Entrepreneurship Terms

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ProtoType

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A simple model that lets an entrepreneur test out their idea.

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Patent

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Gives an inventor the right to stop other people from making or selling their invention.

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Pitch

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A short, persuasive story that tells the problem an entrepreneur is solving, their solution, and what makes their solution unique.

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Invest

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When someone gives an entrepreneur resources to help them grow their business, usually in exchange for part ownership in that company.

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Entrepreneur

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An entrepreneur is someone who decides to create or run a business, even though they might lose some money. Entrepreneurs are often creative, daring people, and the businesses they operate are very important to communities.

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Competition

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The contest between businesses that provide similar products or services, or that target the same consumers, such as Coke and Pepsi.

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Target Customer

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A group of customers that will be most likely to buy the product or service.

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Go to Market Strategy

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An action plan that specifies how a business will reach their target customer.