Entrepreneurship & HR-ESG Foundations

This set of vocabulary flashcards covers essential concepts in startup management, business metrics, intellectual property, strategic human resource management, and ESG frameworks as presented in the lecture notes.

Customer Segment

The specific group of customers that a business intends to serve, rather than attempting to target everyone.

Early Adopter

A group of customers who accept and try a product early because their problems are more urgent than those of the general public.

Current Workaround

The existing way customers solve a problem on their own; considered the actual competitor even if no similar product exists.

Tyranny of Served Markets

A situation where a business listens too closely to current customers and misses out on new technologies or market segments.

Value Proposition

A promise of value that helps a specific customer group complete important tasks, reduce pains, or create better results.

Jobs, Pains, and Gains

The three components of the Value Proposition Canvas relating to what customers want to achieve, their difficulties, and their desired outcomes.

MVP (Minimum Viable Product)

The smallest version of a product used to test the riskiest assumptions and learn quickly before investing significant time and money.

Product-Market Fit (PMF)

A state where a product effectively solves a strong need within a suitable market, often signaled by high retention and referral rates.

Conversion Rate

The percentage of people who perform a desired action, such as registering or purchasing, out of the total number of viewers.

CAC (Customer Acquisition Cost)

The total cost associated with acquiring a new customer, used to evaluate if marketing and sales spending is too high.

LTV (Lifetime Value)

The expected revenue or profit value from a customer throughout their entire relationship with a business.

Burn Rate

The net amount of cash a business spends each month.

Runway

The number of months a business can survive with its current amount of cash before needing more revenue or funding.

Copyright

An intellectual property mechanism protecting creative expressions such as articles, images, and software code; it typically arises automatically upon creation.

Patent

Protection for new technical products or processes that requires an application and public disclosure of technical information.

Trademark

Protection for signs that help distinguish goods or services, such as brand names and logos.

Trade Secret

Protection for valuable information kept secret by a business through measures like NDAs and access control.

Strategic HRM

Linking recruitment, management, development, and compensation of people with the long-term goals of the enterprise.

HR Business Partner (HRBP)

A bridge between the HR department and business managers to translate strategy into practical human resource capabilities.

Skills-based Hiring

A recruitment approach that prioritizes demonstrable capabilities over traditional university degrees.

New-collar Jobs

New technology or technical roles that require specialized skills but not necessarily a traditional college degree.

Employer Branding

The perception of candidates and employees regarding the business as a place to work.

Time to Fill

The number of days from when a position is opened until a candidate is successfully hired.

Quality of Hire

A metric measuring how well a new employee meets expectations after a certain period.

TNA (Training Needs Analysis)

The process of analyzing the gap between existing competencies and the competencies required by the organization.

ADDIE

A systematic framework for designing training programs involving Analyze, Design, Develop, Implement, and Evaluate.

GROW

A coaching framework representing Goal, Reality, Options, and Will/Way forward.

$70:20:10$ Model

A learning guideline stating that $70\%$ of learning happens through job experience, $20\%$ through others, and $10\%$ through formal training.

Employee Engagement

The level at which employees proactively invest energy and commitment into their work.

Regrettable Attrition

The loss of key personnel that the organization specifically intended to retain.

DEI

Stands for Diversity, Equity, and Inclusion; refers to a workplace with various groups who are fairly treated and have a voice.

Sustainability

The long-term goal of developing without destroying the economic, social, and environmental foundations.

ESG

A management and measurement lens focusing on Environmental, Social, and Governance factors in business and investment decisions.

CSR (Corporate Social Responsibility)

The responsibility and activities of a business toward society and the community, including but not limited to charity.

SDGs (Sustainable Development Goals)

The $17$ global goals set by the United Nations to be achieved by the year $2030$.

GRI (Global Reporting Initiative)

A set of standards that help organizations report their impact on the economy, environment, and people.

Energy Intensity

A metric measuring the amount of energy used per unit of product or revenue.