Unit 1
A difficult, unwelcome, or harmful situation
Problem
A way of presenting your business to your customers.
Marketing
Method used by a society to allocate goods and services among its people and to cope with scarcity. This is also referred to as an economic system.
economy
Short statement that summarizes all the
benefits a company gives to its customers.
value proposition
An expense that isn’t affected by the number of items a business produces, such as insurance, monthly salaries, advertising, interest, depreciation, utilities, rent, and other bills that are paid regardless of sales made.
fixed expense
Someone who creates and owns a business.
entrepreneur
A detailed guide with two parts: marketing goals and the strategies for reaching your goals.
marketing plan
State when there are not enough goods or services to meet the demand.
scarcity
A customer need or want that can be
met by a new business.
business opportunity
A way in which a product can reach the
consumer; a series of steps through which products flow into or
out of a business. Also referred to as a distribution chain.
Distribution Channel
What entrepreneurs get in exchange for starting a business; can include money, personal satisfaction, independence, or positive impact on the economy/community.
reward
A limited number of customers within a market who are the most likely to buy a product or service. Many entrepreneurs will focus their efforts on marketing to these groups.
Target market
Something that puts your business
ahead of the competition.
competitive advantage
A business opportunity
that has been tested and proven to be a business opportunity
with data.
Validated Business Opportunity
Price increase imposed by each link in a distribution
chain or channel.
markup
An organization that provides products or services, usually to make money.
business
A potential group of customers–people or businesses–who are willing and able to purchase a particular product or service.
market
Unique characteristic that distinguishes your
business from other businesses.
differentiator
A business evaluation method that focuses
on four categories: Strengths, Weaknesses, Opportunities,
and Threats.
SWOT analysis
The total expenses associated with each unit of sale,
including the cost of materials and labor used to provide the service.
COSS
An action or process of solving a problem
solution
A limited number of customers within a target market grouped by shared common characteristics. Many entrepreneurs will do this for specific marketing purposes.
customer segment
Another word for customer; in economics, they decide how much they are willing to pay for a given good or service.
consumers
Starting a business as soon as possible
with very limited resources and using ongoing research to fine tune
the business.
Lean Startup Methodologies:
The total expenses associated with each unit of sale,
including the cost of materials and labor used to make the product.
cost of Goods Sold (COGS)