Entrepreneurship Terms - Vocabulary Flashcards

Vocabulary flashcards covering key terms from the video notes.

Benefit corporation (or B Corp)

A for-profit corporate form that includes social and environmental goals in its charter and accountability; often certified by B Lab.

Corporate entrepreneurship

Entrepreneurial activities within an existing organization to pursue new products, services, or business models.

Corporate venturing

Corporation-led investments in external startups or ventures to gain access to new technologies or markets.

Deliberate practice

Systematic, purposeful practice designed to improve performance, typically with feedback and tasks just beyond current abilities.

Effectuation

A theory of entrepreneurship describing how some entrepreneurs create ventures under uncertainty by using available means, forming strategic partnerships, and focusing on affordable loss.

Effectuation theory

Scholarly framework that explains how entrepreneurs think and act under uncertainty, emphasizing effectual reasoning and control over prediction.

Entrepreneurship

The process of creating, launching, and growing new ventures or exploiting opportunities to create value.

Entrepreneurs inside

Individuals who act entrepreneurially within an established organization to develop new offerings or processes.

Evidence-based entrepreneurship

An approach that uses empirical evidence and research to inform entrepreneurial decisions and strategies.

Family enterprise

A business owned and managed by one or more family members, often with long-term succession planning and family governance.

Franchising

A growth model where a franchisor licenses its brand, business system, and support to franchisees in exchange for fees and royalties.

Intrapreneurs

Employees within a company who pursue innovative projects and new business ideas as internal entrepreneurs.

Royalties

Payments to the owner of licensed rights (for example, intellectual property) typically based on sales or usage.

Serial entrepreneurs (or habitual entrepreneurs)

People who start and run multiple ventures over time.

Social entrepreneurship

Using business methods to address social issues, balancing social impact with financial sustainability.

Startup

A newly formed company pursuing growth and scalability, often in technology or innovative sectors, with high uncertainty.

Sustainable Development Goals (SDGs)

A UN framework of 17 global goals to end poverty, protect the planet, and ensure peace and prosperity by 2030.