{"id":303,"date":"2019-12-08T20:19:43","date_gmt":"2019-12-08T20:19:43","guid":{"rendered":"https:\/\/www.goodwall.io\/blog\/?p=303"},"modified":"2021-01-21T16:40:24","modified_gmt":"2021-01-21T16:40:24","slug":"entrepreneur-glossary","status":"publish","type":"post","link":"https:\/\/www.goodwall.io\/blog\/entrepreneur-glossary\/","title":{"rendered":"An Entrepreneur&#8217;s Glossary: 33+ Entrepreneurship Vocabulary Terms Defined"},"content":{"rendered":"<div class=\"post-body\">\n<p>In our dictionary of entrepreneurial terms, you&#8217;ll find a list of entrepreneur-related words, phrases, acronyms, and other vocabulary defined in a plain-English manner. <\/p>\n\n\n\n<p>Whether your a <em>wantrepreneur<\/em> or an established startup founder, this entrepreneurship glossary has all the jargon and industry-speak words you oughta know. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-vivid-green-cyan-background-color has-vivid-green-cyan-color is-style-default\"\/>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\"><figure class=\"wp-block-media-text__media\"><img decoding=\"async\" src=\"https:\/\/www.goodwall.io\/blog\/wp-content\/uploads\/2020\/09\/cta-blog-download-app-v3.png\" alt=\"download the goodwall app image 3\" class=\"wp-image-2275 size-full\"\/><\/figure><div class=\"wp-block-media-text__content\">\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:22px\"><strong>Are You an Aspiring Entrepreneur?<\/strong><\/p>\n\n\n\n<p>Sign up to Goodwall!<\/p>\n\n\n\n<ul><li>Connect with other entrepreneurs from 150+ countries<\/li><li>Find your next cofounder<\/li><li>Ask questions and receive support<\/li><\/ul>\n\n\n\n<p style=\"font-size:18px\"><strong>Download the app now to get started for FREE!<\/strong><\/p>\n\n\n\n\n<div class=\"store-buttons-section\">\n    <div class=\"store-button-box\">\n      <a target=\"_blank\" href=\"https:\/\/goodwall.onelink.me\/45N9\/518642a3\">\n        <img src=\"https:\/\/www.goodwall.io\/blog\/wp-content\/themes\/goodwallblog\/images\/app-store.svg\" \/>\n      <\/a>\n    <\/div>\n    <div class=\"store-button-box\">\n      <a target=\"_blank\" href=\"https:\/\/goodwall.onelink.me\/45N9\/blog\">\n        <img src=\"https:\/\/www.goodwall.io\/blog\/wp-content\/themes\/goodwallblog\/images\/play-store.svg\" \/>\n      <\/a>\n    <\/div>\n<\/div>\n\n<\/div><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-vivid-green-cyan-background-color has-vivid-green-cyan-color is-style-default\"\/>\n\n\n\n<p><strong>Here are  33+ entrepreneur dictionary terms you should know:<\/strong><\/p>\n\n\n\n<p><strong>Accelerator<\/strong> &#8211; An accelerator is a program to help newer startup businesses improve their growth. <a href=\"https:\/\/www.goodwall.io\/blog\/incubator-vs-accelerator\/\">Accelerators are different from incubators<\/a> in that they usually only work with startups which already have a business plan and basic strategy in place.<\/p>\n\n\n\n<p><strong>Acquisition<\/strong> &#8211; An acquisition is when one company takes ownership of another, usually smaller, company.<\/p>\n\n\n\n<p><strong>Agripreneurship<\/strong> &#8211; <em>Agripreneurship<\/em> is essentially entrepreneurship in the agricultural sector. <em>Agripreneurship<\/em> = <em>agriculture<\/em> + <em>entrepreneurship<\/em>.<\/p>\n\n\n\n<p><strong>Angel<\/strong> &#8211; An angel is a type of investor, often a wealthy individual, who provides capital and financial support to a fledgling startup in return for an ownership percentage. <\/p>\n\n\n\n<p><strong>Business Model<\/strong> &#8211; A business model is a description of how an existing business or business idea plans to achieve success, make a profit, and create value. Michael Lewis in his book, <em><a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.amazon.com\/The-New-Thing-Silicon-Valley\/dp\/0393347818\" target=\"_blank\">The New, New Thing<\/a><\/em>, puts it succinctly as &#8220;how you planned to make money.&#8221;<\/p>\n\n\n\n<p><strong>Business Model Canvas<\/strong> &#8211; A business model canvas (BMC) is a template meant to concisely identify the main points of a business model in one simple diagram. There are usually 9 key components of a business model canvas, which are:<\/p>\n\n\n\n<ul><li>Key Partners<\/li><li>Key Activities<\/li><li>Primary Resources<\/li><li>Customer Segments<\/li><li>Client Relationships<\/li><li>Value Propositions<\/li><li>Cost Structure<\/li><li>Channels<\/li><li>Revenue Streams<\/li><\/ul>\n\n\n\n<p><strong>Crowdfunding<\/strong> &#8211; Crowdfunding is the practice of raising money online through many small donations from regular people, rather than one larger amount from an investor. The popular website <a rel=\"noreferrer noopener\" aria-label=\"Kickstarter (opens in a new tab)\" href=\"https:\/\/www.kickstarter.com\/\" target=\"_blank\">Kickstarter<\/a> is a crowdfunding platform. <\/p>\n\n\n\n<p><strong>Earlyvangelist<\/strong> &#8211; An earlyvangelist is a portmanteau neologism, short for &#8220;early evangelist,&#8221; meaning an early adopter of a product or service.