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BYOB terms
| Term | Definition |
|---|---|
| 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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