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
