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action plan
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organized, step-by-step outline or guide that pulls together the ideas, thoughts, and key steps necessary to help set the stage for entrepreneurial success
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benchmarking
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comparing one’s own company’s performance with an industry average, a leader within the industry, or a market segment
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bootstrapping
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funding strategy that seeks to optimize use of personal funds and other creative strategies (such as bartering) to minimize cash outflows
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breakeven point
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level of operations that results in exactly enough revenue to cover costs
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business model
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plan for how venture will be funded; how the venture creates value for its stakeholders, including customers; how the venture’s offerings are made and distributed to the end users; and the how income will be generated through this process
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capitalism
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system in which individuals, people, and companies have the freedom to make decisions and own property as well as benefit from their own efforts, with government playing a secondary role in oversight
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cash flow
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money collected by the business through revenue and funding versus money disbursed by the business through expenses
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cash management
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management of cash inflows and outflows to support cash needs of the venture
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corporate entrepreneurship
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development of new ideas, opportunities, or ventures through formal research and development processes that focused on the corporation’s strategy and goals
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creative destruction
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theory developed by Joseph Schumpeter stating that entrepreneurial innovation is the disruptive force that creates and sustains economic growth, though in the process, it destroys established companies and disrupts employment
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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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e-commerce
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electronic transactions, particularly over the Internet, for the exchange of goods and services
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entrepreneurial journey
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your exploration to discover if entrepreneurship is right for you
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entrepreneurial process
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set of decisions or actions that can be outlined and followed as a guide to developing or adjusting a venture
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entrepreneurial spirit
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describes a quality of those individuals who are productive self-starters focused on making changes happen
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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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framework
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structure or outlined process that can be used to accomplish entrepreneurial goals through problem solving, idea generation and validation, and brainstorming
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franchising
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form of licensing that allows the business (franchisor) to share its business model to expand through various distributors (franchisees) for a fee
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independent contractor
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(also, freelancer) people or businesses that provide work similar to an employee without being part of the payroll for the contracting business, and who pay their own taxes and pay for their own benefits
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innovation
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new idea, process, or product, or a change to an existing product or process
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intrapreneur
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employee who acts as an entrepreneur within an organization, rather than going solo
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milestone
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significant decision point or significant accomplishment
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patent
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legal grant of protection for an inventor over the rights, usage, and commercialization of an invention for a set time period
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serial entrepreneur
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entrepreneur who becomes involved in starting multiple entrepreneurial ventures
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situational opportunity
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one that becomes available, depending on factors such as where you work, your family obligations, your idea or invention, your unique creative expression, or a recent career search or job change
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soft launch
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(also, soft open) launching a venture for a limited time frame or audience to gain experience, insights, and feedback about the target market or consumer
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target market
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specific group of consumers for which a company seeks to provide a good or service
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venture
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startup company or organization that conducts business or is created to satisfy a need
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vertical integration
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strategy of gaining control over suppliers of raw materials and distributors of finished products to expand or control the relevant supply chain