Foundation
What is entrepreneurship
The act of starting and running a new venture while accepting risk to make a profit.
What is a sole proprietorship?
A business owned by one person who bears personal liability for debts.
What is a manager (operations manager)?
The role that sets strategy, oversees operations, and manages staff in a small business.
What is empathy?
The first design thinking step: observe and empathize with users to understand their needs.
What is a target market?
The group of customers most likely to buy a product defined by demographics, behavior, and needs.
What is a small business?
A privately owned firm, often local and owner-managed, with limited scale of operations
What is a corporation?
A legal form that separates owners from the company, issues stock, and generally limits owner liability.
What is a salary?
Payment method where an employee receives a fixed regular amount regardless of hours worked.
What is define?
The step where insights are synthesized into a concise problem statement to guide ideation.
What is primary data?
Market research data collected directly from customers through surveys or interviews.
What is a service business?
One of the three basic business activities that delivers offerings such as tutoring consulting, or hair styling.
What is a trademark?
Intellectual property type that protects brand names, logos, and slogans.
What is commission?
Compensation that ties pay to sales performance (often a percentage of sales).
What is ideate?
The creative step focused on generating many solution concepts without judgment.
What is a SWOT analysis?
A strategic tool that lists Strengths, Weaknesses, Opportunities, and Threats.
What is a hybrid business?
A business model that both produces goods and provides services.
What is a copyright?
Intellectual property that covers original works of authorship such as books, music, and software code.
What is profit sharing?
A structure where employees receive a share of company profits distributed to staff.
What is a prototype or Minimum Viable Product (MVP)?
The low-cost, testable version of a product built to validate assumptions and learn from users.
What is customer acquisition cost (CAC)?
The cost to gain a new customer; businesses analyze this alongside retention cost to improve profitability.
What is evaluating business opportunity viability?
The process used to decide whether an idea is attractive, scalable, and meets customer needs — often involving competitive analysis and financial projections.
What is a trade secret?
The concept involving confidential business information that gives a competitive advantage and is protected by internal controls rather than registration.
What is equity compensation?
Form of compensation that gives employees ownership stakes (stock or options) to align long-term incentives.
What are (for example) a clear customer need and a viable revenue model?
Characteristics that make something a strong business opportunity - Clear market need, scalable demand, feasible business model
Name two Key Performance Indicators (KPI)
Conversion Rate and ROAS