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entreVersity | Design Entrepreneurship – Lean Start-Up | Howard Frederick

Dedicated to re-imagining education for entrepreneurs through design-based enterprising mind-sets

Thursday, Aug 22, 2019
  • private offerings
    Raising of capital from friends, employees, customers, relatives and local professionals.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • private placement
    A method of raising capital through securities; often used by small ventures.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • pro forma statement
    A financial statement projecting anticipated income, expenses and cash flow for some specified future period.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • probability thinking
    A reliance on probability to make decisions in the struggle to achieve security.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • problem-solution fit
    Correspondence between problem and solution, achieved when you have correctly identified your customers and why they need the product, and found an efficient and feasible way to solve their problem.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • product ecosystem
    A cluster of products and services that complement each other and work symbiotically to generate value for each other, for example, Nespresso, Apple or Jamie Oliver.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • product life cycle (PLC)
    The stages of time on the market through which a product progresses. Typically, life stages can be divided into introduction, growth, maturity and decline. Life cycles vary in stage duration with every type of product.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • product-market fit
    Correspondence between product and market, achieved when your early adopters love your product, you start bringing in late adopters and you are expanding the market.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • productive entrepreneur
    An entrepreneur who captures rents ethically through innovation and furthers growth. (See also unproductive entrepreneur, destructive entrepreneur, annihilative entrepreneur.)Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • professional angel
    A professional, such as a doctor or lawyer, who invests in companies that offer a product or service with which they have some experience. Also may refer to angel investors who invest as an occupation and in a manner that is rigorous and systematic, developed through repeated and intentional investment strategies.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • profit and loss statement
    Also known as an income statement, it is a financial record or account of all of a firm's revenues and all of the expenses and costs incurred by the firm in achieving those revenues that shows the level of profit or loss produced by the firm over a period of time.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • property laws
    The laws passed by governments that govern the ownership and rights of various forms of tangible and intangible property.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • proprietary limited company (Pty Ltd)
    In Australia, a form of privately held company that has limits defined with respect to its financial responsibility. Unlike a public company, a proprietary company cannot offer shares to the public for equity capital raising. Limits and meaning may vary depending on the regulatory law of the country in which the company is created. Same as private limited company in Australia.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • prototype
    In contrast to a pretotype, a preliminary version of a product that costs a lot of money and is produced as a final step before producing the actual product. In the prototype, you want to show all the features the product will have. (See also prototyping.)Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • prototyping
    The stage, after pretotyping, where you develop an early version of the product or service for the purpose of testing design and assembly before producing the final marketable product.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • provinces test
    See one-night-stand test.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • psychic risk
    Risk relating to the great psychological impact on the entrepreneur who is creating a new venture.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • psychographics
    Attributes relating to personality, values, attitudes, interests or lifestyles, as opposed to demographic variables such as age and gender.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • public limited company
    A company whose liability is limited by shares which are traded publicly in Commonwealth countries (other than Australia).Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • public sector entrepreneurship
    Entrepreneurship that combines public and private resources in pursuit of social objectives.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • pyramid scheme
    An illegal scheme whereby sellers attract payment from people on the promise of a return on their investment based on their selling to others who also buy into the scheme. This continues in a pyramid fashion, with a percentage or proportion of the sales always flowing to those who recruit sellers. Those at the top collect fees from all those below until there are no further recruits and the sales are saturated. This forces the pyramid to collapse, with no further sellers recruited or funds collected by those at the base of the pyramid. Those at the top, initiating or getting into the scheme early, win; those at the bottom, late into the scheme, lose.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • razor and blades
    A business model where the introductory item is sold at a low or no price so that the consumer must buy complementary products later, for example, razors and razorblades, or printers and cartridges.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • re-engineering organisations
    Organizations engaging in the practice of renovating and re- configuring organizational cultures, management techniques, structures, systems, processes and values, particularly to achieve high levels of innovation and enterprise.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • reachable market
    The immediate reachable group of customers that will be targeted by a new venture.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • regulatory body
    A regulatory regime, composed of legislation and a regulatory authority, that dictates how businesses are started, operated and wound up.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • remarketing
    Positioning of targeted ads to a defined audience that have previously visited a particular website as they browse elsewhere around the internet.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • resource depletion
    Exhaustion of raw materials within a region.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019).
