1.4: Key Terms
- Page ID
- 50675
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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
- entrepreneur
- 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
- harvest
- 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