Glossary

A good way to learn a lot about a topic through language ... what are the key terms that define a particular topic? Here are some of the key innovation and entrepreneurship terms ...

• Accounting: the action or process of keeping financial records relating to a particular period or purpose
• Advertising: describe or draw attention to a product service or event in a public medium in order to promote sales or attendance
• Benefit: an advantage or profit gained from something
• Better: a more excellent or effective type or quality
• Budget: an estimate of income and expenditure for a set period of time
• Business: an organization focused on the work that has to be done to profitably solve customer problems
• Business Model: a design for the successful operation of a business identifying revenue sources customer base products and services operational processes and details of financing
• Business Plan: a formal statement of a set of business goals the reasons they are believed attainable the plan for reaching those goals and information about the organization or team attempting to reach those goals
• Cash Flow: the total amount of money being transferred into and out of a business especially as affecting liquidity
• Change: become or make different
• Core Competency: a defining capability or advantage that distinguishes a venture from its competitors
• Cost: an amount that has to be paid or spent to buy or obtain something
• Critical Success Factor (CSF): an element that is necessary for a venture to achieve its mission
• Desire: strong feeling of wanting to have something that is not absolutely needed
• Earn: obtain money or other value in return for products or services
• Elevator Pitch: a short summary used to quickly and simply define a venture product service organization or event and its value proposition
• Enterprise: a project or venture typically one that is difficult or requires effort initiative and resourcefulness.
• Entrepreneur: a person who organizes and operates a venture
• Entrepreneurial Mindset: the ability to recognize opportunities for innovation and enterprise
• Entrepreneurship: the process of starting a business venture or other organization
• Environment: the setting or conditions in which a particular activity is carried on
• EPSCPBC: an acronym for "Earn a Profit Solving Customer Problems Better than the Competition" ... something every business venture must do to survive and thrive
• Executive Summary: a short document or section of a document that summarizes a longer report or proposal or a group of related reports in such a way that readers can rapidly become acquainted with a large body of material without having to read it all
• Exit Plan: a means of leaving a current situation after a predetermined objective has been achieved
• Forecast: a prediction or estimate of future events
• Goal: a long-term aim or desired result
• Ideation: the formation of ideas or concepts
• Income Statement: a financial document that gives operating results for a specific period; it typically includes sales revenue cost of sales gross income operating expenses and earnings
• Innovation: make something new and better or improvements in something by introducing new methods ideas products services processes market positions or paradigms
• Input: a contribution of work information money or material
• I-P-O: abbreviation for Inputs-Process-Outputs
• IPO: abbreviation for Initial Public Offering
• Judgment: the ability to make considered decisions or come to sensible conclusions
• Management: the process of dealing with or controlling things or people
• Margin: an amount of something included so as to be sure of success or safety
• Market: a demand for a particular commodity or service and the customers that create that demand
• Marketing: the action or business of identifying promoting and selling products or services to selected markets
• Mission Statement: a statement of the purpose of a venture or organization and its reason for existing; the mission statement should guide the actions of the organization spell out its overall goal provide a path and guide decision-making
• Need:  something that is a necessity
• Operations: the harvesting of value from assets owned by a business; manufacturing production and delivery of goods and services
• Organization: the structure of related or connected people places and things to achieve specified objectives
• Output: the amount of something produced by a venture
• Plan: a detailed proposal for doing or achieving something
• Price: the amount of money expected in payment for something
• Problem: a matter or situation regarded as unwelcome or harmful and needing to be dealt with and overcome
• Process: a series of actions or steps taken in order to achieve a particular end
• Profit: a financial gain especially the difference between the amount earned and the amount spent in buying operating or producing something
• Research & Development: work directed toward the creation innovation improvement and introduction of products and processes
• Resources: a stock or supply of money materials staff and other assets that can be drawn on by an organization in order to function effectively
• Reward: something received as a result of achievement
• Risk: the possibility that something unpleasant or unwelcome will happen
• Sales: the exchange of a product or service for money; the action of selling something; the organization within a venture responsible for the selling activities
• Social Responsibility: an obligation to act in ways that benefit society at large
• Something: a product service process position or paradigm
• Solution: products services or processes designed to meet particular need wants and desires
• Strategic Position: the orientation of a venture in relation to the environment in particular the competition
• Team: two or more people working together
• Technology: the application of scientific knowledge for practical purposes
• Time: the indefinite continued progress of existence and events in the past present and future regarded as a whole
• Timing: the choice judgment or control of when something should be done
• Transformation: a qualitative change from one set of elements into another by a predetermined process utilizing a set of resources
• Value:  the importance worth or usefulness of something
• Value Equation: Value equals Benefits divided by Price (V = B/P)
• Value Proposition: a promise of value to be delivered and a belief from the customer that value will be experienced
• Venture: a business enterprise involving risk but with a significant reward for success
• Vision: the ability to think about or plan the future with imagination or wisdom
• Want: a strong wish for something
• Work: activity involving mental or physical effort done in order to achieve a purpose or result