entrepreneurship terms and definitions pdf

Entrepreneurship Terms And Definitions Pdf

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Business ; Entrepreneur ; Entrepreneur, Theory. The study of the etymology of words is a fruitful way to understand the history of social practices, as a reflection of social behavior. Words stem from social practices that change in dynamic interactive processes.

91 Startup Terms Every Entrepreneur Should Know

Coaching services. Jerr Boschee's book. The Social Enterprise Sourcebook is no longer. Five essential definitions. After years of hovering around the edges of the nonprofit sector, social enterprise today has moved into the mainstream.

Venture philanthropists, traditional grant-makers, Boards of Directors, nonprofit entrepreneurs, consultants, academics and others are all rushing to the table. But there is still confusion about terminology. Here are five of the most essential concepts:. A practical lexicon for social entrepreneurs. John DuRand of Minnesota Diversified Industries created the concept in and simultaneously emphasized the importance of a blended work force.

The employees for an affirmative business might include people who are developmentally disabled, chronically mentally ill, recovering substance abusers, former convicts, visually impaired, physically challenged, or grappling with some other disadvantage. The key areas in which both investors and organizations are working to maximize the impact of blended value are corporate social responsibility , social enterprise , social investing ,.

Jed Emerson and Sheila Bonini began developing the concept of blended value in A typical mix draws about 60 per cent of the employees from the ranks of people who are disadvantaged.

These veteran entrepreneurs provide an invaluable reality check throughout the planning process. BUSINESS PLAN: The essential ingredients of a business plan include an executive summary typically written last ; descriptions of the company, the management team, and the products or services being offered; an analysis of the market, the competition and the industry; a marketing plan; an operations plan; a financial plan with cash flow projections ; and a risk analysis the most important part of the plan.

Most effective business plans contain no more than 20 to 30 pages of narrative plus financials. Customers are those who pay for a product or service: They are interested in both the price and the social outcomes.

Clients are those who receive a product or service: They are interested primarily in the social outcomes. The combination can be powerful: It can enhance the reputation and boost the sales of the commercial company and simultaneously expand the reach and generate earned income for the nonprofit.

Cause-related marketing is one of the four most effective types of strategic partnerships between a commercial company and a nonprofit. See distributor relationships, operational philanthropy and supplier relationships. See operational philanthropy. If the client is not the customer , he or she will be interested primarily in the social outcomes, not the price.

To be effective, core values must be clearly articulated, institutionalized, and constantly reinforced: Organizations should identify them before doing anything else; make sure they can be quantified; build them into strategic plans and annual operating plans; monitor them religiously; measure progress periodically; and report results to stakeholders. A socially responsible company will identify and engage its stakeholders , then determine, measure and report the ways in which they are affected.

Unless entrepreneurs can identify the factors that apply to their type of business and compete effectively in those areas, they will fail. The customer may or may not be the client. As buyers, customers are interested in both the price and the social outcomes. See sustainability and self-sufficiency. See also indirect costs. Distribution channels are the routes products and services travel from the provider to the receiver.

It is one of the four most powerful types of strategic partnerships between a commercial company and a nonprofit. See cause-related marketing, operational philanthropy and supplier relationships. See triple bottom line. Due diligence can also refer to the process used by a social enterprise to assess the viability of ideas for earned income strategies or a social sector business. See market research and feasibility studies.

Earned revenue does not include such things as corporate or foundation grants, government grants or subsidies, financial contributions from individuals, or in-kind donation of products or services. The one exception is a for-profit social sector business , which depends on earned revenue alone.

A strategy that depends entirely on earned revenue is a for-profit social sector business. Starting with nothing more than an idea or a prototype, entrepreneurs have the ability to take a business to the point at which it can sustain itself on internally generated cash flow. Generally speaking, entrepreneurs need the freedom to operate without much supervision.

They also need clear definitions of success and failure, immediate feedback, rewards for performance, and ongoing challenges. See social entrepreneur, nonprofit entrepreneur and entrepreneurial nonprofit. An effective process typically lasts no more than 90 minutes and involves about 20 people. To make sure all possible ideas are broached, every idea is welcomed, criticisms are not allowed, and nobody is held accountable for his or her idea.

The ideas generated during an entrepreneurial brainstorming session fall into one of four categories: Market penetration offering an existing product or service to an existing target market ; market development offering an existing product or service to a new target market ; p roduct or service development offering a new product or service to an existing target market ; or d iversification offering a new product or service to a new target market.

