• 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)
  • 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 institutionalised, 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 utilises 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 synthesise 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 licence, 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 categorise consumers by geography, demographics, psychographics and behaviour 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)
  • 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)
  • 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 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 organisation 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 behaviours.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 behaviour, all their inputs and outputs relevant to other human beings, and all the organisations 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)
  • 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 analyse 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)
  • 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 generalised 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. Emphasises 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 organisation 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 recognises, 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)
  • 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)
  • theory
    A well-substantiated explanation of some aspect of the natural world; an organised 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)
  • 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 organisational (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 maximise 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)
  • uncontrollable failure
    A form of failure caused by external factors that are outside the control of employees, such as resource limitations, strategic direction and market changes.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • undercapitalisation
    When a company has insufficient capital to conduct normal business operations and pay creditors.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • unfair advantage
    An advantage that cannot easily be copied or bought.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • unicorn
    A rapid-growth private company that reaches a valuation of $1 billion or greater within 10 years of start-up.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • unincorporated business
    A business, such as a sole tradership or a partnership, that is not organised and maintained as a legal corporation.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • unproductive entrepreneur
    An entrepreneur who unethically appropriates rents without adding to collective value through devious use of the legal system or through organised crime. They divert rents through payoffs, litigation, takeovers and tax evasion. See also productive entrepreneur, destructive entrepreneur, annihilative entrepreneur.)Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • upcycling
    Reusing a waste material in a way that increases its value.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • user experience
    The experience a visitor has on a website; the goal of an entrepreneur should be to give the user a positive experience through look and feel, design, navigation and content.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • usury
    The lending of money at exorbitant interest rates.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • validated learning
    Learning whether you have satisfied the customer need or not by testing your idea and measuring it to validate its effect.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • validation board
    A key canvas used in lean entrepreneurship to test unproven assumptions about our idea, value proposition and pretotype using testable assumptions that can be invalidated or validated.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • value innovation
    Innovation that considers new conceptions or means to create value for customers that step outside of pre-existing or established industry and market norms and practices.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • vapour test
    See fake inventory test.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • variable costs
    Part of the operating budget, costs that vary with the level of production or sales, such as shipping supplies and sales commissions. These costs change in the same direction as, and in direct proportion to, changes in operating activity, for example, direct labour, direct materials and sales commissions. (See also fixed costs, mixed costs.)Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • venture capitalist
    Person who syndicates the money of others to invest in a company start-up assessed as having high potential to create extraordinary returns for the syndicated investors.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • venture capitalist
    Person who syndicates the money of others to invest in a company start-up assessed as having high potential to create extraordinary returns for the syndicated investors.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • venture opportunity school of thought
    A micro view of entrepreneurship that focuses on sources of ideas and development of concepts within the context of creativity and market awareness: developing the right idea at the right time for the right market. (See also micro view of entrepreneurship.)Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • vertical integration
    An arrangement whereby the same company owns multiple or all aspects of making, selling and delivering a product or service.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • vetpreneur
    A military veteran who becomes an entrepreneur after service.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • vetpreneur
    A military veteran who becomes an entrepreneur after service.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • vision
    In an entrepreneurship context, a stated long-term objective for a venture to create or achieve an altered future that to some may seem incredible or impossible but to the entrepreneur and others working with the venture is a very real possibility.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • water well strategies
    Strategies that leverage unique resources (land, labour, capital, raw materials) that no one else has.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • web scraping
    Harvesting or extraction of data from websites using a bot or web crawler.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • white knight
    Someone with better credit than you who might buy the products and resell them to you for a few percentage points. In addition, a company that rescues another that is in financial difficulty, especially one that saves a company from an unwelcome takeover bid.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • wicked problem
    A problem that is difficult or impossible to solve due to incomplete, contradictory and difficult-to-recognise information.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • wireframe
    Visual representation of the skeletal framework of a website to help designers in arranging elements.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • Wizard of Oz test
    See mechanical Turk test.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)