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