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Biz innovator unit 3

Opportunity recognition intellectual property

Asset Anything of value that is owned
Synthesis Synthesis is the process of building information up
Extension An extension strategy is a practice used to increase the market share for a given product or service to keep it growing
Invention Making new items or finding a way to make a new idea
Duplication Growth by duplication is taking your present business and duplicating it in other locations, like a franchise
Management Those in charge of running a business
Profit The amount of money left over after expenses are taken out
Business The activity of providing goods and services involving financial and commercial and industrial aspects
Marketing The commercial processes involved in promoting and selling and distributing a product or service
Venture Capital Money that is invested in new or emerging companies that are perceived as having great profit potential
Networking Using contacts with friends and family members as a means of finding job leads
Partnership A contract between two or more persons who agree to pool talent and money and share profits or losses
Analysis The process of breaking information down
Business plan A written description of the business idea and how it will be carried out, including all major business activities.
Entrepreneur A person who organizes, manages, and takes on the risks of a business
Grant A sum of money or other payment given for a particular purpose
Margin The net sales minus the cost of goods and services sold
Outsourcing Contracting out selected functions or activities of an organization to other organizations that can do the work more cost efficiently
R and D Research and Development: Business or government activity that is purposely designed to stimulate invention and innovation
Scalable The property of a network that allows you to add nodes or increase its size easily
Startup A new venture that is trying to discover a profitable business model for future success
Branding Used to create an identity for your product or service and differentiate it from your competition
Marketing collateral The materials used to describe your product or service. Ex : brochures, newsletters, postcards, flyers, and press releases
Direct marketing A method used when your customer has direct access to your product or service. There is no middleman in direct marketing
Commission The money paid to a person who sells your product or service to a customer. Set amount of money per unit sold or a percentage of the sale
Expense Money spent on supplies, equipment or other investments
Target market A specific group of customers at which a company aims its products and services
Fixed cost A one-time expense that doesn’t vary with business volume
Working capital The cash available to an enterprise for day-to-day operations
Trademark The name of a product or service that has been legally registered as the property of an enterprise
Created by: crschaffrin



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