Weeks 1 & 2 Vocab

What is the term for the process of starting and running a new business?

• Globalization

• Entrepreneurship

• Outsourcing

• Segmenting

What is the term for a favorable set of circumstances that creates a need for a new product, service, or business?

• Opportunity Recognition

• Entrepreneurial Opportunity

• Lean Startup

• Market

What is the process of identifying a potential business opportunity called?

• Segmenting

• Opportunity Recognition

• Outsourcing

• Psychographics

Which term refers to the possibility of loss or failure in business?

• Risk

• Assets

• Market

• In-sourcing

Which term describes the process by which businesses or organizations develop international influence or start operating on an international scale?

• Globalization

• In-sourcing

• Demographics

• Assets

What is the practice of hiring external organizations to perform business functions called?

• In-sourcing

• Outsourcing

• Segmenting

• Psychographics

What is the term for bringing business functions back in-house rather than outsourcing them?

• In-sourcing

• Globalization

• Lean Startup

• Market

What is a group of potential customers with similar needs called?

• Market

• Assets

• Demographics

• Risk

Which tool is used to describe, design, and analyze a business model?

• Business Model Canvas

• Lean Startup

• Psychographics

• Segmenting

What are resources owned by a business called?

• Assets

• Demographics

• Market

• Risk