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Biz Innovator Unit 3
Opportunity Recognition/Intellectual
| Term | Definition |
|---|---|
| Innovate | Make changes in something established, especially by introducing new methods, ideas, or products. |
| Idea | Something that has potential to make money. |
| Opprotunities | Passed the test of planning. |
| SWOT | Strategic planning technique used to help a person or organization identify the Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning. |
| Competence | Resources and skills. |
| Passion | Willing to put in the long hours. |
| Adaptability | Opportunity meets the customers needs. |
| Personnel and Team | People who add other key resources and skills. |
| Tolerance | Risk, reward, and stress. |
| --------------------Bootstrapping | Starting a company with little capital. |
| Business Plan | Blueprint/Road map for a business. |
| Target Market | Marketing aimed at certain people. |
| ROI | Return On Investment |
| BE | Break Even |
| Variable Cost | Changing costs in a business. |
| Fixed Cost | Costs that stay the same in a business. |
| Elevator Pitch | A short description/presentation of your business and what it can offer. |
| Patents | Exclusive rights in the US, allowing you to use and sell a product. |
| Design Patent | Ornamental design of a manufactured item (14 years). |
| -------------------Utility Patent | Functional features of the invention (20 years). |
| Copyright | Protects works of art/creation. |
| Trademark | Word, name, or symbols that a company uses is protected by this. |
| Trade Secrets | Secrets within a company that gives them a competitive advantage over the rest of the companies in the industry. |
| Plagerism | Copying someone else's work and presenting it as your own. |
| Fair Use | A set of legal exceptions to copyright. |
| Service Mark | A legally registered name or designation used in the manner of a trademark to distinguish an organizations services from those of its competitors. |
| Competitive Advantage | Something gives a company an edge over the other companies in its industry. |
| Business Model Canvas | An organizational tool used to help plan out your business. |
| Potential | Showing the capacity to develop into something in the future. |
| ----------------Market Timing | Short term trading strategy where investors try to benefit by predicting market decisions. |
Created by:
SMCole
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