Entrepreneurship & Innovation Level III - Module 1 Vocabulary

Vocabulary flashcards covering core concepts, business structures, stakeholder definitions, functional areas, management functions, leadership styles, and terminology from Module 1.

Founder

A person who begins or leads a new business idea.

Venture

A new business idea or project being developed.

Business

An organization that provides goods or services.

Enterprise

An organized business system with purpose, resources, people, processes, decisions, and accountability.

Entrepreneur

A person who identifies opportunities and creates value.

Opportunity

A possible way to create value.

Value

The benefit created for someone.

Risk

Uncertainty about an outcome.

Initiative

Taking responsible action without waiting to be forced.

Creativity

Useful original thinking connected to real needs.

Innovation

Applying or improving ideas in new ways.

Persistence

Continuing through difficulty and feedback.

Flexibility

Adapting when conditions or evidence change.

Planning

Deciding goals, steps, timing, people, and resources.

Organizing

Arranging people, tasks, systems, and resources.

Operating

Running the venture process or activity.

Evaluating

Checking results, quality, customer response, costs, and improvement needs.

Risk-Bearing

Accepting uncertainty and responsibility for outcomes.

System

Connected parts working together to perform repeated and responsible work.

Routine

A repeated way of doing important tasks.

Quality

How well a product, service, or process meets expectations.

Accountability

Being responsible for completing work and explaining decisions.

Resource

People, materials, tools, money, time, or knowledge used in an enterprise.

Decision

A choice made after considering options.

Leadership

Guiding people and decisions toward a shared purpose.

Self-Awareness

Understanding personal strengths and growth areas.

Sole Trader

A business structure where one person owns and usually controls the business.

Partnership

A business structure where two or more people own and run the business together.

Company

A business structure legally separate from its owners.

Cooperative

A business owned and operated by members for shared benefit.

Franchise

A business structure that uses another company's established brand and system.

Social Enterprise

A business that uses enterprise methods to create social or community value.

Private Sector

Business activity owned by individuals or private companies.

Public Sector

Government-owned or government-run services and activities.

Third Sector

Nonprofits, NGOs, charities, community organizations, and social impact groups.

Profit

The money remaining after all enterprise costs are covered.

Service

Helpful work or support provided to customers or the community.

Social Impact

A positive effect on people, communities, or society.

Cultural Value

Value connected to identity, heritage, creativity, or local culture.

Functional Area

A major operational division of work in a business.

Production

The functional area responsible for creating goods or delivering services.

Marketing

The functional area responsible for attracting, researching, and communicating value to customers.

Finance

The functional area that manages money, budgets, revenues, and financial records.

Human Resources

The functional area that supports people, roles, training, hiring, and teamwork.

Research and Development

The functional area that tests and improves products, services, or ideas.

Technology

The functional area managing digital tools, payment systems, and software platforms used by an enterprise.

Stakeholder

A person, group, or institution affected by or able to influence a business decision.

Trade-Off

A choice where gaining one benefit requires giving up another.

Management

The process of coordinating people, resources, tasks, decisions, and goals so an enterprise operates effectively.

Directing

Guiding people toward the work that needs to be done.

Controlling

Checking progress against goals and correcting problems.

Coordinating

Making sure different parts and functions of an enterprise work together smoothly.

Delegating

Assigning responsibility for specific tasks to team members.

Motivating

Encouraging people to work with effort, purpose, and commitment.

Autocratic Leadership

A leadership style where the leader makes decisions with little or no team input.

Democratic Leadership

A leadership style where the leader includes team input before making decisions.

Laissez-Faire Leadership

A leadership style where the leader gives team members high freedom and minimal direct supervision.

Teamwork

Coordinated effort toward a shared goal or purpose.

Conflict

Disagreement or tension between people, goals, ideas, or interests.

Workplace Culture

The shared values, habits, communication patterns, and expectations that shape how people work together.

Ethics

Principles of right, fair, and responsible action guiding business conduct.

Organization Chart

A diagram showing roles, structures, and reporting relationships within an enterprise.

Mastery Clinic

The Elevare Language translation for a traditional test review session.

Growth Workshop

The Elevare Language translation for a traditional remedial session.

Learning Experience

The Elevare Language translation for a traditional classroom lesson.