entrepeneurship terms

invention from innovation

• invention: creating a new product, idea, or process for the first time

• innovation: improving or applying an idea in a way that creates value for users

business plan

a written document explaining a business idea, goals, target market, marketing strategy, operations, financial plans

SWOT analysis

tool for evaluating a business:

• strengths - internal advantage

• weakness - internal problems

• opportunities - external chances for growth

• threats - external risks

guerilla marketing

low cost creative marketing strategy designed to attract attention in unusual ways

NFTs

unique digital assets stored on a blockchain that prove ownership of a digital item

target audience

the specific group of people a business aims to sell to based on factors like age, interests, needs, and location

investor pitch

a short presentation used to convince investors to provide funding for a business

revenues and expenses

• revenue: money a business earns from sales

• expenses: money a business spends to operate

• profit = revenue - expenses

startup’s value proposition

a clear statement explaining why customers should choose a product or service over competitors

logos, ethos, kairos, pathos

• logos: logic, facts, evidence

• ethos: credibility, trust, expertise

• kairos: timing and relevance

• pathos: emotions and feelings

investment

money or resources put into a business with the expectation of earning a return

price elasticity

measures how much demand changes

• elastic: small price changes cause larger changes in demand

• inelastic: demand stays similar despite price changes

persuasive techniques

• emotional appeal: uses feelings to influence decisions

• celebrity endorsement: uses famous people to promote products

• humor: uses comedy to make ads memorable

• nostalgia: connects with positive memories

• cultural revelance: relates to current events, traditions, or communities

• storytelling: uses a narrative to connect with audiences

ROI

measures how profitable an investment is

• ROI = (gain from investment- cost of investment)/cost of investment x 100

STEPPS

why ideas spread

• social currency: people share things that make them look good

• triggers: reminders that encourage sharing

• emotion: feelings make people share

• public: visible things are copied

• practical value: useful information gets shared

• stories: stories carry messages

PSA

a message designed to educate or raise awareness about a social issue rather than selling a product (public service announcement)