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born global
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venture seeking to be a global company from its inception
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build-measure-learn loop
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step-by-step approach on how to maneuver a startup, how to change course if necessary, how to persevere, and how to accelerate the expansion of a business
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business failure
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ending a business due to the lack of goal attainment, which can include low levels of revenue and profit, or not meeting investors’ expectations
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business lifecycle
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stages companies go through: birth, growth (or expansion to new markets and products), maturity, decline, death or rebirth
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early adopters
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people who like to try new things and can be found at the onset of the adoption process for a product
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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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Global Entrepreneurship Monitor (GEM)
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organization that researches entrepreneurship around the world
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innovation accounting
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assesses whether the changes made to the product are creating the desired results
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iterations
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small changes to the current version of a product to make it better fit consumer needs
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joint venture
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temporary partnership in which two different enterprises combine for the purpose of mutual benefits such as sharing of expenses and to work toward shared goals and the associated potential revenue
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lean pitch
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verbal delivery of an idea or business plan as a request to a group of investors by an entrepreneur
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lean plan
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brief business plan shown to potential investors and employees that is a fast and effective way to set, manage, and evaluate goals and strategies in a business
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lean startup
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methodology entrepreneurs use this method to help them innovate by continuously testing their products and getting feedback from customers in real time
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licensing
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contract in which one enterprise gives permission to another entity to manufacture and sell its products for a royalty
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mergers and acquisitions
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when two companies combine, or one buys the majority stake of the other
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minimum viable product (MVP)
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early version or prototype of a product that may not be polished or complete but that functions well enough that you can begin to market it or test it with potential users
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pivoting
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crucial change done to test a hypothesis regarding the basic product, its growth potential, and business model; if something is not working, then a change or a “pivot” needs to take place
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strategic alliance
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arrangement created by two entities to work on a project by sharing some of their strengths and resources, but not actually creating a new entity as in the case of a joint venture