Learning Module 2

Key Terms

• Angel Investor

• Corporation

• Crowd Investing

• Entrepreneur

• Entrepreneur Confidence

• Entrepreneurial Mindset

• Entrepreneurial Orientation

• Entrepreneurship

• Intrapreneur

• Limited Liability Company (LLC)

• Partnership

• Patents

• Self-Employment

• Social Entrepreneurship

• Sole Proprietor

• Standard of Living

• Start-Up

• Venture Capitalists (VCs)

Key Points

• Entrepreneurship is the pursuit of an opportunity beyond the resources under your control.

• Two types of entrepreneurship are entrepreneurs and intrapreneurs

• Entrepreneurship matters around the globe because

  • It generates wealth and economic development

  • Drives innovation

  • Drives Job Creation

  • It improves the world’s standard of living

• All businesses start with an idea. Ideas come from four sources":

  • the entrepreneur’s passions, skills, and talents

  • a problem or frustration

  • an opportunity or need

  • a customers complaint

• Franchising occurs when a company allows another entity to pay it a fee and a share of the profits in return for using the brand name and a package of materials and services.

• Business Plans help set the direction of a new business.

• Business Model Canvas outlines nine sequential building blocks:

  • Customer Segments

  • Value Proposition

  • Channels

  • Customer Relationships

  • Revenue Streams

  • Key resources

  • Key activites

  • key partners

  • cost structure

• Four fundamental legal structures entrepreneurs can use:

  • Sole Proprietorship

  • Partnership

  • Corporation

  • LLC