strategies

A

Actions that involve taking time to think carefully about a problem by breaking it up into parts, or looking at it in a more general way, in order to generate ideas about how certain products or services can be improved or made more innovative

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3
Q

Design Pathway

A

A pathway that can uncover high-value opportunities because the entrepreneur is focusing on unmet needs of customers, specifically latent needs

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4
Q

Development Strategies

A

Actions that involve enhancing and modifying existing ideas in order to create better alternatives and new possibilities

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5
Q

Effectuate Pathway

A

A pathway that involves using what you have (skills, knowledge, abilities) to uncover an opportunity that uniquely fits you

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6
Q

Find Pathway

A

A pathway that assumes that opportunities exist independent of entrepreneurs and are waiting to be found

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7
Q

Habit-Breaking Strategies

A

Actions that involve techniques that help to break our minds out of mental fixedness in order to bring about creative insights

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8
Q

Imagination-Based Strategies

A

Actions that involve suspending disbelief and dropping constraints in order to create unrealistic states or fantasies

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9
Q

Interpersonal Strategies

A

Actions that involve group members generating ideas and building on each other’s ideas

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10
Q

Opportunity

A

A way of generating profit through unique, novel, or desirable products or services that have not been previously exploited

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11
Q

Pattern Recognition

A

The process of identifying links or connections between apparently unrelated things or events

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12
Q

Prior Knowledge

A

The information gained from a combination of life and work experience

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13
Q

Relationship-Seeking Strategies

A

Plans of action that involve consciously making links between concepts or ideas that are not normally associated with each other

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14
Q

Search Pathway

A

A pathway used when entrepreneurs are not quite sure what type of venture they want to start, so they engage in an active search to discover new opportunities

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15
Q

Search Stategies

A

Actions that involve using a stimulus to retrieve memories in order to make links or connections based on personal experience that are relevant to the current problem

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16
Q

All-Benefits

A

A type of value proposition that involves identifying and promoting all the benefits of a product or service to customer segments, with little regard for the competition or any real insight into what the customer really wants or needs

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17
Q

Business Model

A

Describes the rationale of how a new venture creates, delivers, and captures value

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18
Q

Business Model Canvas (BMC)

A

A one-page plan that divides the business model into nine components in order to provide a more thorough overview

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19
Q

Customer Value Proposition (CVP)

A

A statement that describes why a customer should buy and use your product or service

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20
Q

Customers

A

People who populate the segments of a market served by the offering

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21
Q

Diversified Market

A

Two or more customer segments with different needs and problems that bear no relationship to each other

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22
Q

Evidence-based Entrepreneurship

A

The practice of hypothesizing, testing, and validating to create a business model

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23
Q

Financial Viability

A

Defines the revenue and cost structures a business needs to meet its operating expenses and financial obligations

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24
Q

Infrastructure

A

The resources (people, technology, products, suppliers, partners, facilities, cash, etc.) that an entrepreneur must have in order to deliver the CVP

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25
Q

Lean Canvas

A

An adapted version of the BMC that was created to better address the needs of startup entrepreneurs

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26
Q

Mass Market

A

A large group of customers with very similar needs and problems

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27
Q

Multisided Markets

A

Markets with two or more customer segments that are mutually independent of each other

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28
Q

Niche Market

A

A small market segment that consists of customers with specific needs and requirements

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29
Q

Offering

A

What you are offering to a particular customer segment, the value generated for those customers, and how you will reach and communicate with them

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30
Q

Points-Of-Difference

A

A type of value proposition that focuses on the product or service relative to the competition and how the offering is different from others on the market

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31
Q

Product-Market Fit

A

An offering that meets the needs of customers

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32
Q

Resonating Focus

A

A type of value proposition that describes why people will really like your product and focuses on the customers and what they really need and value

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33
Q

Segmented Market

A

A market divided into groups according to customers’ different needs and problems

34
Q

Experiment

A

A method used to prove or disprove the validity of an idea or hypothesis

35
Q

Hypothesis

A

An assumption that is tested through research and experimentation

36
Q

Minimum Viable Product (MVP)

A

A version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least effort

37
Q

Pilot Experiment

A

A small-scale study conducted to assess the feasibility of a product or service

38
Q

Storyboard

A

An easy form of prototyping that provides a high-level view of thoughts and ideas arranged in sequence in the form of drawings, sketches, or illustrations

39
Q

Accredited Investors

A

Investors who earn an annual income of more than $200,000 or have a net worth of more than $1 million

40
Q

Angel Investor

A

A type of investor who uses his or her own money to provide funds to young startup private businesses run by entrepreneurs who are neither friends nor family

41
Q

Convertible Debt

A

A short-term loan that can be turned into equity when future financing is issued

42
Q

Debt Financing

A

Borrowing money to start a business that is expected to be paid back with interest at a designated point in the future

43
Q

Due Diligence

A

A rigorous process that involves evaluating an investment opportunity prior to the contract being signed