See innovation. Making these types of strategic decisions, however, is more difficult for a social enterprise than it is for either a traditional nonprofit or a purely commercial company, both of which are primarily concerned with a single bottom line. A traditional nonprofit will continue offering products and services that have a significant social impact even if they lose money; commercial companies will not. On the other hand, a social enterprise will give weight to both bottom lines before making decisions about which products and services to expand, nurture, harvest or kill.

The intersection of social impact and financial returns can be viewed as a matrix:. In either case, it will typically enter the market by developing the business itself, buying a franchise, purchasing an existing company, or forging a strategic partnership.

See feasibility studies and market research. Although it is not possible to control most environmental forces, it is possible to convert them into opportunities or to minimize their negative impact by isolating and attending to them in advance. In addition to identifying the force itself, an environmental scan also includes an assessment of its size, timing, duration and the most productive response. Exit strategies are typically prepared well in advance of implementation, which can occur for both positive and negative reasons: To convert an asset into cash; to find a home for an asset in order to increase social outcomes; or to exercise damage control, sometimes by allowing a program, product, service or business to die a natural death.

The objective is to eliminate ideas as quickly as possible to avoid wasting time on those that are not workable. A typical feasibility study makes successive passes through the surviving ideas, winnowing them each time. See market research and risk analysis. Primary research. Secondary research. Payment may be made either by the person or organization receiving the service or by a third party such as an insurance company or a public sector reimbursement program such as Medicare or Medicaid.

Too often, nonprofits fail to consider indirect costs when creating their business plans and therefore develop inaccurate financial projections. See also direct costs. Innovation is often confused with entrepreneurship, but innovation does not necessarily include earned income.

Innovators develop and field-test prototypes; entrepreneurs turn those prototypes into businesses; and professional managers develop and install whatever infrastructure is needed to secure the future. MARKETING: Marketing is not a business function — it is the business, and it begins with decisions about what products and services to offer see strategic marketing and what target markets to pursue. See entrepreneurial strategic planning , marketing plan and tactical marketing.

The goal of marketing communications is to convey key messages to target markets , and the primary techniques are advertising, publicity, personal selling and sales promotion. The goal of marketing, therefore, is to win a share of client , customer or stakeholder mind, and the people being targeted must be led through four stages:. The marketing team will need to develop appropriate positioning strategies and use a variety of tactical marketing weapons to guide its clients, customers and stakeholders through the process.

However, there are four major obstacles to creating a successful marketing plan:. See tactical marketing. However, if the business starts with its potential customers, discovers what they need and are willing to pay for, and then builds it, the customers will pull it into the market and significantly increase its chances for long-term success. The preferred approach, therefore, is to begin the process with thorough market research. However, if a business is introducing a product or service that has never been offered before, then the research may not be conclusive and market push might be the only alternative.

The goal during both stages is to eliminate possibilities as quickly as possible in order to avoid unnecessary time and expense. The first step in market research is market segmentation. The next steps are to answer a series of questions about each segment:.

For an industrial market, segmentation could be based on such things as the type of end user, the size of the customer, the cost of distribution, or many other factors. Examples include such things as hospice care, tutoring services for potential high school dropouts, assistive devices for people who are physically disabled, and personal care services for elderly people. See hybrid business. See social enterprise and social entrepreneur. The phrase was coined Gary Mulhair of Pioneer Human Services in , and operational philanthropy is one of the four most powerful types of strategic partnerships between a commercial company and a nonprofit.

See also cause-related marketing, distributor relationships and supplier relationships. See entrepreneurial strategic planning. Each organization must develop an overall positioning strategy and complementary strategies for each of its programs, products and services.

The stakes are high: A positive image enhances employee morale, gives donors additional confidence, improves community relations, lowers the cost of sales, makes higher prices palatable, speeds market penetration, builds customer loyalty, and enhances recruitment of employees. At the program, product and service level, developing a positioning strategy is a three-step process: D iscovering what people think are the most important dimensions of the program, product or service market research ; building them into the program, product or service; and then telling clients, customers and stakeholders what has been done marketing communications.

See earned income. See market research. Social return on investment SROI is concerned with the social outcomes of the strategy or business, and environmental return on investment EROI is concerned with the environmental impact.

See double bottom line and triple bottom line. The framework consists of the answers to five questions:. See cause-related marketing, distributor relationships, operational philanthropy and supplier relationships. They are one of the four most powerful types of strategic partnerships between a commercial company and a nonprofit.

