Technopreneurship Terms

• Technopreneurship integrates technological innovations into entrepreneurial ventures, creating new businesses or transforming existing ones.

Terms in Technopreneurship

• A franchise distinguishes a company from competitors, securing a superior market position.
• Financial Analysis encompasses Financial, Product/Service, Industry, and Industrial Feasibility.
• Creativity is generating something from nothing.
• A Limited Liability Company is a separate legal entity from its owners, shielding them from personal liability for its debts.
• A Mission statement reflects an entrepreneur's values, beliefs, and vision, beyond mere profit.
• Vision is an entrepreneur's dream vividly depicted for others.
• Business and Industry Profile is an overview of the industry or market segment's existing/anticipated profitability.
• Executive Summary qualifies founders/key employees and highlights key finances, business model, and competitive advantages.
• Marketing Strategy demonstrates a profitable market through customer interest and documented claims.
• Business Strategy involves strategic initiatives to create organizational and stakeholder value, gaining a competitive edge.
• Cooperatives are member-owned and run businesses, not investor-owned.
• A merger combines two or more firms into a new company, often with a new corporate identity.
• Acquisition involves one corporation purchasing another or an investment group.
• Joint Ventures involve two or more companies partnering for a specific project, usually for a limited time.
• Business is any activity undertaken with the intention to earn profit.
• Weaknesses are internal factors hindering a company's mission, goals, and objectives.
• Strengths are positive internal factors aiding in a company's mission, goals, and objectives.
• A Restrictive Covenant is a contract where a business seller agrees not to compete within a specific area and time.
• Lien is a creditor's claim against an asset.
• Bulk Transfer protects a business buyer from unpaid creditor claims against the company’s assets.
• Contract assignment is transferring a contract's rights and obligations from one party to another.
• Limited Partnership comprises partners, where one/more general partners have unlimited liability, while dormant partners are inactive.
• Strategy is a roadmap for entrepreneurs to achieve a company's mission, goals, and objectives.
• Goals are endpoints, accomplishments, or targets an organization aims to achieve in the short or long term.
• Purpose is the reason for a company's existence.
• Objectives involve gathering, organizing, and sharing company employees' collective knowledge to boost its competitive edge.
• Business Plan is a summary including an entrepreneur's proposed venture, operational/financial details, marketing, and managerial skills. It benchmarks the organization's progress.
• Business Model is a company's strategy for making a profit.
• Description of Product or Service details the production process, strategic materials, sources, and costs.
• Suppliers sell commodity products to companies.
• Love constitutes actions to maximize an individual's & organization's potential.
• Support is assistance, often from family and friends.
• Motivation is the drive or desire sustaining progress toward a goal.
• Cooperatives are formed by people sharing common interests, such as customers and suppliers.
• Quality Substitute Products are not easily accessible and are not lower in price.
• A Prototype is an original, functional model for testing.
• A Business Owner manages a company providing customer-supporting products or services.
• An Entrepreneur creates new business facing risks but identifying opportunities to gain profit and growth.
• A Stakeholder is a group member whose support is essential for an organization's survival.
• A Distributor is an agent supplying goods to consumer-facing stores.
• Rivalry is competition where the number of competitors is large or few (less than 5).
• New Entrants face low economic scale advantages and capital entry requirements.
• Buyers have high switching costs to competitors, and there is a large number of them.
• Persistence is tenacity, the quality of continuous existence.
• Preparation involves examining both parties' needs before negotiation.
• Patience refrains from rushing deal closures to avoid sacrificing potential gains.
• Poise involves staying calm during negotiation.
• Contract assignment: The buyer can assume rights under the seller's existing contracts.
• Innovation is anything new or a change to an existing product, idea, or field.
• General Partnership: Each partner is individually liable for the partnership's debts and contracts.
• Opportunities are positive external factors that can be used to reach the company's objectives.
• Feasibility Analysis determines whether an entrepreneurial idea can lead to a viable business.
• Threats are negative external factors that inhibit the firm's ability to accomplish its mission, goals, and objectives.
• Strategic Plan is developing a game plan to guide a company and keep it on course.
• Failure is part of the creative process.
• Entrepreneurship involves creating innovative solutions for everyday problems.
• Entrepreneurial Environment is a mix of factors contributing to the development of entrepreneurship.
• Social Business is a commercial organization focused on serving a specific social objective as its primary purpose.
• Technology Push is new knowledge from technologists/scientists that creates innovation.
• Opportunity is an idea with commercial potential.
• Entrependre means "undertaker," referring to someone undertaking a major project.
• Donate Back is a social enterprise donating income to nonprofits addressing unmet needs.
• Market Pull is user demand driving innovation.
• Push is business information/process control moving in a single direction.
• Artifacts & Behaviour Diffusion is a community management considers observable cultural aspects.
• Entrepreneurial Thought Process is recognizing and understanding how to capitalize on opportunities.
• Right Place, Right Time is influenced by timing and luck.
• Discovery is where entrepreneurs generate ideas, recognize opportunities, and study the market.
• Concept Development is the business plan development stage.
• Resourcing is where entrepreneurs identify and acquire startup resources.
• Actualization occurs when the entrepreneur operates the business.
• Harvesting is the entrepreneurial process's final step, where future prospects are decided.
• Idea is a concept for a nonexistent product/service.
• Invention is the creation/introduction of a new product/service for the first time.
• Extension involves utilizing differing applications for existing products/services.
• Duplication is replicating an existing product or service.
• Synthesis combines concepts/factors into new uses.
• Risk includes financial uncertainty and market exposure for entrepreneurs.
• Career Risk is losing employment security.
• Social Risk involves balancing work against social groups.
• Psychic Risk is the psychological impact of failure.
• A Manager is someone who gets things done via others.
• Desirability is the appeal of a product or service.
• Demand means consumers wanting to buy goods/services at a specific price.
• Gumshoe is an investigator that gathers information or clues.
• Competitive Rivals are forces caused by competition from different businesses.
• Customer Power is influenced by buying power and demand.
• New Entrants Power is influenced by how easy it is for new firms to enter the industry.
• Supplier Power originates from raw materials or services.
• Threat of Substitutes is influenced by possible replacements.
• Prowess is a management team's ability to satisfy itself.
• Resource Sufficiency assesses whether there are enough non-financial resources to launch.
• Norms & Values are characterized by reasons given for existing things.
• Diffusion is process by which innovations spread amongst users.
• Mindset is an established set of attitudes held by someone.
• Managerial Thinking involves selecting between means to achieve a particular effect.
• Lone Visionary theory suggests future can be discovered by looking into it.
• Trait Theory involves people's characteristic patterns of thoughts, feelings, and behaviors.