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ENTRP Final
340 Final
| Term | Definition |
|---|---|
| Three Dimensions of Social Capital | Relational, Cognitive and Structural |
| Relational Dimension | What your contacts represent, trust |
| Cognitive Dimension | Norms, visions, values, and beliefs you share with others. |
| Structural Dimension | Social ties you may or may not have and the degree of formality |
| Bonds | Connections with people who are just like us, such as family, friends, and others who have similar cultural background or ethnicity |
| Bridges | Links that go further than simply sharing a sense of identity; for example, making connections with classmates or colleagues who may have different backgrounds, cultures, or other characteristics |
| Linkages | Connections to people or groups regardless of their position in an organization, society, or other community. |
| Advantages of Networks | Private information, access to diverse skillsets and power |
| Impression management | Paying conscious attention to the way people perceive you and taking steps to be perceived in the way you want others to see you |
| Self-selected stakeholders | The people who "self-select" into a venture in order to connect entrepreneurs with resources in an effort to steer the venture in the right direction |
| Startup Incubator | An organization that helps early stage entrepreneurs refine an idea and help transition from an idea to viable business model |
| Startup Accelerator | An organization that provides tailored support for existing startups that have already built an MVP by helping to scale and grow their business through focused programming designed to accelerate sales and establish a presence in the market |
| Founding team | A group of people with complementary skills and a shared sense of commitment coming together in founding an enterprise to build and grow the company |
| Revenue Model Definition | A key component of the business model that identifies how the company will earn income and make profits |
| Unit Sales Revenue Model | Generating revenue by the number of items (units) sold by a company |
| Advertising Revenue Model | Generating Revenue by selling advertising for products and services |
| Data Revenue Model | Generating revenue by selling high quality, exclusive, valuable information to other parties |
| Intermediation Revenue Model | Methods by which third parties such as brokers or intermediaries can generate money |
| Subscription Revenue Model | Charging customers to gain continuous access to a product or service |
| Professional Revenue Model | Earning revenue by providing professional services on a time and materials contract |
| Utility and Usage Revenue Model | A pay as you go model that charges customers fees on the basis of how often goods or services are used. |
| Freemium Revenue Model | Mixing free basic services with premium or upgraded services |
| Competition-led pricing strategy | A pricing strategy that matches prices to other businesses selling the same or very similar products and services |
| Customer-led pricing strategy | A pricing strategy that asks customers how much they are willing to pay and then offers the products at that price |
| Loss leader pricing strategy | A pricing strategy whereby a business offers a product or service at a lower price in an attempt to attract more customers |
| Introductory offer pricing strategy | A pricing strategy to encourage people to try a new product by offering it for free or at a heavily discounted price |
| Skimming Price strategy | A high pricing strategy, generally used for new products or services that face very little or even no competition |
| Psychological pricing | A pricing strategy intended to encourage customers to buy on the basis of their belief that the product or service is cheaper than it really is |
| Fair pricing | The degree to which both businesses and customers believe that pricing is reasonable |
| Reasons startups fail | Lack of financing, running out of cash, covid, poor timing, legal challenges, lack of a business model, pricing/cost issues, lack of demand |
| Failure spectrum | Deviance, Inattention, Lack of ability, Process inadequacy, Uncertainty, Exploratory Experimentation |
| Deviance | The entrepreneur defies legal and ethical boundaries leading to mismanagement of the venture |
| Inattention | The entrepreneur gets sidetracked from the core business. Either in a new business direction or by delegating too much too soon without following up |
| Lack of ability | The entrepreneur is overextended and lacks the skillset to get the job done |
| Process indadequacy | The wrong processes are set up in the organization such that communication breaks down among employees and things begin to fall through the cracks |
| Uncertainty | The entrepreneur takes unreasonable actions due to a lack of clarity about future events |
| Exploratory experimentation | The entrepreneur conducts market tests to get early feedback and acquire important learning and information |
| Conscientiousness | Being aware |
| Equity financing | the sale of shares of stock in exchange for cash |
| Seed-stage financing | A stage of financing in which small or modest amounts of capital are provided to entrepreneurs to prove a concept |
| Early stage financing | A stage of financing that involves funds provided for companies that have a team in place and a product or service tested or piloted but have little or no revenue |
| Angel Investor | A type of investor who uses their own money to provide funds to young startup private businesses run by entrepreneurs who are neither friends nor family |
| Venture capitalist | A professional investor who generally invests in early stage and emerging companies because of perceived long term growth potential |
| Debt financing | Borrowing money to start a business that is expected to be paid back with interest at a designated point in time |
| Due diligence | A rigorous process that involves evaluating an investment opportunity prior to the contract being signed |
| IPO | Initial public offering or IPO is a company's first opportunity to sell stocks on the stock market to be purchased by members of the general public |
| Entrepreneurial Marketing | A set of processes adopted by entrepreneurs based on new and unconventional marketing practices in order to gain traction in competitive markets. |
| Brand Strategy | A long term plan to develop a successful brand; it involves how you plan to communicate your brand messages to your target customers. |
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