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ME Regional Module 2

Business Start Up Vocabulary

TermDefinition
Elevator Speech clear, concise and compelling way to describe a business or business concept in 30 seconds
Engaging Questions Questions that prompt more than a "Yes" or "No" answer.
Go / No Go The decision point in which an entrepreneur makes the final decision on whether or not to launch a new enterprise or abort the effort due to unfavorable market research or pro forma projections.
Launch Plan A complete package that supports a "Go" decision by an entrepreneur to launch a new business.
Marketing How a business communicates to large number of customers, motivating them to learn more about the business and it's offerings
Mission-Driven When an entrepreneur's actions and decisions are guided by a set of beliefs about how he/she wants the business to succeed
Business Ethics Proper business behavior beyond complying with legal requirements.
Confidentiality A formalized promise to keep information they learn secret
Conflict of Interest A situation in which an individual might take an action to his/her advantage that would be to the disadvantage of a person or company that believes this individual is serving them.
Corporate Social Responsibility Actions entrepreneurs and companies take that go beyond their financial self-interest.
Fairness Treating stakeholders as the entrepreneurs would hope others would treat them.
Intellectual Property Non-physical assets created by individuals or companies that hold the exclusive right to commercialize
Copyright Gives the author sole right to benefit economically from what he/she wrote
Patent Gives the inventor the sole right to benefit commercially from his/her invention
Trademark Gives the registering individual or company the sole right to benefit from a brand or image he/she created
Transparency The practice of operating openly and communicating fully, providing stakeholders with a clear understanding of how your enterprise operates.
Created by: DebAnderson4699