Entrepreneurship Concepts

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Action plan

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Organized, step-by-step outline or guide that pulls together the ideas, thoughts, and key steps necessary to help set the stage for entrepreneurial success.

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Benchmarking

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Comparing one’s own company’s performance with an industry average, a leader within the industry, or a market segment.

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Bootstrapping

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Funding strategy that seeks to optimize use of personal funds and other creative strategies (such as bartering) to minimize cash outflows.

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Breakeven point

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Level of operations that results in exactly enough revenue to cover costs.

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Business model

Back

Plan for how venture will be funded; how the venture creates value for its stakeholders, including customers; how the venture’s offerings are made and distributed to the end users; and how income will be generated through this process.

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Capitalism

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System in which individuals, people, and companies have the freedom to make decisions and own property as well as benefit from their own efforts, with government playing a secondary role in oversight.

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Cash flow

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Money collected by the business through revenue and funding versus money disbursed by the business through expenses.

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Cash management

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Management of cash inflows and outflows to support cash needs of the venture.

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Corporate entrepreneurship

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Development of new ideas, opportunities, or ventures through formal research and development processes that focused on the corporation’s strategy and goals.

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Due diligence

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Conducting the necessary research and investigation to make informed decisions that minimize risk.