1.4 Key Terms

career entrepreneur
someone who takes on the daily management as the owner of the venture, accepting, and perhaps enjoying, the daily risks and rewards of managing and building the venture

disruptive technology
technology that once introduced, displaces established patterns, processes, and systems previously accepted as normal or accepted methods

divergent thinking
process of generating as many ideas as possible, even when those ideas do not seem logical; the list of ideas can be conflicting, diverse, and disparate

due diligence
conducting the necessary research and investigation to make informed decisions that minimize risk

entrepreneur
someone who identifies an idea that no one else has acted on or identified; small business ownership and franchising are also entrepreneurial options

entrepreneurial mindset
awareness and focus on identifying an opportunity through solving a problem, and a willingness to move forward to advance that idea

entrepreneurial venture
any business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established

entrepreneurial vision
idea of what an entrepreneur wants a venture to become, what it will look like, what the driving forces are, and what values and culture should surround it

harvest
point at which the venture is sold, at which time the investors receive a return on their investment

lifestyle venture
business whose founders’ primary focus is the lifestyle they will attain through becoming entrepreneurs, rather than a primary interest in financial rewards

mission statement
statement of an organization’s reason for being that defines its primary long-term goal, explains what the venture will do, what value it will provide to the end customer, and how it will accomplish that action

opportunity-identifying perspective
method for identifying a problem and determining how it could be translated into an opportunity to create a new venture

quantifiable manner
method to determine if a goal has been met or not

serial entrepreneur
entrepreneur who becomes involved in starting multiple entrepreneurial ventures

SMART goals
well-structured and defined goals that are specific, measurable, achievable, realistic and timely

social entrepreneur
entrepreneur who has an interest in solving a social, environmental, or economic problem

value proposition
summary describing the benefits (value) customers can expect from a particular product or service

vision statement
picture of what the venture will become in the future or what the venture will grow into