Venture Lesson 3 Vocabulary

Abilities that can be developed over time, like typing or how to handle people tactfully.

• Marketing

• Skills

• Features

• Competition

A quick description of your business that you use to explain it to customers and investors.

• Indirect Competitor

• Geographics

• Business Pitch

• Business Opportunity

A presenting a business in a way that clearly communicates the value of the product or service.

• Marketing

• Business Opportunity

• Features

• Direct Competitor

A consumer need or want that can be potentially met by a new business.

• Consumer Profile

• Target Market Segment

• Features

• Business Opportunity

Entrepreneurs who apply their hobbies, skills, and interests into a business opportunity.Entrepreneurs who apply their hobbies, skills, and interests into a business opportunity.

• Competition

• Indirect Competitors

• Internal Entrepreneurs

• Market Research

What a product does and how it appears to the senses (sight, sound, taste, smell, and touch).

• Business Pitch

• Skills

• Market

• Features

A potential group of customers - people or businesses - who are able and willing to purchase a particular product or service.

• Market

• Market Research

• Direct Competitor

• Business Pitch

Research to evaluate whether or not a business idea is a viable opportunity.

• Competition Research

• Geographics

• Market Research

• Competitive Advantage

A specific group of customers in the broader market who are most likely to buy a product or service.

• Target Market Research

• Consumer Profile

• Competition

• Marketing

An overview analysis of a group of potential customers that businesses use to improve how they market their goods and services.

• Features

• Consumer Profile

• Geographics

• Direct Competitor