Outcome 1.7 Entrepreneurship for Visual Creators: Planning, Self-Management, and Protecting Ideas

Business Plan

A structured document that outlines what a business will do, who it will serve, how it operates, and how it will make money.

Roadmap

A plan that outlines the direction and next steps for a business.

Value Proposition

A statement that clearly outlines the value a business delivers and why customers should choose it.

Executive Summary

A brief overview of the entire business plan typically written last.

Market Analysis

Research that identifies the target market, customer needs, competition, and positioning.

Copyright

A legal protection for original creative works such as art, music, and literature.

Trademark

Legal protection for brand identifiers like business names and logos.

Patents

Legal protections for inventions and designs granted through a formal application process.

Trade Secrets

Confidential business information that provides a competitive edge.

Scope Creep

The gradual expansion of project parameters which can lead to conflicts and cost issues.

Cash Flow Thinking

Understanding the timing of cash inflows and outflows to maintain healthy financial operations.

Operations Plan

A section of a business plan that details how work gets done consistently.

Self-Assessment

An evaluation of one’s personal strengths, weaknesses, skills, and abilities relevant to entrepreneurship.

Lead Generation

The process of attracting and converting potential customers into inquiries.

Risk Management

The identification and planning for potential risks in a business to mitigate their impact.

Creative Work Challenges

Unique obstacles faced by creatives such as irregular income and measuring value.

Client Non-Payment Solutions

Strategies like deposits and contracts to ensure financial security.

Pricing Logic

The rationale behind setting prices to cover costs, pay oneself, and generate profit.

Contingency Planning

Preparing strategies to manage unexpected problems that may arise in business.

Intellectual Property

Legal protections for creations of the mind including artwork, designs, and inventions.

Professionalism

Behaviors that demonstrate reliability, ethical business practices, and respect for clients.

Portfolio Use

Terms dictating whether a creator can showcase work completed for clients.

Client Communication

The exchange of information between a creator and client that helps clarify needs and expectations.

Niche Market

A specific segment of the market that a business aims to serve, distinguished by common needs or characteristics.

Tools and Equipment

The physical resources needed to perform work in visual creation, such as cameras and software.

Contract

A legally binding agreement that outlines the terms of work between a creator and client.