Concepts
Individuals who found and run their small businesses assuming all the risks and rewards.
What are Entrepreneurs?
The broad term for applications and websites that allow their users to create and share content within their online communities.
What is Social Media?
A prototype with basic features to test if a customer will be interested in the product.
What is Minimum Viable Product?
Tangible or Intangible items owned or controlled by a company
What are assets?
An estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis.
What is a Budget?
Buy and resell a variety of non-competing products or services
What are Distributorships?
Details how much it costs to generate a new customer.
What is Customer Acquisition Costs?
This distribution model combines the role of manufacturer and retail.
What is E-Commerce?
Compilation of shareholder funds, financial reserves, and retained earnings that are invested in a company
What is equity?
A written document that describes your business.
What is a Business Plan?
A business where someone agrees to operate and sell products under a company's name.
What is a Franchise?
Reveals a businesses Strengths, Weaknesses, Opportunities, and Threats
What is a SWOT Analysis?
This center receives products or services from suppliers as part of their preparation for customer demand.
What is a Fulfillment Center?
Statement that measures the liquidity of a company
What is Cash Flow?
To brainstorm in a judgment free environment.
What is Ideate?
Issued by the United States Government for the invention of a new product, a new process, or a new method of doing something.
What is a Patent?
Reveals Political, Economic, Social and Technological factors.
What is PEST Analysis?
At this phase of value engineering, the idea is turned into a workable product.
Current or long-term legal obligations and debts a company incurs during normal business operations.
What are Liabilities?
A business with more than 2 owners
What is a Partnership?
Represents a specific product and can be a word, name, phrase, or symbol.
What is a Trademark?
Details the percentage of customers lost over a period of time.
When customers start selling the product by recommendation there is evidence of this.
What is Product Market Fit?
Enables an entrepreneur to raise money online through campaigns
What is Crowdfunding?
A first, typical or preliminary model of something, especially a machine, from which other forms are developed or copied.
What is a Prototype?