EduQUEST Chapter 3: Learning Dynamics, Trends in Entrepreneurship, and Financial Literacy (Vocabulary Flashcards)

Vocabulary flashcards covering key concepts from the EduQUEST resources on business dynamics, entrepreneurship trends, successful entrepreneurs, and financial literacy.

The ever changing interplay of forces and factors that influence an organization's operations, growth, and performance; includes market forces, internal/external factors, and the need to adapt.

Business Dynamics

The supply, demand, competition, and consumer behavior that influence pricing signals and how businesses position themselves.

Market Forces

A organization's structure, culture, management practices, and operational efficiency that shape dynamic capabilities.

Internal Factors

Influences outside the organization such as government policies, technology, and socio economic trends.

External Factors

An approach to modeling and analyzing complex systems to simulate scenarios and identify leverage points for performance improvement.

System Dynamics

Emotional and psychological factors like attitudes and preferences that affect customer decisions.

Human Dynamics

The need for businesses to quickly adjust to new trends, technologies, and economic conditions to stay relevant.

Adaptation and Change

Competitive rivalry, threat of new entrants, threat of substitutes, bargaining power of buyers, and bargaining power of suppliers.

Porter’s Five Forces

The removal of time and distance barriers through digital tools, enabling access to international markets.

Globalization of Business

Growth of shopping via mobile devices and social media platforms, enabling convenient online buying.

Mobile and Social Commerce

A labor market with freelance or task based work, offering flexibility but often with less job security.

Gig Economy

New technologies that create new markets or disrupt existing ones, offering competitive advantages.

Disruptive Technologies

Focusing on specific, well defined customer segments with tailored offerings.

Niche Markets

Using data analytics to inform and guide business choices and strategies.

Data driven Decision Making

Entrepreneurial ventures run from home, enabled by technology and flexible work arrangements.

Home Based Businesses

Increasing collaboration between business schools and other fields like engineering or computer science to meet demand for data driven decision making.

Cross-disciplinary Education

Generation Z and Millennials starting businesses, often motivated by passion and independence.

Younger Entrepreneurs

Sustainable practices that minimize environmental impact and promote long term viability.

Green Business

Businesses addressing fitness, nutrition, and overall well being.

Health and Wellness Entrepreneurship

A large share of startups fail within the first five years due to competition, funding gaps, or inexperience.

High Failure Rates

Complex laws and regulations that can complicate operations and compliance.

Regulatory Challenges

Difficulty securing capital from lenders, angels, or venture capitalists.

Access to Funding

Markets becoming crowded, making it hard for new entrants to differentiate.

Market Saturation

Constant updating and adoption of new technologies to avoid obsolescence.

Technological Adaptation

Co founder and CEO of Canva; a Filipino Australian entrepreneur whose perseverance helped Canva grow to a large global user base.

Melanie Perkins

A user friendly online graphic design tool that enables simple design creation for broad audiences.

Canva

CEO of Tesla and SpaceX; known for risk taking, perseverance, and learning from failures; emphasizes innovation and customer focus.

Elon Musk

Founder of Shoe Mart (SM); regarded as the Father of Philippine Retailing for building a large retail empire.

Henry Sy

Founder of National Book Store; started with a small capital and built a major chain; example of starting small and persevering.

Socorro Ramos (Nanay Coring)

The financial resources needed to start, operate, and grow a business.

Capital Requirements

One time upfront expenses before beginning operations (equipment, legal fees, setup).

Startup Costs

Funds needed to run daily operations, including salaries, rent, and supplier payments.

Working Capital

Financial reserves set aside for unexpected costs or downturns; often 10–20% of budget or 3–6 months of expenses.

Contingency Funds

Funding a startup using founders' and close supporters' own money to retain control.

Bootstrapping

High net worth individuals who invest in early stage companies, often providing capital and guidance.

Angel Investors

Raising small amounts of money from a large number of people, typically via online platforms.

Crowdfunding

Sequential rounds of venture capital financing to support growth and scale.

Series A, B, C, D Funding

Investment firms that provide capital and strategic support to high growth startups.

Venture Capital

Traditional loans offered by banks or lenders to fund small enterprises.

Small Business Loans (SBL)

The framework describing how a company creates, delivers, and captures value.

Business Model

External factors like inflation and demand that affect capital needs and planning.

Economic Conditions

Financial statement showing assets, liabilities, and equity at a point in time.

Balance Sheet

Financial statement summarizing revenues and expenses over a period.

Income Statement

Financial statement showing cash inflows and outflows over a period.

Cash Flow Statement

Process of planning how to allocate financial resources over a period.

Budgeting

Monitoring and controlling cash inflows and outflows to meet obligations.

Cash Flow Management

Billing customers; generating and sending invoices for goods or services.

Invoicing

Recording and monitoring business expenses to control costs.

Expense Tracking

Producing financial statements for accountability, decision making, and compliance.

Financial Reporting

Strategically selecting and managing investments to support growth and ROI.

Investment Planning

Use of technology to deliver and improve financial services and processes.

FinTech

Periodic assessment of financial performance against plan to adjust strategies.

Regular Financial Reviews

A measurable value that shows how effectively a company is achieving key business objectives.

Key Performance Indicator (KPI)

Ability to understand and manage personal and business finances; budgeting, investing, and financial decision making.

Financial Literacy