Vocabulary from ch.1 and ch.2 Flashcards
Career Entrepreneur
Someone who takes on the daily management as the owner of
the venture, accepting, and perhaps enjoying, the daily risks and rewards of managing and building the venture
divergent thinking
process of generating as many ideas as possible, even when those ideas do not seem logical; the list of ideas can be
conflicting, diverse, and disparate
entrepreneur
someone who identifies an idea that no one else has acted on or identified; small business ownership and franchising are also entrepreneurial options
disruptive technology
technology that once introduced, displaces established patterns, processes, and systems previously accepted as normal or accepted methods
entrepreneurial
mindset
solving a problem, and a willingness to move forward to advance that idea
due diligence
conducting the necessary research and investigation to make informed decisions that minimize risk
serial entrepreneur
entrepreneur who becomes involved in starting multiple entrepreneurial ventures
SMART goals
well-structured and defined goals that are specific, measurable, achievable, realistic and timely
social entrepreneur
entrepreneur who has an interest in solving a social, environmental, or economic problem
value proposition
summary describing the benefits (value) customers can expect from a particular product or service
vision statement
picture of what the venture will become in the future or what the venture 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
cash flow
money collected by the business through revenue and funding versus money disbursed by the business through expenses
capitalism
freedom to make decisions and own property as well as benefit from their own efforts, with government playing a secondary role in oversight
cash management
management of cash inflows and outflows to support cash needs of the 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
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
e-commerce
electronic transactions, particularly over the Internet, for the exchange of goods and services
entrepreneurial process
set of decisions or actions that can be outlined and followed as a guide to developing or adjusting a venture
entrepreneurial journey
your exploration to discover if entrepreneurship is right for you
entrepreneurial spirit
describes a quality of those individuals who are productive self-starters focused on making changes happen
entrepreneurial venture
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
framework
structure or outlined process that can be used to accomplish entrepreneurial goals through problem solving, idea generation
and validation, and brainstorming
independent contractor
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
