Entrepreneurship MIDTERM.

10th Grade.

Vocab Word of the Day: CTSO

Student-led groups that enhance
Career and Technical Education (CTE) programs by providing
leadership development, competitive events, and opportunities for
students to apply their classroom learning in real-world scenarios.

DECA Mission Statement

DECA's mission is to prepare emerging leaders and entrepreneurs for careers in marketing, finance, hospitality, and management.

Value Proposition

The unique benefit or solution your product or
service offers to customers—it's why someone would choose your
business over others.

Entrepreneur

A person who organises and manages any business, usually with considerable initiative and risk.

Entrepreneurial Discovery.

The process of systematically scanning
technological, political, regulatory, social and demographic changes to discover opportunities in producing new goods and services.

Idea Generation

The process of generating, developing, and
communicating new product/services, typically after identifying gaps in
the marketplace.

Competitive Advantage

A unique benefit or feature that allows a
business to outperform its competitors, often through innovation, quality, or pricing.

Sustainability

The ability of a business to operate in a manner that meets present needs without compromising future generations, often focusing on environmental, social, and economic impacts.

Environmental Scanning

The systematic gathering and analysis of information about the external environment to identify potential opportunities and threats
that could influence an organization’s current and future strategic decisions.

Business-to-Business (B2B)

Commerce transactions that are conducted
between companies, such as retailers and wholesalers, rather than companies and individual consumers.

Business-to-Consumer (B2C)

The sales model in which companies sell products directly to consumers.

Small and Medium Sized Enterprise (SME)

A business with less than 250
employees and turnover of less than $50 million.

Bootstrapping

Building a start-up company with very little money, often relying on personal savings and pushing for the lowest possible operating costs, while implementing cost-saving systems such as fast inventory turnaround.

Sole Proprietorship

A business owned by one person,
simple setup, owner assumes all risk.

Partnership

A legal structure where two or more people
agree to be co-owners of a business, sharing in its profits, liabilities, and management responsibilities.

Limited Liability Corporation (LLC)

A business structure that combines
the personal liability protection of a corporation with the pass-through
taxation and flexibility of a partnership or sole proprietorship.

Feasibility

The practicality and viability of a proposed plan or project, often assessed in terms of resources and market potential.

Innovation

The introduction of new ideas, products, or methods that improve or enhance existing processes or offerings.

Stakeholder

An individual or group that has an interest or concern in an organisation, affecting or affected by its actions.

Cultural Awareness

Understanding and respecting the values,
customs, and traditions of people from different backgrounds.

Cross-Culture Communication

Sharing information between people from different cultures while avoiding misunderstandings.

Globalisation

The process of businesses and cultures interacting and connecting across the world.

Etiquette

The polite behaviour and rules people are expected to follow in social or business situations.

Market Planning

The process of developing strategies to reach specific market segments and achieve marketing objectives.

Cultural Adaptation

The process of adjusting marketing strategies
to fit the cultural environment of another country.

Free Enterprise

An economic system where individuals and
businesses operate for profit with limited government regulation.

Information Management

The systematic process of collecting, organising, storing, securing, and distributing information to ensure it is accessible, relevant, and valuable to an organisation or individual.

Consumer Research

Market research that focuses on customer preferences, motivations, and buying behaviours.

Product Research

The process of gathering and analysing information about customer needs, market trends, and competitors to develop products that meets user demands.

Advertising Research

The process of collecting and analysing information to understand audiences, evaluate and improve ad effectiveness.

Market Research

The process of collecting vital information about a company's target audience, market, and competition.

Competitive Research

A process of identifying competitors and thoroughly evaluating their products, services, marketing strategies, and sales efforts to uncover insights into their strengths and weaknesses.

Sales Research

The systematic gathering and analysis of data to understand and improve customer purchasing behaviour and sales performance.

Synthesise

Combining different ideas, parts, or elements to create a new, more complex, or cohesive whole.

Feasibility

An assessment of a proposed product or service to determine its practicality and potential for success before investing significant resources.

Test Marketing

A strategy used to introduce a product to a limited audience to gauge it's potential success before a full-scale launch.

Prototype

The process of creating a preliminary model of a product to test its design, functionality and potential before entering a market.

Porter's Five Forces

A framework developed to analyse an industry's competitiveness by examining five forces: threat of new entrants, bargaining power of suppliers, bargaining
power of buyers, threat of substitutes, and competitive rivalry.

Executive Summary

A concise overview of the entire business proposal, highlighting the key points such as the concept, target market, operations, and financial projections to capture investor interest quickly.

Milestones

Specific, measurable goals or achievements that mark progress in a business plan, such as launching a product, reaching sales targets, or expanding into new markets.

Investor Relations

The ongoing communication and relationship
management between a company and its investors to maintain confidence and transparency about performance and goals.

Revenue Projections

An estimate of the income a business expects to generate over a set period, based on sales forecasts and pricing strategies.

Operational Efficiency

The ability of a business to deliver products or
services in the most cost-effective manner without compromising quality or performance.

Market Validation

The process of proving that there is a demand for a product before investing significant resources.

Scalability

The ability of a business to adapt and expand its operations or output in response to market changes or growth opportunities.

Iteration

The process of refining or improving a product through repeated testing and modification.

Feedback Loop

A cycle in which the product is tested, feedback is collected, and improvements are made.

Oligopoly

A market structure dominated by a few large firms that influence prices and market trends.

Price Elasticity

How responsive consumers are to changes in price.

Asset

Any resource owned by an individual, organisation, or entity that holds economic value and can be used to generate benefits.

Liability

A legal or financial obligation that a person or company owes to another party, which is often settled by paying money, providing goods, or performing a service.

Balance Sheet

A financial statement that provides a snapshot of a company's financial position at a specific point in time. It outlines three main components: Assets, Liabilities and Owner’s Equity.

Income Statement

A financial statement that shows a company's financial performance over a specific period (e.g., a month, quarter, or year). It details: Revenue, Expenses and Net Income.

Cash Flow Statement

A financial statement that shows how cash moves in and out of a business over a specific period.