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BYOB terms

entrepreneur the process of identifying and starting a new business venture; risks and rewards
business an organization or enterprising entity engaged in commercial, industrial or professional activities
feudalism leading economic system in medevel Europe where lords ruled land for crown in exchange for military service; serfs worked on land
vertical integration system in which the supply chain of a company is owned by that company
capitalism an economic and political system in which a country's trade and industry are controlled by private owners for profit
innovation the process of creating/changing a new method/idea/product , etc. to improve it
external costs a cost which occurs when producing or consuming a good or service imposes a cost upon a third party Pollution
collaborative (or sharing) economy An economic system that enables people to efficiently get what they need from each other. Crowdfunding
internet of things (IoT) A system in which “every aspect of economic and social life will be linked via sensors and software to a platform, continually feeding Big Data to businesses, homes, and vehicles”
lean business template a template for a business to track the problem, solution/MVP, UVP, unfair advantages, customer segments, existing alternatives, key metrics, high-level concept, channels, early adopters, cost structure and revenue streams
"unfair advantage" advantages that a business has over others
deliverables a thing able to be provided, especially as a product of a development process
(ultimate) value proposition what the company will produce financially and socially → what value they will add to society monetarily and socially
minimum viable product “that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”
venture capital (VC) capital invested in a project in which there is a substantial element of risk, typically a new or expanding business
Return on Investment (ROI) the amount of money that one’s initial investment earns overtime
social return on investment (SROI) outcomes that are produced in society as a result of one’s investment
bottom line vs triple bottom line both refer to a yearly report - bottom line solely talks about finances (e.g. whether it was profitable or not) whereas triple bottom line refers to finances, environmental friendliness AND social good (people, planet + profit)
human nature through a capitalist lens By analyzing the economic system that we created, we can see that humans: -assign a $ value to everything -believe in creating greater efficiency → scale up -are fiercely competitive (social darwinism)
behavioral economics utilizes human behavior to explain economic decision-making
social darwinism the theory that survival of the fittest applies to society
Created by: hsilver97
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