44
Q

Early-Stage Financing

A

A stage of financing that involves larger funds provided for companies that have a team in place and a product or service tested or piloted, but have little or no revenue

45
Q

Equity Financing

A

The sale of shares of stock in exchange for cash

46
Q

Initial Public Offering (IPO)

A

A company’s first opportunity to sell stocks on the stock market to be purchased by members of the general public

47
Q

Seed Stage Financing

A

A stage of financing in which small or modest amounts of capital are provided to entrepreneurs to prove a concept

48
Q

Startup Financing

A

A stage of financing in which the money is provided to entrepreneurs to enable them to implement the idea by funding product research and development

49
Q

Unicorn

A

A tech startup company that has received a $1 billion valuation, as determined by private or public investment

50
Q

Venture Capitalist

A

A type of professional investor who generally invests in early-stage and emerging companies because of perceived long-term growth potential

51
Q

C Corporation

A

A separate legal and taxable entity created by the state government and owned by an unlimited number of shareholders

52
Q

Copyright

A

A form of protection provided to the creators of original works in the areas of literature, music, drama, choreography, art, motion pictures, sound recordings, and architecture

53
Q

Founders’ Agreement

A

A clear agreement between founders on a number of key issues that their business might face

54
Q

General Partnership

A

A business owned by two or more people who have made a decision to comanage and share in the profits and losses

55
Q

Intellectual Property

A

Intangible personal property created by human intelligence, such as ideas, inventions, slogans, logos, and processes

56
Q

Limited Liability Company

A

A business structure that combines the taxation advantages of a partnership with the limited liability benefits of a corporation without being subject to the eligibility requirements of an S-corp

57
Q

Nondisclosure Agreement

A

A legal contract that outlines confidential information shared by two or more parties

58
Q

Not-For-Profit

A

A tax status granted to companies performing functions deemed by Congress to be socially desirable that exempts them from income tax and, in some cases, allows them to receive tax-deductible donations

59
Q

Patent

A

A grant of exclusive property rights on inventions through the U.S. and other governments

60
Q

S Corporation

A

A type of corporation that is eligible for, and elects, special taxation status

61
Q

Sole Proprietorship

A

A business owned by one person who has full exposure to its liabilities

62
Q

Trade Secret

A

Confidential information that provides companies with a competitive edge and is not in the public domain, such as formulas, patterns, compilations, programs, devices, methods, techniques, or processes

63
Q

Trademark

A

Any word, name, symbol, or device used in business to identify and promote a product. Its counterpart for service industries is the service mark

64
Q

Vesting

A

The concept of imposing equity forfeitures on cofounders over a certain period of time on a piecemeal basis should they not stay with the company

65
Q

Corporate Social Responsibility

A

Describes the efforts taken by corporations to address the company’s effects on environmental and social well-being in order to promote positive change

66
Q

Earned-Income Activities

A

The sale of products or services that are used as a source of revenue generation

67
Q

Enterprising Nonprofits

A

A form of social entrepreneurship where both the venture mission and the market impact are for social purposes

68
Q

Established Business Owners

A

The people who have been active in business for more than 3.5 years

69
Q

Hybrid Model of Social Entrepreneurship

A

An organization with a purpose that equally emphasizes both economic and social goals

70
Q

Nascent Entrepreneurs

A

Individuals who have set up a business they will own or co-own that is less than 3 months old and has not yet generated wages or salaries for the owners

71
Q

Necessity Based Entrepreneurs

A

Individuals who are pushed into starting a business because of circumstance such as redundancy, threat of job loss, and unemployment

72
Q

New Business Owners

A

Individuals who are former nascent entrepreneurs and have been actively involved in a business for more than 3 months but less than 3.5 years

73
Q

Opportunity Based Entrepreneurs

A

Individuals who make a decision to start their own businesses based on their ability to create or exploit an opportunity, and whose main driver for getting involved in the venture is being independent or increasing their income, rather than merely maintaining their income

74
Q

Potential Entrepreneurs

A

Individuals who believe they have the capacity and know-how to start a business without being burdened by the fear of failure

75
Q

Social Consequence Entrepreneurs

A

A for-profit venture whose primary market impact is social

76
Q

Social Purpose Ventures

A

Businesses created by social entrepreneurs to resolve a social problem and make a profit

77
Q

Stakeholders

A

The people or groups affected by or involved with the achievements of the social enterprise’s objectives

78
Q

Total Entrepreneurial Activity

A

The percentage of the population of each country between the ages of 18 and 64, who are either a nascent entrepreneur or owner—manager of a new business

79
Q

Venture Philanthropy Funding

A

A combination of financial assistance such as grants with a high level of engagement by the funder

80
Q

Wicked Problem

A

Large, complex social problems where there is no clear solution; where there is limited, confusing, or contradictory information available; and where a whole range of people with conflicting values engage in debate

Natural Disasters (5 decks)

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