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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
Lean Canvas
An adapted version of the BMC that was created to better address the needs of startup entrepreneurs
26
Mass Market
A large group of customers with very similar needs and problems
27
Multisided Markets
Markets with two or more customer segments that are mutually independent of each other
28
Niche Market
A small market segment that consists of customers with specific needs and requirements
29
Offering
What you are offering to a particular customer segment, the value generated for those customers, and how you will reach and communicate with them
30
Points-Of-Difference
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
31
Product-Market Fit
An offering that meets the needs of customers
32
Resonating Focus
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
33
Segmented Market
A market divided into groups according to customers’ different needs and problems
34
Experiment
A method used to prove or disprove the validity of an idea or hypothesis
35
Hypothesis
An assumption that is tested through research and experimentation
36
Minimum Viable Product (MVP)
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
Pilot Experiment
A small-scale study conducted to assess the feasibility of a product or service
38
Storyboard
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
Accredited Investors
Investors who earn an annual income of more than $200,000 or have a net worth of more than $1 million
40
Angel Investor
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
Convertible Debt
A short-term loan that can be turned into equity when future financing is issued
42
Debt Financing
Borrowing money to start a business that is expected to be paid back with interest at a designated point in the future
43
Due Diligence
A rigorous process that involves evaluating an investment opportunity prior to the contract being signed
44
Early-Stage Financing
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
Equity Financing
The sale of shares of stock in exchange for cash
46
Initial Public Offering (IPO)
A company’s first opportunity to sell stocks on the stock market to be purchased by members of the general public
47
Seed Stage Financing
A stage of financing in which small or modest amounts of capital are provided to entrepreneurs to prove a concept
48
Startup Financing
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
Unicorn
A tech startup company that has received a $1 billion valuation, as determined by private or public investment
50
Venture Capitalist
A type of professional investor who generally invests in early-stage and emerging companies because of perceived long-term growth potential
51
C Corporation
A separate legal and taxable entity created by the state government and owned by an unlimited number of shareholders
52
Copyright
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
Founders' Agreement
A clear agreement between founders on a number of key issues that their business might face
54
General Partnership
A business owned by two or more people who have made a decision to comanage and share in the profits and losses
55
Intellectual Property
Intangible personal property created by human intelligence, such as ideas, inventions, slogans, logos, and processes
56
Limited Liability Company
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
Nondisclosure Agreement
A legal contract that outlines confidential information shared by two or more parties
58
Not-For-Profit
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
Patent
A grant of exclusive property rights on inventions through the U.S. and other governments
60
S Corporation
A type of corporation that is eligible for, and elects, special taxation status
61
Sole Proprietorship
A business owned by one person who has full exposure to its liabilities
62
Trade Secret
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
Trademark
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
Vesting
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
Corporate Social Responsibility
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
Earned-Income Activities
The sale of products or services that are used as a source of revenue generation
67
Enterprising Nonprofits
A form of social entrepreneurship where both the venture mission and the market impact are for social purposes
68
Established Business Owners
The people who have been active in business for more than 3.5 years
69
Hybrid Model of Social Entrepreneurship
An organization with a purpose that equally emphasizes both economic and social goals
70
Nascent Entrepreneurs
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
Necessity Based Entrepreneurs
Individuals who are pushed into starting a business because of circumstance such as redundancy, threat of job loss, and unemployment
72
New Business Owners
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
Opportunity Based Entrepreneurs
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
Potential Entrepreneurs
Individuals who believe they have the capacity and know-how to start a business without being burdened by the fear of failure
75
Social Consequence Entrepreneurs
A for-profit venture whose primary market impact is social
76
Social Purpose Ventures
Businesses created by social entrepreneurs to resolve a social problem and make a profit
77
Stakeholders
The people or groups affected by or involved with the achievements of the social enterprise’s objectives
78
Total Entrepreneurial Activity
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
Venture Philanthropy Funding
A combination of financial assistance such as grants with a high level of engagement by the funder
80
Wicked Problem
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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