Entrepreneurial Mind Flashcards

Flashcards from Entrepreneurial Mind Lectures

Business Model

The product or service offering, the targeted customers, and the economic engine that will enable a business to meet its profitability and growth objectives.

Manufacturer

A person or a registered company which makes finished products from raw materials in an effort to make a profit.

Distributor

An entity or a company that purchases noncompeting products or products lines stores them in warehouses, and resells them to retailers or directly to the customers.

Retailer

A person or business that purchases good from the wholesaler or directly from the manufacturer.

Franchise

A franchisor provides access to his business proprietary knowledge, processes, business system and a brand’s trademark or trade name in order to let the franchise to sell a product or provide a service under his business model

Brick and Mortar

A model that refers to the old-fashioned street side business that sells product and services to its customers face to face in an office or store that the business owns or rents.

Bricks and Clicks

A model where a company combines its online and a physical presence.

Direct Sales

A model where products are directly sold to the customers.

High Touch

A model that uses a lot of human interaction and involvement.

Nickel and Dime

A model that make use of the of the lowest price strategy in selling basic products or service to the customers.

Freemium

A model that is combination of free and paid normally used by tech companies in the software or apps business models.

E-Commerce

A model that is upgradation of the old style of brick-and-mortar business model

Subscription

A model offers a long-term contract to customer by paying a fixed amount every month or year.

Aggregator

A network model where the company acts as a middleman between tow individual parties.

Online Marketplace

A collection of different sellers into one platform. This is a network model; the company acts as a middleman between tow individual parties.

Agency Based

A partner company that has specialization in doing non-core business activities such as advertising, digital marketing, even janitorial and security.

Hidden Revenue

The company offers its services for free. The company earns revenue stream from advertisements which are paid for by identified sponsors when information is shared.

Affiliate Marketing

A commission-based model where companies make profit by promoting a partner’s products and convince its followers and users to buy the same.

Drop Shipping

The owner has no ownership of the product or hold any inventory, but he has an E-store.

Network Marketing

Often called multi-level marketing, this model works on direct marketing and direct selling philosophy.

Crowdsourcing

A model that solicits intellectual information of users on what value- added concepts be inputted in the product and or service offering.

Blockchain

The digital ledger that is irreversible and decentralized. No one’s owns and monitors this digital database but anyone can contribute on it.

Low Touch

There is a minimum human assistance or intervention in selling a product or service.

Razor and Blade

One item is sold at a low price or even given for free in order to intensify, the sales of a complementary good, such a consumable supply.

Consulting

The consulting business is composed of experienced and qualified professionals that offers services based on their line of expertise.

Social Enterprise

Aims to put a business more for creating a positive change but with profit.

Strategic Alliances

This partnership is an arrangement between non competitors to help each other do an equally advantageous task but retaining their independence.

Coopetition

This partnership is agreement between any competitors to help to share their risk that these companies may take.

Joint Ventures

This is when two businesses because of their mutual interest agreed to for a completely different company.

Buyer Supplier Relationship

These are the most usual types of partnership in businesses. Such relationship makes certain that there will be a dependable spring of supplies coming in.

Key Activities

The most essentials activities in achieving a company’s value proposition and to operate successfully.

Key Resources

The most important assets required to make a business model work. They allow a company to create value for its customers, reach markets, maintain relationships with customer segments, and earn revenue.

Customer Value Proposition (CVP)

A clear, concise statement that explains how a product or service solves a customer’s problem, satisfies their needs, and delivers benefits that customers value — better than competitors.

All Benefits

Focuses on listing all the benefits the product/service offers to customers.

Resonating Focus

Emphasizes the one or two things that matter most to the target customer.

Favorable Points of Difference

Focuses on features or benefits that make the product/service better than the competition.

Value-for-Money Proposition

Highlights the balance between price and benefits received.

Customer Relationships

The strategies and ways a business interacts with and manages its relationships with customers to attract, retain, and satisfy them.

