Module 6 Flashcards
A plan of action designed to achieve specific goals or objectives in a venture
Strategy
A legal structure of co-ownership between two or more people who go into business together and share in any profits or losses.
Partnership
The strategic choices an entrepreneur makes to finance later-stage development of a venture.
Commercialization strategy
Investments in new ventures made by wealthy individuals (“angels”).
Angels Captial
An entrepreneur who starts numerous businesses over time.
Serial entrepreneur
A brief written statement of the vision and purpose of a venture or organization.
Mission statement
Payments due to suppliers for products and services.
Accounts payable
When an entrepreneur borrows cash and agrees to pay back the lender the original loan amount, plus a premium, by an agreed upon future date
Debt financing
The simplest legal structure where the sole owner is not legally distinct from the business.
Sole proprietorship
The idea that new ventures can surface new and unintended market opportunities.
Corridor principle
When an entrepreneur receives cash from an investor in exchange for equity in the company.
Equity financing
The quick, succinct summation of an entrepreneurial opportunity.
Elevator Pitch
The creation of innovative solutions to complex social problems
Social Innovation
A model advanced by Jay B. Barney and Delwyn N. Clark that focuses on the competences and capabilities of the firm in creating competitive advantage.
Resource-based Theory
The entrepreneurial process conducted within an established organization.
Intrapreneurship
The subset of the market on which a specific product or service is focused on.
Market niche
A process to determine the mission, objectives and strategies of a venture or organization and then find ways to achieve the identified vision.
Strategic planning
The generation of new ideas by individuals and teams.
Creativity
The process by which new ideas are converted into new products, business practices, and strategies that create value.
Innovation
The process of innovating with products or services for the purpose of creating wealth for the entrepreneur while adding value to society.
Entrepreneurship
A manager within a firm tasked with fostering innovation through entrepreneurial activities
Intrapreneur
An individual who starts, organizes, manages, and assumes the risks and responsibilities of a business or enterprise.
Entrepreneur
A strategic analysis of a venture’s strengths, weaknesses, opportunities, and threats (SWOT).
SWOT analysis
The process of developing innovative solutions for society’s most pressing social problems using entrepreneurial tools and techniques.
Social entrepreneurship