<\/p>\n\n\n\n<p><strong>Ecopreneurship<\/strong> &#8211; <em>Ecopreneurship<\/em> is entrepreneurship where a major, or perhaps the main, focus of the business is to operate sustainably or to help the environment, such as through <a href=\"https:\/\/www.goodwall.io\/blog\/how-does-recycling-help-the-environment\/\">recycling<\/a> or <a href=\"https:\/\/www.goodwall.io\/blog\/ways-to-beat-climate-change\/\">fighting climate change<\/a>. <em>Ecopreneurship<\/em> is also known as <em>environmental entrepreneurship<\/em> and <em>green entrepreneurship<\/em>.<\/p>\n\n\n\n<p><strong>Elevator Pitch<\/strong> &#8211; An elevator pitch is a short, to-the-point message from one person to another to propose an idea, often business-related. A startup founder might deliver an elevator pitch to a potential investor seeking funding, for example. Read more on our guide on <a href=\"https:\/\/www.goodwall.io\/blog\/elevator-pitch-guide\/\">how to make an elevator pitch<\/a>. <\/p>\n\n\n\n<p><strong>Entrepreneurship<\/strong> &#8211; Entrepreneurship is the process of business creation, from ideation and design through to execution and managing it. A person who starts their own business is called an <em>entrepreneur<\/em>, and they can be described as <em>entrepreneurial<\/em>. <\/p>\n\n\n\n<p><strong>Environmental Entrepreneurship<\/strong> &#8211; See &#8220;Ecopreneurship.&#8221;<\/p>\n\n\n\n<p><strong>Fintech<\/strong> &#8211; Fintech is a portmanteau word meaning &#8220;financial technology,&#8221; referring to businesses and startups in the financial sector who use modern technology to facilitate their business. Think <a href=\"https:\/\/robinhood.com\/\">Robinhood<\/a>, <a href=\"https:\/\/www.revolut.com\/\">Revolut<\/a>, or <a href=\"https:\/\/www.betterment.com\/\">Betterment<\/a>. <\/p>\n\n\n\n<p><strong>Fledgling<\/strong> &#8211; Fledgling refers to a company or startup that is young, lacking experience, and still struggling with their business ideas, business model, market, and products or services.<\/p>\n\n\n\n<p><strong>Green Entrepreneurship<\/strong> &#8211; See &#8220;Ecopreneurship.&#8221;<\/p>\n\n\n\n<p><strong>Imagineer<\/strong> &#8211; An <em>imagineer<\/em> is someone capable of taking creative ideas or using their imagination and turning them into reality, actual solutions. As a portmanteau of <em>imagine<\/em> and <em>engineer<\/em>, the definition of <em>imagineer<\/em> is almost self-explanatory.<\/p>\n\n\n\n<p><strong>Incubator<\/strong> &#8211; An incubator is a program to assist the newest startup businesses take ideas and create viable business models, strategies, and profit plans for them. <a href=\"https:\/\/www.goodwall.io\/blog\/incubator-vs-accelerator\/\">Incubators differ from accelerators<\/a> in that many people often seek incubators simply with little more than just a powerful idea.<\/p>\n\n\n\n<p><strong>Innovation<\/strong> &#8211; Innovation means new, creative, unique ideas and a way to turn those ideas into actionable solutions.<\/p>\n\n\n\n<p><strong>Intrapreneurship<\/strong> &#8211; <em>Intrapreneurship<\/em> is where someone displays the traits and characteristics of entrepreneurship while within and being part of a larger company.<\/p>\n\n\n\n<p class=\"has-light-green-cyan-background-color has-background\"><strong>Related Read<\/strong>: <a href=\"https:\/\/www.goodwall.io\/blog\/internships-101\/\">Everything You Need to Know About Internships<\/a><\/p>\n\n\n\n<p><strong>Launch<\/strong> &#8211; Launch is the event where a product or service is released to the public market.<\/p>\n\n\n\n<p><strong>Merger<\/strong> &#8211; A merger is when two companies join together to become one company. Usually, a merger happens when both companies dissolve and form a brand new entity, although they could also just rename one company to include both.<\/p>\n\n\n\n<p><strong>Minimum Viable Product<\/strong> &#8211; A minimum viable product (MVP) is a version of a product or service with just enough features and value to be released to the public.