Podcast: Play in new window | Download

Understanding the Lexicon of Entrepreneurship: Key Terms and Jargon – Part 3 of 3

In today's episode, we're diving deep into essential entrepreneurship terms that form the backbone of any successful startup journey.

Grasping these terms isn't merely about mastering the vernacular of the business world; it's about equipping yourself with the knowledge to navigate the complexities of entrepreneurship, make informed decisions, and strategically steer your venture towards success.

Seize the opportunity to access the Janus Entrepreneurial Assessment for Individuals

Welcome to the "LET'S GET ENTREPRENEURIAL" podcast, your go-to resource for navigating the world of entrepreneurship.

"LET'S GET ENTREPRENEURIAL" podcast addresses essential concepts and strategies that are valuable for the launch and growth of entrepreneurial ventures.

Hosts:

Professor Gary Palin is an entrepreneur and senior lecturer of entrepreneurship with a combination of 40+ years experience in academic & entrepreneurial settings.

Serial entrepreneur Ryan Budden has participated in all aspects of business as a founding team member in five startups.

'LET'S GET ENTREPRENEURIAL' podcast can be found on Spotify, Apple Podcast, YouTube and others.

Take the Janus Assessment to discover your entrepreneurial tendencies on 7 scales at ⁠⁠⁠⁠⁠https://janusscore.com⁠⁠⁠⁠⁠

Schedule a Virtual Coaching appointment at ⁠⁠⁠⁠⁠https://profspirit.com/virtual-coaching

Definitions:

Lean Startup- A methodology for developing businesses and products that aim to shorten product development cycles.

Minimum Viable Product (MVP)- The product with the highest return on investment versus risk.

Intellectual Property (IP)- Legal rights that result from intellectual activity in the industrial, scientific, literary, and artistic fields.

Pivot- A structured course correction designed to test a new fundamental hypothesis about the product, strategy, and engine of growth.

Scaling- The process of expanding a business model, capable of supporting increased market demands.

Exit Strategy- A planned approach to exiting a business.

Disruptive Technology- An innovation that significantly alters the way that businesses operate.

Proof of Concept (POC)- Evidence that a potential product or service can be successful.

Co-Founder- An individual who, in partnership with one or more individuals, plays a significant role in the creation and early operation of a business.

Accelerator- A program that offers business development support, mentorship, and funding opportunities to startups to speed up their growth.

Incubator- An organization designed to accelerate the growth and success of entrepreneurial companies.

Ecosystem- The network of interconnected businesses, services, and organizations that operate within a particular market or industry.

Beta Testing- Trying out a nearly finished product or service with real users to identify any final adjustments before the full launch.

Gig Economy- A labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs.

Lifestyle Business- A business that is set up and run by its founders primarily with the aim of sustaining a particular level of income.

Non-Disclosure Agreement (NDA)- A legal contract between at least two parties that outlines confidential material.

Outsourcing- The business practice of hiring a party outside a company to perform services and create goods that traditionally were performed in-house by the company's own employees and staff.

Ramp Up- The period between product development and maximum capacity utilization, characterized by product and process experimentation and improvements.