glossary R-Y Flashcards
relevant industry experience
Experience in the same industry as an entrepreneur’s current venture that includes a
network of industry contacts and an understanding of the subtleties of the industry. (343)
resources
The inputs a firm uses to produce, sell, distribute, and service a product or service. (160)
revenue streams
A description of how a firm makes money. (162
rewards-based crowdfunding
This type of funding allows entrepreneurs to raise money in exchange for some type of
amenity or reward. (390
salary-substitute firms
Small firms that yield a level of income for their owner or owners that is similar to what they would earn when working for an employer (e.g., dry cleaners, convenience stores, restaurants, accounting firms, retail stores, and hairstyling salons). (45)
service
An activity or benefit that is intangible and does not take on a physical form, such as an airplane trip or advice from an attorney. (422
sole proprietorship
The simplest form of business organization involving one person, in which the owner maintains complete control over the business and business losses can be deducted against the owner’s personal tax return. (277)
solo entrepreneurs
Entrepreneurs who identified their business idea on their own. (87)
standard business models
Models that depict existing plans or recipes firms can use to determine how they will create,
deliver, and capture value for their stakeholders. (151)
target market
The limited group of individuals or businesses
that a firm goes after or tries to appeal to at a certain point in time. (118, 158
trademark
Any work, name, symbol, or device used to
identify the sources or origin of products or services and to distinguish those products and services from others. (463)
triggering event.
The event that prompts an individual to become an entrepreneur (e.g., losing a job, inheriting
money, accommodating a certain lifestyle). (52
value
Relative worth, importance, or utility
value-based pricing
A pricing method in which the list price
is determined by estimating what consumers are willing to pay for a product and then backing off a bit to provide a cushion. (424
variable costs
The costs that are not fixed that a company
incurs as it generates sales. (164, 236, 495)
venture capital
The money that is invested by venture capital firms in start-ups and small businesses with exceptional growth potential. (383)
window of opportunity
The time period in which a firm or an entrepreneur can realistically enter a new market. (73)
yield rate
The percentage of investment opportunities that
are brought to the attention of angel investors that result in an investment. (382
Strategic (Causal) rationality
- Begins with a pre-determined goal and a given set of means
- Seeks to identify the optimal (fastest, cheapest, most efficient
etc.) alternative to achieve the given goal - Some where inbetween the two rerasoning new means are generated from given means and goal
Entrepreneurial (Effectual) reasoning
- Begins with a given set of means, imagend end
-Allows goals to emerge
contingently over time from the varied imagination and diverse
aspirations of the founders and the people they interact with
segment
is a delimited group of buyers or potential buyers with certain attributes in
common such as need, usage, size, industry,
buying behavior, lifestyle or a combination of these attributes
PESTEL
Political
Economical
Socio-cultural
Technological
Environmental
Legal
SWOT
Internal: Strengths Weaknesses
external: Opportunities Threats
Positive: Strengths, Opportunities
Negative; Weaknesses, Threats
Market analysis
1 segmentation
2 targeting
3 positioning
