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career entrepreneur
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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
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disruptive technology
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technology that once introduced, displaces established patterns, processes, and systems previously accepted as normal or accepted methods
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divergent thinking
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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
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due diligence
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conducting the necessary research and investigation to make informed decisions that minimize risk
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entrepreneur
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someone who identifies an idea that no one else has acted on or identified; small business ownership and franchising are also entrepreneurial options
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entrepreneurial mindset
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awareness and focus on identifying an opportunity through solving a problem, and a willingness to move forward to advance that idea
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entrepreneurial venture
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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
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entrepreneurial vision
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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
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harvest
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point at which the venture is sold, at which time the investors receive a return on their investment
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lifestyle venture
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business whose founders’ primary focus is the lifestyle they will attain through becoming entrepreneurs, rather than a primary interest in financial rewards
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mission statement
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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
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opportunity-identifying perspective
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method for identifying a problem and determining how it could be translated into an opportunity to create a new venture
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quantifiable manner
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method to determine if a goal has been met or not
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serial entrepreneur
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entrepreneur who becomes involved in starting multiple entrepreneurial ventures
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SMART goals
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well-structured and defined goals that are specific, measurable, achievable, realistic and timely
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social entrepreneur
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entrepreneur who has an interest in solving a social, environmental, or economic problem
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value proposition
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summary describing the benefits (value) customers can expect from a particular product or service
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vision statement
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picture of what the venture will become in the future or what the venture will grow into