Entrepreneurship and Business Foundations Practice Flashcards

Comprehensive vocabulary flashcards covering basic business structures, funding stages, strategic analysis tools like SWOT and Porter's Five Forces, and digital marketing concepts based on the lecture transcript.

Entrepreneur

A person who identifies a business opportunity, organizes resources, takes financial risks, and starts a new venture to earn profit.

Entrepreneurship

The process of creating, launching, and managing a business while taking risks to generate profit.

Enterprise

The actual business organization or entity established by an entrepreneur to conduct commercial activities and generate revenue.

Business

Any trade, commerce, profession, manufacturing, or service activity carried out with the objective of earning profit through the supply of goods or services.

Firm

An unincorporated business organization that does not have a separate legal identity from its owners.

Sole Proprietorship

A business owned and managed by a single individual who enjoys all profits and bears all losses and liabilities.

Partnership

A business structure where two or more persons jointly own and operate a business while sharing profits, losses, responsibilities, and liabilities according to an agreement.

Limited Liability Partnership (LLP)

A hybrid business structure combining benefits of a partnership and a company where partners have limited liability protection and the entity has a separate legal identity.

Private Limited Company

A company owned by private shareholders with limited liability, whose shares cannot be freely traded by the public.

Public Limited Company

A company whose shares can be offered to the public through stock exchanges and IPOs, governed by strict legal regulations.

One Person Company (OPC)

A company owned by a single individual with limited liability and separate legal identity.

Subsidiary Company

A company controlled by another company (parent company), usually through ownership of more than $50\%$ of voting shares.

Perpetual Succession

An advantage of a company where the entity continues to exist independently even if shareholders change.

Capital

Money invested by promoters or owners to establish and grow a business, often used for long-term growth and expansion.

Funds

Liquid resources available for managing daily business operations, such as working capital and operational cash.

Investors

Individuals or organizations that provide money to a business in return for expected returns.

Ideation Stage

The earliest stage where an entrepreneur develops and evaluates a business idea.

Validation Stage

The stage where the entrepreneur tests a business idea and verifies market demand.

Bootstrapping

Funding a business using personal savings without external investment.

Crowdfunding

Raising small amounts of money from a large number of people, usually through online platforms.

Angel Investors

Wealthy individuals who invest in startups at an early stage in exchange for equity, often providing mentorship.

Venture Capitalists

Investment firms that provide large funding to high-growth startups.

Corporate Incubators

Programs run by companies that support startups through mentoring, infrastructure, and funding.

Initial Public Offering (IPO)

The process through which a company offers its shares to the public for the first time on a stock exchange.

Series A Funding

A funding stage focused on business expansion, customer acquisition, and product improvement, typically sourced from venture capital firms.

Series B Funding

A funding stage dedicated to scaling operations, expanding the workforce, and entering new markets.

Series C Funding

A funding stage for global expansion, acquisitions, and IPO preparation, involving large venture capital funds and investment banks.

SWOT Analysis

A strategic planning tool used to evaluate an organization's Strengths, Weaknesses, Opportunities, and Threats.

Porter's Five Forces

A framework developed by Michael Porter to analyze industry competitiveness consisting of Rivalry, Threat of New Entrants, Threat of Substitutes, Bargaining Power of Suppliers, and Bargaining Power of Buyers.

Business Model Canvas (BMC)

A strategic management tool consisting of nine blocks that describes how a business creates, delivers, and captures value.

Pitch Deck

A concise presentation used to explain a business idea, demonstrate growth potential, and attract investors for funding.

VRIO Framework

A strategic tool used to determine sustainable competitive advantage based on whether a resource is Valuable, Rare, Inimitable, and Organized.

E-commerce

Buying and selling goods and services through electronic networks such as the internet.

Internet of Things (IoT)

A network of interconnected devices that communicate and exchange data through the internet.

B2B (Business to Business)

Transactions occurring between two businesses, such as a supplier selling to a manufacturer.

B2C (Business to Consumer)

Occurs when a business sells products or services directly to individual end consumers.

Dropshipping

A retail model where sellers do not keep inventory and products are shipped directly by suppliers to the customer.

White Labelling

A process where a manufacturer produces goods that multiple brands sell under their own names.

Private Labelling

A process where products are manufactured exclusively for a specific brand.

Social Media Marketing (SMM)

The promotion of products through platforms such as Instagram, Facebook, LinkedIn, and YouTube to build brand awareness.

Search Engine Optimization (SEO)

The process of improving website visibility in search engine results organically to increase traffic and credibility.

Pay-Per-Click (PPC)

A form of paid advertising where advertisers pay a fee each time one of their ads is clicked, such as Google Ads.