Entrepreneurship Vocab Review Part 1

Formal group of elected advisors that set policy, help shape daily operations & provide direction to entrepreneurs.

The number of respondents in a survey giving a specific response.

A partner in a limited partnership firm that invests in new companies.

Relative growth and decline of profit over the course of a business’s existence.

Insurance that protects against actions of the company’s employees such as employee theft, etc.

Going into a business or starting a not-for-profit whose goal is to help people & social causes

Fixed cost for an insurance policy paid to an insurance company by the policyholder

The ability to generate new ideas and bring them from thought to reality.

Charitable actions that benefit important causes such as poverty or helping environment.

Feeling of trust in one's abilities, qualities, and judgement.

Reaching existing markets more deeply by convincing customers to buy more

An example of demographics.

Good sense or judgment in a situation.

Something that occupys one's time and thoughts.

A company’s plan for going out of business

Type of insurance that covers damage to or loss of physical property such as facilities, etc.

Insurance that guarantees the beneficiary a monthly income if you become ill/injured to work

The practice of starting a new company or revitalizing a mature company response to an identified opportunity.

The first model of a new product that shows its styles & capabilities, also used to identify possible improvements.

A cost or risk of damages, fiscal losses, or lawsuits.

Act of adhering to regulations, laws, and standards established by government & private organizations.

What type of protection would I use to protect my awesome lessons?

Costs involved in paying for equipment, supplies, and other expenses for start up business

A table or chart that compares two different sets of data

Conducted by entrepreneurs or marketers to learn about customer needs, opinions, preferences, and backgrounds

Document includes rules for organization’s business practices based on its values & standards

Continuance in a course of action in spite of difficulty or opposition.

The practice of making fair choices guided by integrity, honesty, and reasonable judgment.

The increase in worth of a product or service as the result of a particular activity.

A collection of results from market research, representing the profiles or opinions of the survey takers

Expertise acquired through experience or education, complete understanding of a specific subject.

The process of dividing customers into different groups in order to understand their different product preferences?

A specialty or a thing in which someone excels.

Shares of ownership that entrepreneurs sell in their companies exchange for funding or advice

Special inland taxes levied for sales of items such as cigarettes, alcoholic beverages, & gas or gambling, etc.

Agreement b/w business & ins. co. where it pays a monthly premium or fee in return for coverage

Reflect changing opinions, habits, and ideas that can affect what types of products and services customers will buy.

Develop variants of existing products or to gain new customers or enhance market

Act of minimizing risks by planning a strategy for recovery if an event occurs.

Distinctive attribute or characteristic possessed by something or someone.

Process of assessing & preventing risk & planning a recovery strategy

Process of separating & distinguishing among people by their lifestyle choices, behavior, or personality characteristics

A categorized list of words related to a particular topic.

Probability or likelihood of being exposed to danger, injury, or loss.

Informal group of advisors w/ no legal sanctions that guides & provides direction to entrepreneurs.

An example of psychographics

Process of forming social & business relationships that help provide insight, guidance, and support along a career path.

A preference or subjective background that prevents someone from considering an issue objectively

Reaching new markets by developing a new customer base in a different location & group.

Insurance required by law in most states that provides coverage for employees injured on job

Individual who invests in a business providing $ for start-up in exchange for higher return

A person who organizes and operates a new business, while taking on all the risks.

Funds invested in new business by limited partnership businesses who give advice & $ for profit

Funds that businesses obtain to help pay start-up and operating costs.

Developing new product or service offerings that complement existing offerings.

A list of the characteristics of one group of customers or potential customers

Data that separates and distinguishes people by population characteristics, such as age, race, education or income level

Insurance where businesses are required to provide for employees to cover medical, dental, etc.

The system for rules, regulations, and standards that direct and control the ethical actions.

Voluntary choice of major stakeholders to behave ethically making socially responsible choices

Process of identifying business risks & strategize to mitigate risk & recover from incidents

Idependent, ability to rely on one's own capabilities and manage one's own affairs.

Insurance policy that guarantees a specified fee to beneficiaries in case insurance holder dies

Ability to do something well, requires little time or energy.

The law enacted in 2008 requiring safety testing for children's toys and products.

A question that is phrased in a way that suggests the answer that an interviewer wants to hear.

Ability to inspire others to share a vision or to lead a group in the accomplishment of a given task.

Entrepreneurship is AWESOME!

A method for reducing risk by identifying strategies to avoid losses and damages.

Reasearch method that brings together a small group of people to answer questions about an idea in a moderated setting.

Money borrowed from the bank that must be paid back, along with fees and interest.

The process of filtering survey respondents to ensure that only those who match the customer profile are surveyed

Plan for replacing company founders in the event of death or inability to continue the business

Strategy for returning to normal business operations after a risk event has occurred

Regulation of 1972 that established standards & laws to test and ensure the safety of products offered for sale in U.S.

Insurance that protects business from lawsuits by providing payment for damages & court defense