Entrepreneurship 1

Bootstrapping

• The practice of funding a business using personal savings and revenue from the business itself, without relying on outside investors.

• A method of raising capital by selling shares to the public.

• A strategy for reducing costs by outsourcing production to other countries.

• A technique for acquiring a business through debt financing.

Start-up

• A newly established business designed to bring an innovative product or service to market.

• A large corporation with multiple established products.

• A government-funded initiative to support small businesses.

• A non-profit organization focused on community service.

Process Improvement

• The act of identifying, analyzing, and improving existing business processes to enhance efficiency and quality.

• A method to reduce costs by eliminating unnecessary steps in production.

• A strategy to increase employee satisfaction through better communication.

• A technique for enhancing customer service by implementing feedback systems.

Venture Capital

• A type of loan provided to established companies.

• A form of private equity investment provided to early-stage, high-potential businesses in exchange for equity or ownership stake.

• A government grant for startups.

• A crowdfunding method for small businesses.

Scalability

• The ability of a business or system to handle increased demand without compromising performance or efficiency, allowing for growth.

• The process of reducing costs by eliminating unnecessary expenses.

• The capability of a system to operate without any downtime or interruptions.

• The ability to quickly adapt to changes in market trends and consumer preferences.

Risk Management

• The process of identifying, assessing, and prioritizing risks to minimize their impact on business operations and objectives.

• A method for increasing profits by taking on more risks.

• A strategy to eliminate all potential risks in a business.

• A technique for ignoring risks to focus on opportunities.

Lean Manufacturing

• A production method focused on minimizing waste and maximizing value by improving efficiency and reducing costs.

• A strategy that emphasizes mass production and high inventory levels.

• A technique that prioritizes employee satisfaction over production efficiency.

• A system that relies heavily on automation and robotics for manufacturing processes.

Debt Financing

• Raising funds through equity investment and giving up ownership.

• Raising funds through loans or issuing bonds, with the promise to repay the principal along with interest, without giving up ownership.

• Raising funds through crowdfunding without any repayment obligation.

• Raising funds through government grants that do not require repayment.

Intellectual Property (IP)

• Legal rights granted to creators, allowing them to control and protect their inventions, designs, trademarks, and creative works.

• A type of property that can be physically touched and owned.

• A legal term for the ownership of physical assets like land and buildings.

• A concept that refers to the rights of individuals to privacy and personal data.

Marketing Mix (4Ps)

• Product, Price, Place, and Promotion

• Product, Price, People, and Process

• Product, Price, Place, and Partnership

• Product, Price, Place, and Performance