SESSION:10 Launch for Growth to Success

Key Terms

Entrepreneurship | Leadership Development – Micro-Learning Session

Rice University 2020 | Michael Laverty, Colorado State University Global Chris Littel, North Carolina State University| https://openstax.org/details/books/entrepreneurship

born global

venture seeking to be a global company from its inception

build-measure-learn loop

step-by-step approach on how to maneuver a startup, how to change course if necessary, how to persevere, and how to accelerate the expansion of a business

business failure

ending a business due to the lack of goal attainment, which can include low levels of revenue and profit, or not meeting investors’ expectations

business lifecycle

stages companies go through: birth, growth (or expansion to new markets and products), maturity, decline, death or rebirth

early adopters

people who like to try new things and can be found at the onset of the adoption process for a product

franchising

form of licensing that allows the business (franchisor) to share its business model to expand through various distributors (franchisees) for a fee

Global Entrepreneurship Monitor (GEM)

organization that researches entrepreneurship around the world

innovation accounting

assesses whether the changes made to the product are creating the desired results

iterations

small changes to the current version of a product to make it better fit consumer needs

joint venture

temporary partnership in which two different enterprises combine for the purpose of mutual benefits such as sharing of expenses and to work toward shared goals and the associated potential revenue

lean pitch

verbal delivery of an idea or business plan as a request to a group of investors by an entrepreneur

lean plan

brief business plan shown to potential investors and employees that is a fast and effective way to set, manage, and evaluate goals and strategies in a business

lean startup

methodology entrepreneurs use this method to help them innovate by continuously testing their products and getting feedback from customers in real time

licensing

contract in which one enterprise gives permission to another entity to manufacture and sell its products for a royalty

mergers and acquisitions

when two companies combine, or one buys the majority stake of the other

minimum viable product (MVP)

early version or prototype of a product that may not be polished or complete but that functions well enough that you can begin to market it or test it with potential users

pivoting

crucial change done to test a hypothesis regarding the basic product, its growth potential, and business model; if something is not working, then a change or a “pivot” needs to take place

strategic alliance

arrangement created by two entities to work on a project by sharing some of their strengths and resources, but not actually creating a new entity as in the case of a joint venture