See cause-related marketing, distributor relationships and operational philanthropy. See market segmentation.

Entrepreneurship Terminologies

Understanding and naturally using key startup terms in the day to day operation of a business is a must for every entrepreneur. One of the prerequisites of becoming an entrepreneur is to get familiar and comfortable with the business, and more specifically in this case, startup language. Technical or non-technical, the best entrepreneurs may not be experts at everything but are certainly able to wear many hats and speak many languages whether it is with the finance team, programmers, designers, marketers, business developers, or other areas. In this infograpahic, find 91 startup terms with a brief definition for each that you can use as a reference for learning, enhancing or remembering some of the most commonly used words in the field. Founder: Anyone can create a site and business cards then call themselves founders of a startup. A real founder is a doer. Founders execute.

Coaching services. Jerr Boschee's book. The Social Enterprise Sourcebook is no longer. Five essential definitions. After years of hovering around the edges of the nonprofit sector, social enterprise today has moved into the mainstream.

91 Startup Terms Every Entrepreneur Should Know

Whilst there is no universally accepted definition of entrepreneurship, it is fair to say that it is multi-dimensional. It involves analyzing people and their actions together with the ways in which they interact with their environments, be these social, economic, or political, and the institutional, policy, and legal frameworks that help define and legitimize human activities. Entrepreneurship involves such a range of activities and levels of analysis that no single definition is definitive.

In search of the meaning of entrepreneurship

Entrepreneur Dictionary for Startups

To browse Academia. Skip to main content. By using our site, you agree to our collection of information through the use of cookies. To learn more, view our Privacy Policy. Log In Sign Up. Download Free PDF. Entrepreneurship Terminologies.

This paper is an attempt to build a bridge between the popular and the academic usage of the terms entrepreneur and entrepreneurship , and to identify the raw materials needed to construct an interpretive framework capable of illuminating the nature of entrepreneurship and its role in economic theory. We review briefly the contributions made to this topic by Cantillon, Schumpeter, Schultz and Kirzner. We then conclude with some observations on the basic choice confronting economics regarding the place of entrepreneurship in economic analysis. This is a preview of subscription content, access via your institution. Rent this article via DeepDyve.

Social entrepreneurship is an approach by individuals, groups, start-up companies or entrepreneurs , in which they develop, fund and implement solutions to social, cultural, or environmental issues. Social entrepreneurs, however, are either non-profits , or they blend for-profit goals with generating a positive "return to society". Therefore, they use different metrics. Social entrepreneurship typically attempts to further broad social, cultural, and environmental goals often associated with the voluntary sector [3] in areas such as poverty alleviation, health care and community development. At times, profit-making social enterprises may be established to support the social or cultural goals of the organization but not as an end in themselves. For example, an organization that aims to provide housing and employment to the homeless may operate a restaurant , both to raise money and to provide employment for the homeless.

This document provides lay definitions of terms intended to provide business Entrepreneur's Dictionary to lay out a guide to business terminology for everyone in available at: mideastjustice.org

Entrepreneur: Etymological Bases

1. Business Startup Terms

Whether refreshing your buzzwords or making the leap into the world of entrepreneurship, it is important to familiarize yourself with all of the terms, vocabulary, acronyms, and slang used by fellow entrepreneurs you will be meeting and working with. Just as it is important to understand what others are talking about, it also is important to be able to express yourself in a way that is familiar to potential partners, investors, and more. The Balance Small Business uses cookies to provide you with a great user experience. By using The Balance Small Business, you accept our. Entrepreneurship Entrepreneurship

Many definitions for the work of ecosystem building are still evolving, and their meanings are sometimes imprecise. The working definitions for some key terms used in this playbook are presented below. Ecosystem Builders : Individuals who focus their work on building a system of support and resources for entrepreneurs in their communities or industries. Entrepreneurial Ecosystem : A network of people supporting entrepreneurs, and the culture of trust and collaboration that allows them to interact successfully. The speed at which talent, information, and resources move through the ecosystem can affect entrepreneurs at each stage in their lifecycle.

Social entrepreneurship

The IRS-approved method of calculating depreciation expense for tax purposes. Also known as Accelerated Depreciation. A tax designed to prevent wealthy investors from using tax shelters to avoid income tax. The calculation of the AMT takes into account tax-preference items. The giant sweeping vision of a startup founder to change the world.

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