MGMT 159 Final Flash Cards

Family Office

An organization that manages the wealth and financial needs of wealthy families.

Entrepreneurial Revolution

A significant change in the way individuals approach starting and running businesses.

Job Creation

The process of creating new jobs, often seen in small and new firms rather than large corporations.

Women Owned Businesses

Businesses that are owned and operated by women, noted for faster growth compared to Fortune 500 companies.

Intrapreneur

An employee within a company who acts like an entrepreneur to develop new products or services.

Silent Revolution

The phenomenon of businesses that fail repeatedly and their effects on the economy.

Feasibility Study

An assessment of the practicality and potential success of a proposed business venture.

Validated Learning

The process of gaining knowledge through repeated experimentation to understand customer needs.

MVP (Minimum Viable Product)

A product with just enough features to satisfy early customers and provide feedback for future development.

Value Proposition

The unique value a product or service offers to its customers, explaining why it's better than alternatives.

Elevator Pitch

A concise, persuasive speech to spark interest in a business idea or product.

Lean Startup

A methodology that encourages a focus on iterative product releases and validated learning.

Product-Market Fit

The degree to which a product satisfies a strong market demand.

Cash Flow

The total amount of money being transferred in and out of a business.

Debt to Equity Ratio

A financial ratio indicating the relative proportion of shareholders' equity and debt used to finance a company's assets.

Gross Profit Ratio

A profitability measure that indicates the percentage of revenue that exceeds the cost of goods sold.

Liquidity Ratio

A measure of a company's ability to cover its short-term obligations.

Inventory Turnover

A measure of how many times inventory is sold and replaced over a period.

Assumption Testing

Evaluating the assumptions made in a business plan to determine their validity.

Management Team

A group of individuals who manage the operations of a business.

Entrepreneurial Mindset

A way of thinking that seeks out change and embraces risk and uncertainty.

Exit Strategy

A planned method for terminating a situation in a way that maximizes benefit and minimizes damage.

Market Validation

The process of testing the interest and demand for a product or service before fully launching it.

Scalability

The capability of a business to grow and manage increased demand without compromising performance or losing revenue potential.

Social Entrepreneurship

The practice of using business principles and strategies to create social or environmental change.

Business Plan

A formal written document that outlines a business's goals, the strategy for achieving them, and the time frame for the achievement.

Testing Assumptions

The process of verifying the assumptions that underpin a business model, influenced by resources available and the newness of the product.

Go/No-Go Decision

A critical evaluation determining whether a business venture should proceed or not based on various factors.

Business Model

A framework that outlines how a company creates, delivers, and captures value.

Validated Learning

The process of gaining insights through direct feedback from customers to validate hypotheses about a product or business.

Build-Measure-Learn

A cyclical process used by startups to turn ideas into products, measure customer response, and learn to iterate on their offerings.

Primary Research

The collection of first-hand data through surveys, interviews, or observations to gain insights into customer needs and preferences.

Value Proposition

A statement that summarizes why a consumer should choose one product over another, demonstrating the unique benefits offered.

Feasibility Study

An analysis conducted to determine if a proposed business venture is viable and worth pursuing.

Proactive Learning

An approach that emphasizes actively seeking knowledge about customer needs and market demand to inform business decisions.

Product-Market Fit

The alignment between a product and the market demand, indicating that the product effectively meets consumer needs.

MVP (Minimum Viable Product)

A basic version of a product developed to quickly test concepts and gather customer feedback for future iterations.

Rate of Change in Industry

The speed at which changes occur in a market or industry, affecting the strategies and adaptability of new ventures.