Personal Assistance

Involves direct interaction between a customer and a company representative during the buying process or after the sale.

Dedicated Personal Assistance

A deeper level of personal assistance where a specific representative is assigned to an individual client.

Self-Service

A system where customers perform services on their own without direct assistance from the business.

Automated Services

Involves automated processes and systems that provide services or information to customers.

Communities

Creating online or offline platforms where customers can share experiences, reviews, and advice about products or services.

Co-Creation

Involving customers in the product development process or marketing content creation.

Customer Segment

Refers to demographics such as age, ethnicity, profession and/or gender; or psychographic factors which include spending behavior, interests, and motivations.

Mass

An unsegmented market in which products with mass appeal products such as aspirin, orange juice, soft drinks, paperback romances, and the like are offered to every customer.

Niche

A customer segment with very distinct characteristics and extremely specific needs.

Segmented

Businesses that select to offer products and/or services to customer segments that have very small differences in their need requirements.

Diversified

Companies often select differentiated customer segments. Basically, these customer segments have very diverse needs and wants.

Multi-Sided Platforms

This type of customer segments is used when customer segments are reliant with each other, which makes it a necessity to serve both sides of the balance.

Channel

The touch points through which a company communicates with its target customers.

Direct Channels

Those that the entrepreneur owns or has control over. This could be his physical store, website, or salesforce

Indirect Channels

Also known as partner channels, the company makes use of intermediary and places its products or makes the service obtainable at the partner store.

Value Proposition

Designed to address customers’ needs by focusing on their pains, gains, and jobs.

Gain Creators

Highlight how products and services provide added value

Pain Relievers

Reduce customer frustrations by addressing specific issues

Lean Canvas

A problem-focused framework designed for small entrepreneurs and startups. It emphasizes understanding customer needs, actionable metrics, and rapid idea-to-product transitions.

Market

Any place where manufacturers, distributors and retailers sell and consumers buy.

Potential Pandoy

A potential customer who needs a little bit of convincing and assistance to hopefully change into quickly making him a paying customer.

Netnot

The fresh customer who has just bought something for the first time from a business.

Impulsive Icoy

A customer that make instant buying decision based on craving or whim provided that the conditions are right.

Discount Daboy

A customer who never buys a product and/or avail of service on full price but only on a discounted rate.

Loyal Lando

A satisfied customer that keeps coming back to one’s store for more purchase.

Target Market

A group of possible consumers or organizational buyers to whom a company wants to sell its products and/or services.

Customer Personas

A short fictional profile of an ideal user or customer.

Customer Journey Map

A visualization of the process a customer goes through to achieve a goal with a company.

Market Sizing

A refers to the aggregate number of possible buyers of a product and/or service in an industry and the aggregate revenue that these sales may produce over the course of a year.

Potential Available Market (TAM)

The total possible value that represents the global market of products and/or services.

Total Addressable Market (TAM)

Potential value of product and/or service sold to a particular customer segment.

Serviceable Available Market (SAM)

The subject customer of the total addressable market (TAM).

Serviceable Obtainable Market (SOM)

The target who entrepreneur shall primarily sell to.

Entrepreneurship Marketing

More about a marketing spirit that distinguishes itself from traditional marketing practices. It makes use of new and non-traditional marketing practices that makes entrepreneurs stand out from their competitors.

Personal Brand

The one that differentiated an entrepreneur from the rest of his competitors. This type of branding forms a lasting impression on the minds of the customers about the quality of his product and/or service.

Networking

About building mutually beneficial relationships with others.

Incubator

A business place that helps startup businesses and new entrepreneurs to develop their products and ideas by supporting them with services such as training, management support, ort, intellectual property (IP) rights assistance, resources and even shared office and facility spaces.

Accelerator

A business place that offers a program with a fixed term which includes mentorship and educational components and usually ends in public pitch event.