Module 2 Vocab - Entrepreneurship

Entrepreneurship

boot strapping

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

breakeven point

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

business model

plan for how venture will be funded; how the venture creates value for its stakeholders, including customers;

capitalism

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

cash flow

money collected by the business through revenue and funding versus money disbursed by the business through expenses 

cash management

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

corporate entrepreneurship 

development of new ideas, opportunities, or ventures through formal research and development processes that focused on the corporation’s strategy and goals 

e-commerce

electronic transactions, particularly over the Internet, for the exchange of goods and services 

entrepreneurial process

set of decisions or actions that can be outlined and followed as a guide to developing or adjusting a venture 

framework

structure or outlined process that can be used to accomplish entrepreneurial goals through problem solving, idea generation and validation, and brainstorming 

franchising

form of licensing that allows the business (franchisor) to share its business model to expand through various distributors (franchisees) for a fee 

independent contractor

(also, freelancer) people or businesses that provide work similar to an employee without being part of the payroll for the contracting business, and who pay their own taxes and pay for their own benefits 

intrapreneur

employee who acts as an entrepreneur within an organization, rather than going solo 

patent

legal grant of protection for an inventor over the rights, usage, and commercialization of an invention for a set time period 

serial entrepreneur

entrepreneur who becomes involved in starting multiple entrepreneurial ventures 

situational opportunity

one that becomes available, depending on factors such as where you work, your family obligations, your idea or invention, your unique creative expression, or a recent career search or job change 

soft launch

also, soft open) launching a venture for a limited time frame or audience to gain experience, insights, and feedback about the target market or consumer 

target market

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

venture

startup company or organization that conducts business or is created to satisfy a need