  • retail investor
    Formally, an individual or small business that is not a wholesale investor; generally a high-wealth individual who is not acting as an institutionalized, professional investor. A wholesale investor must meet the test of individual wealth of at least $2.5 million in net assets, or a gross income for each of the last two financial years of at least $250 000 per annum.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • retained earnings
    Accumulated net income not distributed to owners over the life of the business to date. Every year this amount increases by the profit the firm makes and keeps within the company.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • return on investment (ROI)
    Net profit divided by investment.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • revenues
    Gross sales the business made during the particular period under review.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • rewards crowdfunding
    A simple means of raising funds that utilizes an internet platform to source relatively small donated sponsorship amounts from the public in exchange for recognition and small rewards. Particularly useful for innovative products and services to enable market testing for start-up ventures.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • right brain
    The part of the brain that helps an individual understand analogies, imagine things and synthesize information. (See also left brain.)Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • risk
    In an entrepreneurship context, the possibility of economic, personal or reputational loss faced by the entrepreneur and their backers, financial or otherwise, acquired through new-venture activity and as a result of the initiation, conversion and exploitation of an idea as a new venture. (See calculated risk taking, career risk, financial risk, psychic risk, risk propensity.)Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • risk propensity
    The predisposition to take on more risk than the average person.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • riskiest assumption
    The riskiest of the assumptions used in creating hypotheses to validate your business idea, which is the one you should start with.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • royalty
    Sum of money paid for the use of a license, or for use of works covered by copyright, patent, registered design or trademark.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • rugged individualist
    A person who cherishes individual liberty and self- reliance.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • sales forecast
    The projected or predicted pattern or estimate of sales at some future point or period.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • school of thought
    Opinion subscribed to by a group of scholars, theorists or researchers.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • search engine marketing (SEM)
    Internet marketing that promotes website visibility using tools such as keyword research, web analytics, HTML validators, spiders and website checkers.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • securities
    A tradeable financial asset of company equity that includes company shares, bonds and options.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • security hunting
    Persistence to eliminate risk. A common mental habit that inhibits creativity and innovation by hindering creative thought processes.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • seed financing
    Initial funds for a business concept to be developed.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • segmentation variables
    Variables used to categories consumers by geography, demographics, psychographics and behavior in order to target specific types of people and not just people in a certain geographic area. (See also customer segmentation.)Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • self-efficacy
    Self-assessed conviction or confidence about personal abilities to muster the motivation, perform the cognitive tasks and conduct the actions needed to successfully execute a specific task within a given context.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • selling expenses
    Expenses from displaying, selling, delivering and installing products or performing a service.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • seniorpreneur
    Someone who starts a business after the age of 55.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • sensitivity analysis
    An analysis that evaluates to what extent under- or overestimated assumptions may influence cash needs and profitability and therefore the financial strength of the business.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • serial entrepreneur
    An entrepreneur who starts not one but repeated new business ventures.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • short-term liabilities
    Debts you must pay within a year. Includes cash owing for merchandise that the business has received, but has not yet paid for. This often occurs when a company receives merchandise during the third week of the month and does not pay for it until it pays all of its bills on the first day of the next month. Also called current liabilities.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • skunkworks
    A highly innovative enterprise that uses groups functioning outside traditional lines of authority. Also known as a gumboot factory.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • small-business owner
    As opposed to entrepreneurs, those business owners who, once they have captured an opportunity, do not seek to expand or grow the business, preferring a more stable and less aggressive approach to running the business.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • small-business owners
    As opposed to entrepreneurs, those business owners who, once they have captured an opportunity, do not seek to expand or grow the business, preferring a more stable and less aggressive approach to running the business.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • social business
    A venture that addresses a social problem, where profits are reinvested in the business itself with the aim of increasing social impact. The community, rather than the owners, receives the dividends.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • social discount rate
    A measure of the social view on how the future should be valued against the present.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019).
  • social enterprise
    A business that fulfils social aims.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • social intrapreneur
    A person working in a large business or social organization developing and promoting solutions or products that both add value to the company's bottom line as well as to society and the planet (see Intrapreneur).Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • social venturing
    A form of entrepreneurship that seeks to resolve or address social issues through the use of economic models and the practice of business-like behaviors.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • sociosphere
    All the people in a social system, all the roles they occupy, all their patterns of behavior, all their inputs and outputs relevant to other human beings, and all the organizations and groups they belong to.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • sole trader
    Also known as a sole proprietor, a business that is owned and operated by one person, that has no existence apart from its owner.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • sophisticated investor
    Wealthy individual who invests more or less regularly in new, early- and late-stage ventures. They are knowledgeable about the technical and commercial opportunities and risks of the businesses in which they invest. They know the kind of information they want about their prospective investment, and they have the experience and ability to obtain and analyses the data.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • sovereign individual
    A person or a business that is not beholden to a nation. For example, someone who resides on the internet and selects where to do business based on cost versus profit.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • species banking
    Also known as conservation banking, this generates endangered species mitigation credits by restoring, enhancing and permanently protecting threatened and/or endangered species habitats. Often used to offset unavoidable impacts from projects such as on wetlands.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019).
