Entrepreneurial Mindset and Practices

A comprehensive set of flashcards covering vocabulary and key concepts related to entrepreneurial mindset and practices.

Entrepreneurship

The process of starting and running one's own business or enterprise.

Entrepreneurial mindset

A specific way of thinking that enables entrepreneurs to identify opportunities, take risks, and learn from failures.

Growth mindset

The belief that one's abilities and intelligence can be developed through dedication and hard work.

Fixed mindset

The belief that intelligence and talents are fixed traits that cannot be developed.

Value Creation

The practice of generating goods or services that are useful and desired by consumers.

Mental process

Cognitive strategies involved in thinking and reasoning.

Opportunity recognition

The ability to identify potential opportunities for entrepreneurship.

Creativity

The capacity to produce new ideas, insights, inventions, or artistic objects.

Improvisation

The art of creating something spontaneously without preparation.

Fear management

The process of recognizing, understanding, and overcoming fears related to entrepreneurship.

Self-leadership

The ability to influence and control one's own behavior.

Resilience

The capacity to recover quickly from difficulties or setbacks.

Adaptability

The ability to adjust to new conditions.

Collaboration

Working together with others to achieve a common goal.

Reflection

The process of reviewing and evaluating experiences to gain insights.

Mindset swap

A debate technique where participants argue from different mindset perspectives.

Passion cube

An exercise designed to help individuals identify their passions and strengths.

Iterative thinking

A method of thought involving repetition to refine and improve ideas.

Decision-making with limited information

The ability to make choices based on incomplete data.

Divergent thinking

Generating creative ideas by exploring many possible solutions.

Fear-to-action drill

A method to transform fears into actionable steps.

Cognitive strategies

Mental processes used to understand information and solve problems.

Motivation

The internal drive to take action and achieve goals.

Behavior-focused strategies

Techniques aimed at changing or leading oneself toward desired behaviors.

Natural reward strategies

Using intrinsic motivators to encourage completion of tasks.

Constructive thought patterns

Positive thinking strategies that help overcome negative beliefs.

Affordable loss

Limiting the potential downside of an action taken to minimize risk.

Feedback loops

Processes in which the output of a system influences its input, often leading to adjustments.

Mindset impact on performance

How an individual's mindset influences their results and achievements.

Collaborative learning

Learning that involves working together in groups.

Entrepreneurial self-efficacy

Belief in one’s ability to succeed in entrepreneurial tasks.

Innovation

The introduction of new ideas or methods.

Scalability

The capability of a business to grow and manage increased demand.

Networking

Building and maintaining professional relationships.

Business model

A plan for how a company creates, delivers, and captures value.

Market research

The process of gathering information about consumer needs and preferences.

Risk-taking

The ability to act in the face of uncertainty.

Vision

A clear, compelling description of a future state.

North Star statement

A guiding principle that influences an entrepreneur’s choices and objectives.

Structure

The arrangement of and relations between the components of a system.

Social entrepreneurship

Business ventures aimed at addressing social issues.

Customer feedback

Information provided by clients regarding their experience with a product or service.

Lean startup methodology

An approach to building businesses that focuses on rapid iteration and customer feedback.

Target audience

A specific group of consumers at which a product or service is aimed.

Monetization

The process of converting an asset or resource into a source of revenue.

Startup ecosystem

A community of entrepreneurs, investors, and support systems that foster new business creation.

Entrepreneurial failure

The inability to successfully sustain a business venture.

Resource allocation

The distribution of resources among various projects or business units.

Strategic planning

The process of defining a business's strategy and making decisions on allocation of resources.

Sustainability

The ability to maintain business practices without depleting resources.

Competitive advantage

A condition or circumstance that puts a company in a favorable position.

Market positioning

The strategy of establishing the identity of a brand in relation to competitors.

Entrepreneurial ecosystem

The network of stakeholders involved in supporting entrepreneurs.

Advisory board

A panel of experts that provides guidance and advice to an organization.

Funding sources

Various ways in which businesses can secure capital for operations and growth.

Venture capital

Financing provided to early-stage, high-potential growth startup companies.

Angel investor

An individual who provides financial support to early-stage startups.

Business incubator

A company designed to accelerate the growth and success of startup companies.

Market validation

The process of verifying that a product or service has a place and demand in the market.

Exit strategy

A plan for how an entrepreneur will eventually leave the business.

Disruption

A process where a smaller company with fewer resources can successfully challenge established businesses.

Intellectual property

Creations of the mind that are legally protected, including inventions, designs, and brands.

Business ethics

Moral principles that guide the way a business behaves.

Entrepreneurial journey

The path and experiences of an entrepreneur in building a business.

Customer-centric approach

A business strategy that prioritizes the needs and preferences of customers.

Collaborative mindset

An attitude that encourages working with others to achieve common goals.

Entrepreneurial resilience

The ability to bounce back from setbacks and continue pursuing goals.

Timing in entrepreneurship

The importance of launching a business at the right moment in the market.

Agility

The ability to move quickly and easily in response to changes.

Empathy in entrepreneurship

Understanding and sharing the feelings of customers to better meet their needs.

Ethical entrepreneurship

Conducting business in a manner that is fair and responsible.

Government regulations

Rules established by authorities that impact how businesses operate.

Market entry strategy

The planned method of delivering goods or services to a new target market.

Sales funnel

The journey potential customers go through from the first awareness to the purchase.

Business development

Activities aimed at developing and implementing growth opportunities.

Operational efficiency

The ability to deliver products or services in the most cost-effective manner.

Investment pitch

A presentation that entrepreneurs make to potential investors to secure funding.

B2B (Business-to-Business)

Selling products or services from one business to another.

B2C (Business-to-Consumer)

Selling products or services directly to consumers.

Value proposition

A statement that clearly outlines how a product or service provides value to customers.

Customer journey mapping

Visualizing the steps customers go through when interacting with a company.

Social media strategy

A business plan for how to use social media to reach marketing and communications goals.

Sales strategy

A plan to acquire customers and increase sales.

Corporate social responsibility (CSR)

The practice of businesses considering their impact on society.

Mission statement

A short statement that defines the purpose and primary objectives of an organization.

Brand identity

The visible elements of a brand that create an image in the consumers’ mind.

Swot analysis

An assessment of a business's strengths, weaknesses, opportunities, and threats.

Market segmentation

The process of dividing a target market into smaller, more defined categories.

Digital marketing

Promoting products or services through digital channels.

Competitive landscape

An analysis of the current competition in a market.

Lean methodology

A systematic approach to improving efficiency by eliminating waste.

KPIs (Key Performance Indicators)

Quantifiable measurements used to gauge a company's performance.

Brand loyalty

The tendency of consumers to continue buying the same brand.

Customer retention

The activity of keeping customers engaged and continuing to buy from a business.

Market positioning statement

A clear description of how a company wants to be perceived in the market.

Product-market fit

The degree to which a product satisfies a strong market demand.

Innovation strategy

A plan to develop new products and services to meet changing market demands.

Strategic partnerships

Collaborations with other companies aimed at mutual benefit.

Crowdfunding

Raising small amounts of money from a large number of people, typically via the internet.

E-commerce

Buying and selling goods and services over the internet.