Colin

Notes

Chapter 2 – The Entrepreneurial Journey and Pathways 

1.    venture

A venture is a startup company or organization that conducts business or is created to satisfy a need.
2.    independent contractor 

A person or business that provides work similar to an employee without being part of the payroll for the contracting business. The independent contractor is responsible for paying their own taxes and providing their own benefits.

3.    entrepreneurial venture

Any business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established.

4.    What makes someone ready or willing to choose entrepreneurship over becoming an employee or a small busines owner?  (4 things – page 45-46)

confidence, courage, determination, resilience

5.    entrepreneurial journey 

Your exploration to discover if entrepreneurship is right for you.

6.    7 steps of the entrepreneurial journey (list and define)

Step 1: Inspiration – What is your motivation for becoming an entrepreneur?

Step 2: Preparation – Do you have what it takes to be an entrepreneur?

Step 3: Assessment – What is the idea you plan to offer through your venture?

Step 4: Exploring Resources – What resources and characteristics do you need to make this venture work?

Step 5: Business Plan – What type of business structure and business model will your venture have?

Step 6: Navigation – In what direction will you take your venture? Where will you go for guidance?

Step 7: Launch – When and how will you launch your venture?

7.    Benchmarking

A method of tracking target expectations with actionable results by comparing your company's performance with an industry average, a leader within the industry, or a market segment.

8.    target market

A specific group of consumers for which a company seeks to provide a good or service.

9.    cash management 

The management of cash inflows and outflows to support the cash needs of the venture.

10.    bootstrapping

A funding strategy that seeks to optimize use of personal funds and other creative strategies (such as bartering) to minimize cash outflows.

11.    business plan 

Essentially the road map for the venture to help you see where you are going next in building your venture and as a checklist to track whether you are on course or need to make adjustments.

12.    milestones 

Significant decision points or significant accomplishments.

13.    breakeven point 

The level of operations that results in exactly enough revenue to cover costs.

14.    Capitalism 

A system in which individuals, people, and companies have the freedom to make decisions and own property and benefit from their own efforts, with government playing a secondary role in oversight.

15.    Innovation 

A new idea, process, or product, or a change to an existing product or process.

16.    Vertical Integration 

A strategy of gaining control over suppliers of raw materials and distributors of finished products to expand or control the relevant supply chain.

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Chapter 2 – The Entrepreneurial Journey and Pathways 

1.    venture

A venture is a startup company or organization that conducts business or is created to satisfy a need.
2.    independent contractor 

A person or business that provides work similar to an employee without being part of the payroll for the contracting business. The independent contractor is responsible for paying their own taxes and providing their own benefits.

3.    entrepreneurial venture

Any business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established.

4.    What makes someone ready or willing to choose entrepreneurship over becoming an employee or a small busines owner?  (4 things – page 45-46)

confidence, courage, determination, resilience

5.    entrepreneurial journey 

Your exploration to discover if entrepreneurship is right for you.

6.    7 steps of the entrepreneurial journey (list and define)

Step 1: Inspiration – What is your motivation for becoming an entrepreneur?

Step 2: Preparation – Do you have what it takes to be an entrepreneur?

Step 3: Assessment – What is the idea you plan to offer through your venture?

Step 4: Exploring Resources – What resources and characteristics do you need to make this venture work?

Step 5: Business Plan – What type of business structure and business model will your venture have?

Step 6: Navigation – In what direction will you take your venture? Where will you go for guidance?

Step 7: Launch – When and how will you launch your venture?

7.    Benchmarking

A method of tracking target expectations with actionable results by comparing your company's performance with an industry average, a leader within the industry, or a market segment.

8.    target market

A specific group of consumers for which a company seeks to provide a good or service.

9.    cash management 

The management of cash inflows and outflows to support the cash needs of the venture.

10.    bootstrapping

A funding strategy that seeks to optimize use of personal funds and other creative strategies (such as bartering) to minimize cash outflows.

11.    business plan 

Essentially the road map for the venture to help you see where you are going next in building your venture and as a checklist to track whether you are on course or need to make adjustments.

12.    milestones 

Significant decision points or significant accomplishments.

13.    breakeven point 

The level of operations that results in exactly enough revenue to cover costs.

14.    Capitalism 

A system in which individuals, people, and companies have the freedom to make decisions and own property and benefit from their own efforts, with government playing a secondary role in oversight.

15.    Innovation 

A new idea, process, or product, or a change to an existing product or process.

16.    Vertical Integration 

A strategy of gaining control over suppliers of raw materials and distributors of finished products to expand or control the relevant supply chain.