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1.4: Key Terms

  • Page ID
    • Michael Laverty and Chris Littel et al.
    • OpenStax

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    career entrepreneur
    someone who takes on the daily management as the owner of the venture, accepting, and perhaps enjoying, the daily risks and rewards of managing and building the venture
    disruptive technology
    technology that once introduced, displaces established patterns, processes, and systems previously accepted as normal or accepted methods
    divergent thinking
    process of generating as many ideas as possible, even when those ideas do not seem logical; the list of ideas can be conflicting, diverse, and disparate
    due diligence
    conducting the necessary research and investigation to make informed decisions that minimize risk
    someone who identifies an idea that no one else has acted on or identified; small business ownership and franchising are also entrepreneurial options
    entrepreneurial mindset
    awareness and focus on identifying an opportunity through solving a problem, and a willingness to move forward to advance that idea
    entrepreneurial venture
    any business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established
    entrepreneurial vision
    idea of what an entrepreneur wants a venture to become, what it will look like, what the driving forces are, and what values and culture should surround it
    point at which the venture is sold, at which time the investors receive a return on their investment
    lifestyle venture
    business whose founders’ primary focus is the lifestyle they will attain through becoming entrepreneurs, rather than a primary interest in financial rewards
    mission statement
    statement of an organization’s reason for being that defines its primary long-term goal, explains what the venture will do, what value it will provide to the end customer, and how it will accomplish that action
    opportunity-identifying perspective
    method for identifying a problem and determining how it could be translated into an opportunity to create a new venture
    quantifiable manner
    method to determine if a goal has been met or not
    serial entrepreneur
    entrepreneur who becomes involved in starting multiple entrepreneurial ventures
    SMART goals
    well-structured and defined goals that are specific, measurable, achievable, realistic and timely
    social entrepreneur
    entrepreneur who has an interest in solving a social, environmental, or economic problem
    value proposition
    summary describing the benefits (value) customers can expect from a particular product or service
    vision statement
    picture of what the venture will become in the future or what the venture will grow into

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