  • stage-gate process
    A new product development technique divided into distinct stages, separated by decision points (known as gates).Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • start-up activities
    The second stage of a new-venture life cycle, encompassing the foundation work needed for creating a formal business plan, searching for capital, carrying out marketing activities and developing an effective entrepreneurial team.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • start-up financing
    Funding for use in prototyping and product development as well as initial marketing before sales. Most start-up funding comes from the four Fs. (See also four Fs.)Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • stereotyping
    Applying a description to a person based on generalized population norms and observations without a genuine basis for doing so.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • strategic alliance
    Any formal relationship, short of a merger or acquisition, between two companies, formed for the purpose of gaining synergies.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • strategic formulation school of thought
    A micro view of entrepreneurship that views strategic planning as interwoven into the entire fabric of management, not as something with a separate office and staff. Emphasizes planning, leveraging of unique markets, unique people, unique products and unique resources. (See also micro view of entrepreneurship.)Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • strategic intent
    A statement that envisions a desired leadership position for a venture for the purpose of guiding resource allocation, providing stability under changing circumstances, focusing attention on the essence of winning and motivating people by communicating value while leaving room for individual and team contributions.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • strategic planning
    The primary step in determining the future direction of a business, influenced by the abilities of the entrepreneur, the complexity of the venture and the nature of the industry.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • strategic positioning
    The process of perceiving new positions that attract customers from established positions or draw new customers into the market.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • strategic renewal
    Transformation of an organization to put it in a more competitive position and improve financial performance; an important part of intrapreneurship.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • strategic uncertainty
    Uncertainty arising from the lack of a unified approach to product positioning, advertising, pricing and the like, as well as differences in product configurations or production technologies.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • stress
    See entrepreneurial stress.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • succession plan
    Process whereby the firm identifies, recruits and cultivates internal candidates to fill key positions; particularly important in family businesses.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • sunk cost fallacy
    A cognitive bias reflecting the misgivings one has to waste resources. Also called loss aversion.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • survivalist entrepreneur
    An entrepreneur who starts a business because it is the only choice or a survival strategy.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • sustainability
    Avoidance of depletion of natural resources; pursuit of solutions with the long term (several hundred years or more) in mind. Applies to many disciplines, including economic development, environment, food production, energy and lifestyle.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • sustainability entrepreneur
    An entrepreneur who recognizes, develops and exploits opportunities that create economic, ecological and social value.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • sustainable entrepreneurship (SE)
    An attitude towards entrepreneurial activity that thinks ecologically about the biosphere and considers the waste embodied in products.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019).
  • SWOT analysis
    A strategic analysis of strengths, weaknesses, opportunities and threats.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • taxation
    Liabilities owed to the government such as GST (goods and services tax), sales or value-added taxes, revenue or income taxes.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • taxes payable
    The amount payable to governments or statutory bodies calculated as a percentage of income according to government-devised formulae.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • technological uncertainty
    Uncertainty as to which product configuration will prove to be the best, which production technology will prove to be the most efficient or how easy it will be to develop or even copy the technological breakthroughs in the industry.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • term sheet
    Document that outlines the material terms and conditions of a venture agreement and lists deal terms in bullet-point format.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • The Natural Step
    An organization and a framework setting out the system conditions for the sustainability of human activities on Earth.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019).
  • theory
    A well-substantiated explanation of some aspect of the natural world; an organized system of accepted knowledge that applies in a variety of circumstances to explain a specific set of phenomena.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • three-circles model
    Describes the three overlapping groups that comprise the family business system: family, business and ownership. Including the overlaps, there are seven interest groups, each with its own legitimate perspectives, goals and dynamics.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • time value of money
    The idea that money available today is worth more than the same amount in the future due to its potential interest-earning capacity. Any amount of money is worth more the sooner it is received.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • tolerance for ambiguity
    Tolerance of the uncertainty inherent in new- venture formation, which is compounded by constant changes introducing ambiguity and stress into every aspect of the enterprise.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • trade credit
    Temporary financing extended by suppliers of goods and services pending customer settlement.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • trade secrets
    Customer lists, plans, research and development, pricing information, marketing techniques and production techniques. Generally, anything kept secret that makes an individual company unique and has value to a competitor.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • tragedy of the commons
    A process of degradation of communal resources due to self-interest.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019).
  • traits
    Personal characteristics that distinguish individuals, including entrepreneurs.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • transformative innovation
    Innovation that provides significant improved value and change in economic, social and/or environmental systems and the way societies are accustomed to doing things; can create opportunity spaces for entrepreneurs and give rise to entirely new industries.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • triple bottom line
    An accounting method that captures the values and criteria for measuring organizational (and societal) success: economic, ecological and social.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • two-step flow of communication
    A model that posits that most people form their opinions under the influence of influencers or thought leaders.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • unbundling business model
    A business model whereby the parts of a company are divided up to maximize their earning potential, for example, telecommunications companies that unbundle their cable, internet and phone networks into separate entities.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)

Howard Frederick

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