Identifying Entrepreneurial Opportunities

Flashcards defining the key entrepreneurial terms, mindsets, risk factors, and customer categories covered in Chapter 5: Identifying Entrepreneurial Opportunities.

Contrarian

A person who takes an opposite view.

Unconventional

Different from what is usual or from the way most people do things.

Risk

Possibility of loss.

Usability

Ease of use.

Features

Characteristics.

Scalability

The ability of a business or system to grow larger.

Bureaucratic

Involving complicated rules and procedures which can cause long delays.

Pursue

To follow.

Entrepreneurial Mindset

A mindset that thrives on change, proactively seeks new solutions, takes calculated risks, innovates, and adapts.

Bureaucratic Mindset

A mindset that prioritizes order and efficiency within established systems, avoids risks, and follows existing rules.

Crucial

Very important.

Thrives

Grows or does well.

Proactively

Takes action before problems happen.

Seeks

Looks for.

Pivots

Changes direction quickly.

Embraces

Accepts or deals with something.

Prioritizes

Treats something as more important.

Established

Already set up or in place.

Adherence

Following rules closely.

Risk Aversion

Avoiding risk.

Hierarchy

Levels of authority in an organization.

Command

Authority or control.

Incremental

Small, gradual.

The Contrarian Challenge

A concept by Peter Thiel asking: "What important truth do very few people agree with you on?"

Overlook

Do not notice or ignore.

Disruptive

Causing major change to how something is usually done.

Convenience

Ease and comfort in doing something.

Brick-and-mortar

Physical stores.

Ride-hailing

Ordering a car ride through an app.

Urban mobility

How people move around a city.

Defying

Going against.

Existing norms

Usual or accepted ways of doing things.

Compelling

Very attractive.

Team Risk

Evaluation of whether the startup has the right people with the right expertise.

Product Risk

Evaluation of whether the solution is impressive, usable, and polished.

Market Risk

Evaluation of whether there is sufficient customer demand and growth potential.

Expertise

Special skills or knowledge.

Impressive

Very good or high quality.

Polished

Well-finished and professional-looking.

Sufficient

Enough.

Caliber

Quality or level of ability.

Effectiveness

Doing the right thing.

Personnel

Workers.

Capabilities

Ability to do something.

Extensible

Can be extended.

Potential customers

People who might be interested in a product.

Monetize

Make into money.

Loyal Customers

Customers who always buy the same brand and have a high repeat rate.

Brand Switchers

Customers who change brands often based on price, promotions, or availability.

Price-Sensitive

Customers who choose the cheapest option regardless of brand.

Impulse Buyers

Customers who make spontaneous purchases without prior planning.

Need-Based Buyers

Customers who purchase only when they have a specific need.

Wanderers

Customers who browse without a specific need and often window-shop.

Discount Customers

Customers who purchase only when there's a sale or discount.

New Customers

First-time buyers of a brand.

Lost Customers

Customers who were previously loyal but no longer purchase.

Capital Risk

The risk associated with the ability to secure funding.

Mitigation

Reduce.

Assets

Things a business owns.

Incentives

Rewards or benefits that motivate people to act.