Key Terms
Entrepreneur
Someone who identifies an idea or problem no one else has acted on and creates something new — a product, process, targe
Small Business Owner
Someone who starts or buys into an already- existing business model. An existing restaurant.
Franchisee
Operates a pre-existing brand. Debated in literature — some say entrepreneurs, some say not.
Entrepreneurial Venture
Any business, organization, project, or operation that includes risk in acting on an opportunity not previously establis
Social Entrepreneur
Focused on solving a social, environmental, or economic problem — not primarily financial gain.
Serial Entrepreneur
Starts and harvests multiple ventures over time.
Career Entrepreneur
Takes on daily management as the owner; accepts and often enjoys the daily risks and rewards.
Lifestyle Venture
The founder's primary focus is the lifestyle they want to attain — not financial exit. More likely solo, funded through
Harvest
The point at which the venture is sold and investors receive their return. The typical exit strategy for most entreprene
Angel Investor
An individual with available funds who invests early in a venture. Often a former entrepreneur.
Venture Capitalist (VC)
A group that pools resources to invest larger sums in growing ventures. Receives equity stake; expects return at harvest
Due Diligence
The research and investigation required to make informed decisions that minimize risk. The difference between risk and c
OPPORTUNITY-IDENTIFYING PERSPECTIVE
Reframing a problem to reveal the entrepreneurial opportunity within it. Feeling hungry isn't the venture — "no convenie
Why US leads
Individualism, ingenuity, self-reliance, immigration history (fewer prescribed traditions), and an open culture that acc
Vision Statement
A picture of what the venture will become in the future — 5, 10 years out. Inspirational, forward-looking, bold, believa