Starting a New Business (ENTR 2020) Notes

100 vocabulary-style flashcards covering key terms, concepts, people, models, and case examples from the lecture notes on starting a new business.

Entrepreneurship

A way of thinking, acting, and being that finds/creates opportunities and acts on them; builds a toolkit of skills (finance, social, communication, marketing, problem solving, creative thinking).

Intrapreneur

An entrepreneur within a large organization who acts like an owner to develop new ideas from within.

Intrapreneurship

The practice of entrepreneurial thinking and action inside a corporation.

Corporate Entrepreneurship

The process of creating new products, ventures, or renewal within an existing large organization.

Entrepreneurship Inside

Entrepreneurship practiced by intrapreneurs within a corporate setting.

Franchising

A business model where a license is purchased from a franchisor to operate a branded venture.

Franchisee

The person or entity that operates a franchised business under the franchisor's brand.

Franchiser

The company that grants the franchise license and system.

Buying a Small Business

Purchasing an existing small business and taking over its operations.

Family Enterprising

Family members own and manage a family business; generations may change leadership.

Serial Entrepreneurs

Individuals who start and manage several different businesses over time.

Social Entrepreneurship

Using entrepreneurial methods to address social problems and create social impact.

B Corp

A certification for benefit corporations focused on social and environmental performance.

Sustainable Development Goals

Global goals guiding sustainable development that social ventures may align with.

Means Inventory

An exercise to list personal resources (means) like skills, knowledge, networks to generate ventures.

Resources

Assets (time, money, networks, information) available to an entrepreneur.

Skills

Practical abilities (e.g., coding, cooking, design) useful for ventures.

Personality traits

Enduring characteristics (e.g., risk tolerance, resilience) affecting entrepreneurship.

Passions/interests

Personal drives that can become venture ideas.

Knowledge

Academic or experiential understanding relevant to starting and running ventures.

Industry knowledge

Know-how about a specific market or sector.

Hobbies with market potential

Leisure activities that could be monetized as a business.

Mentors

Experienced guides who support entrepreneurial learning and growth.

Alumni

Former students who offer networks and guidance.

Community members

Local networks that can support entrepreneurial ventures.

Idea Generation (Groups)

Group brainstorming to generate multiple venture ideas.

Launch day analogy

The launch of a startup is like a wedding: many show up, then real work begins.

Bill Gates

Co‑founder of Microsoft Corporation; influential tech entrepreneur (born Oct 28, 1966).

Microsoft

Major technology company founded by Bill Gates and Paul Allen.

Entrepreneur

A person who starts and runs a new venture, taking on risk to create value.

Perception prompts for entrepreneurship

Questions and prompts about how people view entrepreneurship.

Entrepreneurs

Individuals who create opportunities and pursue ventures.

Entrepreneurial thinking

Mindset focused on identifying opportunities and acting to create value.

Corporate entrepreneur

An entrepreneur operating within a corporation to develop new ventures.

Opportunities

Possibilities to create value or enter new markets.

Courage to act

Willingness to take action despite uncertainty and risk.

Vehicle for developing skills

Entrepreneurship as a way to build finance, social, communication, marketing, and problem-solving skills.

Finance

Management of money and capital for ventures.

Social skills

Interpersonal abilities used to network, collaborate, and persuade.

Communication

Effective exchange of information.

Marketing

Activities to promote and sell products or services.

Problem solving

Identifying and solving problems faced by the venture.

Creative thinking

Generating novel and useful ideas and approaches.

Effectuation

Entrepreneurial logic that starts with available means and builds new ends through action.

Effectual logic

Pattern of thinking in effectuation, focusing on controllable, affordable actions with partners.

Affordable loss

The maximum amount one is willing to lose when pursuing an opportunity.

Enroll stakeholders

Bringing partners, investors, and supporters on board.

Means at hand

The resources currently available to an entrepreneur.

My Why

The high‑level purpose behind a venture.

North Star

The guiding long‑term vision or objective of a venture.

First actions

Initial steps to begin pursuing an idea.

Learn

Acquiring knowledge through doing and reflection.

Build

Creating a minimum viable product or early version of the product/service.

Action

Taking concrete steps to implement an idea.

Feasibility analysis

Assessing if an idea is viable with current resources.

Planning

Forecasting and organizing activities; emphasized less in favor of action in practice.

ET&A methodology

Entrepreneurship Thought and Action framework (Babson College).

Babson College

Institution associated with ET&A and entrepreneurship education.

Why statement

A concise expression of the purpose behind the venture.

Curry in a Hurry

An illustrative imaginary restaurant used to teach marketing/segmentation.

Market segmentation

Dividing a market into groups with similar needs.

Target market

The specific segment(s) a product aims to serve.

Positioning concept

How a product is perceived relative to competitors; value proposition.__

Marketing strategies

Plans to reach and persuade target customers.

Marketing programs

Coordinated marketing activities to execute a strategy.

Identify opportunity

Recognizing a market gap or demand you can satisfy.

Business plan

A formal document outlining goals, strategies, and operations.

Resources and financing

Assets and funding needed to start and grow a venture.

Execute the plan

Implementing the activities outlined in the business plan.

Manage and grow

Scaling operations and monitoring performance over time.

Sell the business

Exiting by selling or transferring ownership.

Not a realistic view

Awareness that simplified entrepreneurial models can mislead.

The entrepreneurship process

A sequence or cycle from idea to execution and growth.

The entrepreneurship method

A framework combining thought and action for entrepreneurship.

Random group of 4-5 students

A small, diverse team formed for idea generation exercises.

Airbnb

Online platform enabling people to rent out spaces; growth case study.

Y Combinator

Startup accelerator that mentors and funds early-stage ventures.

Paul Graham

Co‑founder of Y Combinator; emphasized meeting users early.

Meet users

Process of engaging potential customers to learn needs and feedback.

Airbnb NYC hosts

Hosts in New York City who list properties on Airbnb.

Gmail (Paul Buchheit)

Creator of Gmail; side project while at Google.

Zip2

Early startup by Elon Musk that evolved into PayPal; precursor to tech ventures.

PayPal

Digital payments company linked to Musk’s early ventures.

Tesla

Electric vehicle company founded by Elon Musk; later developments.

SpaceX

Space exploration company founded by Elon Musk.

Neuralink

Neurotechnology company founded by Elon Musk.

The Boring Company

Education/transport-focused company founded by Elon Musk.

Ray Kroc

Expanded McDonald’s into a global franchise; iconic franchising figure.

Steve Jobs

Co‑founder of Apple; significant post‑return leadership.

Paul Buchheit

Creator of Gmail; employee at Google who started a side project.

AirBedsAndConferencesInTheUS.com

An example URL invoked in the Airbnb discussion.

Meet hosts in NYC

YC suggestion to meet potential users/hosts in a city.

The Practice and Mindset

Textbook: Entrepreneurship: The Practice and Mindset, Third Edition.

Office hours

Scheduled times to meet instructors for help.

Attendance

Presence in class; affects participation marks.

Participation

Active engagement in class activities.

Grading distribution

Course grade breakdown (A+, A, B+, etc.).

Elevator pitch

A concise, ~90-second summary of a venture.

Idea pitch (Team)

Team presentation of a chosen venture idea in a short format.

Airbnb (brand)

Leading platform for short-term lodging; used as case study.