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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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competitive advantage
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describes your venture’s unique benefits that poise it for growth
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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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customers
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people the business will be serving, including potential customers from one or more market segments
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demand
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need or desire for the outputs, the product or services
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demographics
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statistical factors of a population or group, such as information about age, gender, income, race, or ethnicity
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entrepreneurial opportunity
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point at which identifiable consumer demand meets the feasibility of satisfying the requested product or service and meets the following conditions: significant market demand, significant market structure and size, significant margins, and resources to support the venture’s success
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financial viability
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long-term financial sustainability of an organization to fulfill its mission
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gig economy
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market system in which independent contractors fill a variety of positions
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infrastructure
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all resources the entrepreneur will need in order to launch and sustain a business venture
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offering
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actual product or service, its value proposition, and how you will reach and communicate with your target customers
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opportunity screening
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process used to evaluate innovative product ideas, strategies, and marketing trends, focusing on financial resources, skills of the entrepreneurial team, and competition
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primary research
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research that involves gathering new data
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secondary research
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research that uses existing data
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shared economy
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economy in which some assets are not in use, which may present an entrepreneurial opportunity
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supply
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amount of a product or service produced
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SWOT analysis
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strategic analytical tool used to help a potential venture or existing company identify its strengths, weaknesses, opportunities, and threats related to business competition
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unique selling proposition
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marketer’s rationale as to why a product or service is different/better than the competitor’s products