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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
  • 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 organized 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 organized 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)
  • up-cycling
    Reusing a waste material in a fashion that increases its value.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 labor, 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 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)
  • 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, labor, 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-recognize 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)
  • word of mouth (WOM)
    Form of message transmission, formerly limited to oral communication, that now involves passing information through all means of communication, including electronic media such as websites and social networks.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • working capital
    Otherwise known as operating liquidity, the difference between short-term (or current) assets and short-term (or current) liabilities. It is a measure of the financial health of a business that demonstrates that a firm has sufficient surplus of cash generated from its operations to pay its debts as they fall due.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)
  • zero-budget marketing
    Entrepreneurial marketing techniques that require few or no resources.Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)

Howard Frederick

Leading world expert in Entrepreneurship Education
Have coached 1000s | Design Thinking trainer
Greater Boston Area
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