<\/p>\n\n\n\n<p><strong>Pivot<\/strong> &#8211; A pivot is a recalibration or shift in business focus or the business model based on innovation, customer feedback, or to seek better return on investment. <\/p>\n\n\n\n<p><strong>Proof of Concept<\/strong> &#8211; A proof of concept (POC) is an understanding about whether or not the an idea, product, or service is feasible and has potential. <\/p>\n\n\n\n<p><strong>SaaS<\/strong> &#8211; SaaS is the abbreviation for &#8220;software as a service,&#8221; which is a business model where software is provided on a subscription basis, rather than paying a one-time fee to own it. Microsoft Office, for example, once charged hundreds of dollars for customers to purchase the software, but now, with Office 365, customers pay a small fee on a monthly basis to continue using it.<\/p>\n\n\n\n<p><strong>Scale<\/strong> &#8211; To scale means to grow a company while maintaining or improving upon its performance, effectiveness, or efficiency as it grows.<\/p>\n\n\n\n<p><strong>Software as a Service<\/strong> &#8211; See &#8220;SaaS.&#8221;<\/p>\n\n\n\n<p><strong>Startup<\/strong> &#8211; According to Steve Blank, entrepreneur and developer of the customer development method, &#8220;a startup is a temporary organization in search of a scalable, repeatable, profitable business model.&#8221; According to Quantic, this means that &#8220;startups are adaptable organizations whose primary goal is to <em>find<\/em> a business model, not execute one.&#8221;<\/p>\n\n\n\n<p><strong>Technopreneurship<\/strong> &#8211; <em>Technopreneurship<\/em> is entrepreneurship with a massive focus or reliance on technology.<\/p>\n\n\n\n<p><strong>Unicorn<\/strong> &#8211; A unicorn is a startup company, usually privately-held, which reaches a valuation of over $1 billion. <\/p>\n\n\n\n<p><strong>Unique Selling Point<\/strong> &#8211; A unique selling point, or USP, is a thing that stands out about your product or service over that of another company. <\/p>\n\n\n\n<p><strong>USP<\/strong> &#8211; See &#8220;Unique Selling Point.&#8221;<\/p>\n\n\n\n<p><strong>Value Proposition<\/strong> &#8211; A value proposition is a statement or promise of value of a given product or service, including features and benefits.<\/p>\n\n\n\n<p><strong>Venture Capital<\/strong> &#8211; Venture capital, or VC, is a type of financing where the startup offers up a partial ownership stake in the company for money. In some cases, the company may also relinquish control to executives the VC chooses, though often only for a limited period of time.<\/p>\n\n\n\n<p><strong>Video Pitch<\/strong> &#8211; See &#8220;Virtual Elevator Pitch.&#8221;<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.goodwall.io\/blog\/introducing-virtual-elevator-pitches\/\">Virtual Elevator Pitch<\/a><\/strong> &#8211; A virtual elevator pitch is a 30- to 60-second video alternative to the traditional elevator pitch, used to pitch ideas, whether to business investors or a community like Goodwall to find <a href=\"https:\/\/www.goodwall.io\/blog\/ways-to-beat-climate-change\/\">climate change solutions<\/a>. Read our guide on <a href=\"https:\/\/www.goodwall.io\/blog\/why-pitch-ideas-on-goodwall\/\">why to use one<\/a> and <a href=\"https:\/\/www.goodwall.io\/blog\/how-to-pitch-ideas-on-goodwall\/\">how to make your own virtual elevator pitch<\/a>.<\/p>\n\n\n\n<p><strong>Wantrepreneur<\/strong> &#8211; A wantrepreneur is someone aspiring to become an entrepreneur, perhaps with ideas or a general goal but without having started yet. A portmanteau of &#8220;want&#8221; and &#8220;entrepreneur,&#8221; some might negatively use it to mean a &#8220;wannabe entrepreneur.&#8221;<\/p>\n\n\n\n<p><strong>Workshop<\/strong> &#8211; A workshop is an event where multiple people gather to receive training and education on a particular topic. A workshop can be anywhere from a few hours to weeks in length. Often, one or more instructors lead a workshopping event to guide the participants.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p>Well, there you have it, all the important vocabulary entrepreneurs need to know to survive and thrive.<\/p>\n\n\n\n<p>Got any entrepreneurship terms we missed? Let us know in the comments below, and we&#8217;ll add it to our glossary of entrepreneur words. Thanks for reading!<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>In Goodwall&#8217;s entrepreneur glossary, you&#8217;ll find 15+ entrepreneurship vocabulary words and phrases defined, from angel investors to workshops.<\/p>\n","protected":false},"author":4,"featured_media":305,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[14],"tags":[15,35],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.10 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Entrepreneur Glossary: 33+ Entrepreneurship Vocabulary Terms Defined<\/title>\n<meta name=\"description\" content=\"In Goodwall&#039;s entrepreneur glossary, you&#039;ll find 33+ entrepreneurship vocabulary words and phrases defined, from angel investors to workshops.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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