Entrepreneurship Lecture Review Flashcards

Flashcards covering entrepreneurship terminology, business ownership, research methods, intellectual property, and financial fundamentals from the lecture notes.

Entrepreneur

A person who starts and runs a business.

Entrepreneurship

The process of starting and running a business.

Venture

A new business or business idea.

Intrapreneur

An employee who comes up with new ideas within a company.

Enterprising Person

Someone creative, motivated, and who takes initiative.

Innovation

Making an existing product or service better.

Invention

Creating something completely new.

Trend

Something that becomes popular for a long time.

Fad

Something that becomes popular quickly but does not last.

Product-Driven Entrepreneurship

Having the product but not the market yet; finding the market for the product.

Market-Pull Entrepreneurship

Having the market looking for a product or service that will meet the needs.

Demographics

Information about people, such as age, gender, income, and race.

Target Market

The group of customers a business wants to sell to.

Market Research

Collecting information about customers and the market.

Primary Research

Information collected directly from a source, such as surveys and interviews.

Secondary Research

Research done by a second party, including internet, library, government articles, and books.

Sole Proprietorship

A business owned by one person.

Partnership

A business owned by two or more people.

Corporation

Owned by shareholders, with limited liability.

Franchise

A business using another company model.

Franchisee

The person who buys the rights to operate the business.

Franchisor

Company that owns the brand and business system.

Patent

Protection for a new invention or idea.

Trademark

Protection for a business name, logo, or slogan.

Copyright

Protection for creative work such as music, books, and art.

Business Plan

A document that explains how a business will operate.

Executive Summary

A short overview of the business plan that highlights the most important information.

Marketing Plan

A plan for promoting and selling a product or service.

Financial Plan

A plan showing the business's money, costs, and profits.

Competitive Advantage

Something that makes a business better than its competitors.

SWOT Analysis

A tool used to identify Strengths, Weaknesses, Opportunities, and Threats.

Fixed Cost

A cost that stays the same each month, such as rent.

Variable Cost

A cost that changes depending on sales or production, such as raw materials.

Revenue

The money a business earns from sales.

Profit

The money left after expenses are paid, calculated as $\text{Profit} = \text{Revenue} - \text{Expenses}$.

Break-Even Point

The point where revenue equals costs, calculated as $\frac{\text{Fixed Cost}}{(\text{Selling Price} - \text{Variable Cost})}$.

Assets

Things a business owns that have value.

Liabilities

Money a business owes; debts.

Capital

Money invested to start or grow a business.

Mission Statement

A short statement explaining the purpose of a business.

Business Cycle Stages

The four stages: Introduction, Growth, Maturity, and Decline/Decision.

Unlimited Liability

A disadvantage of a sole proprietorship where the owner is personally responsible for all business debts.

Risk-taking

A characteristic of successful entrepreneurs being willing to take chances to achieve goals.