Entrepreneurship Concepts

These flashcards cover key concepts from the lecture on entrepreneurship, including strengths, weaknesses, market strategies, and types of entrepreneurs.

Strengths

Positive attributes or advantages that a business possesses, such as knowledgeable founders or a compelling story.

Weaknesses

Negative attributes or challenges faced by a business, including low sales or unrealistic sales projections.

Transparency

The quality of being open and honest in communication, particularly regarding costs and business practices.

Market Reach

The extent to which a business reaches customers, which can depend on distribution channels like Walmart and Costco.

Customer Profile

A description of the characteristics of a target customer, which helps businesses tailor their offerings.

Scalability

The capability of a business to grow and manage increased demand without compromising performance.

Equity

Ownership interest in a company, often represented by shares.

Serial Entrepreneur

An individual who continuously generates new business ideas and builds new companies after selling existing ones.

Social Entrepreneur

A businessperson who seeks to solve social problems through sustainable business practices.

Tolerance for Failure

The ability to accept and learn from mistakes and setbacks in the entrepreneurial journey.

Marketing Strategy

A plan to reach and persuade potential customers to purchase a product or service.

Internal Levels of Control

An individual's awareness of their strengths and the aspects of their business they can control.

Elevate Festival

An entrepreneurship festival featuring speakers and networking opportunities for aspiring business leaders.