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Entrepreneurship
1- Benchmarking
Benchmarking is a process of measuring the performance of a company’s products, services, or
processes against those of another business considered to be the best in the industry, aka “best
in class.” The point of benchmarking is to identify internal opportunities for improvement. By
studying companies with superior performance, breaking down what makes such superior
performance possible, and then comparing those processes to how your business operates, you
can implement changes that will yield significant improvements.

2- Business Plan
The business plan is a document describing what a business does, who the key players are in the
company, the market it serves and the financial model that leads to profits. At its core, it is a
roadmap about how the business will do what says it will do.

3- Champion/ Change Agent

Person who voluntarily takes extraordinary interest in the adoption, implementation, and
success of a cause, policy, program, project, or product. He or she will typically try to force the
idea through entrenched internal resistance to change, and will evangelize it throughout the
organization. Also called change advocate, change agent, or idea champion.

4- Commercialization
Commercialization is the process of introducing new products or services to the general market.
It takes into account production, distribution, marketing, sales, and customer support required
to achieve the commercial success of the new product or service.

5- Competitive Market
A competitive market is when there are many producers competing to provide consumers with
the goods and services needed. In a competitive market, no single producer or consumer can
dictate the market. All competitive markets share five characteristics: profit, diminish ability,
rivalry, excludability, and reject ability.

6- Corridor
Corridor principle is which states that once an entrepreneur starts a firm and becomes
immersed in an industry, “corridors” leading to new venture opportunities become more
apparent to the entrepreneur than to someone looking in from the outside.

7- Creative Source
Didn’t find.

8- Creativity
Somebody working in the creative sector who is able to demonstrate business success in the
classic terms of business growth (profit, market share, employees) and/or in terms of his or her
reputation (creativity, quality and aesthetic) amongst their peers.
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9- Customer
A customer is an individual or business that purchases the goods or services produced by a
business. Attracting customers is the primary goal of most public-facing businesses, because it is
the customer who creates demand for goods and services.

10- Entrepreneurship
The capacity and willingness to develop, organize and manage a business venture along with any
of its risks in order to make a profit.
The most obvious example of entrepreneurship is the starting of new businesses.
In economics, entrepreneurship combined with land, labor, natural resources and capital can
produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an
essential part of a nation's ability to succeed in an ever changing and increasingly competitive
global marketplace.

11- Environment
The combination of internal and external factors that influence a company's operating situation.
The business environment can include factors such as: clients and suppliers; its competition and
owners; improvements in technology; laws and government activities; and market, social and
economic trends.

12- Exporting & Importing

The process of bringing goods from one country for the purpose of reselling them in another
country is called importing.
The selling of goods and services produced in one country in another country is called exporting.

13- High Tech Products

High Tech Businesses are those engaged in securing growth and revenue from industry sectors
characterized by new and rapidly changing technology.
A product that is made using the most modern technical knowledge and methods is called High
Tech Product.

14- Incubation Stage

15- Innovation
The process of translating an idea or invention into a good or service that creates value or for
which customers will pay.
To be called an innovation, an idea must be replicable at an economical cost and must satisfy a
specific need. Innovation involves deliberate application of information, imagination and
initiative in deriving greater or different values from resources, and includes all processes by
which new ideas are generated and converted into useful products.
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16- Intellectual Property

The ownership of ideas is called Intellectual Property unlike tangible assets to your business
such as computers or your office.
Intellectual property is a collection of ideas and concepts. There are only three ways to protect
intellectual property in the United States: through the use patents, trademarks or copyrights.

17- Intrapreneur
An intrapreneur is an inside entrepreneur, or an entrepreneur within a large firm, who uses
entrepreneurial skills without incurring the risks associated with those activities. Intrapreneurs
are usually employees within a company who are assigned to work on a special idea or project,
and they are instructed to develop the project like an entrepreneur would. Intrapreneurs usually
have the resources and capabilities of the firm at their disposal.

18- Intrapreneurship
Practice of entrepreneurship in an established firm. Intrapreneurship applies the 'start up' style
of management (characterized by flexibility, innovation, and risk taking) to a secure and stable
firm. The objective is to fast track product development (by circumventing the bureaucracy) to
take advantage of a new opportunity or to assess feasibility of a new process or design.

19- Invention
New scientific or technical idea, and the means of its embodiment or accomplishment. To be
patentable, an invention must be novel, have utility, and be non-obvious. To be called an
invention, an idea only needs to be proven as workable. But to be called an innovation, it must
also be replicable at an economical cost, and must satisfy a specific need. That's why only a few
inventions lead to innovations because not all of them are economically feasible.

20- Leadership
The activity of leading a group of people or an organization or the ability to do this.
Leadership involves:
 Establishing a clear vision,
 Sharing that vision with others so that they will follow willingly,
 Providing the information, knowledge and methods to realize that vision, and
 Coordinating and balancing the conflicting interests of all members and stakeholders.

21- Licensing
A business arrangement in which one company gives another company permission to
manufacture its product for a specified payment. There are few faster or more profitable ways
to grow your business than by licensing patents, trademarks, copyrights, designs, and other
intellectual property to others.

22- Marketing Concept

The marketing concept is the philosophy that firms should analyze the needs of their customers
and then make decisions to satisfy those needs, better than the competition.
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23- Promotion
Promotion, as a general term, includes all the ways available to make a product and/or service
known to and available to purchase by customers. The word promotion is also used specifically
to refer to a particular activity that is intended to promote the business, product or service.

24- Standardization
Standardization is a framework of agreements to which all relevant parties in an industry or
organization must adhere to ensure that all processes associated with the creation of a good or
performance of a service are performed within set guidelines.

25- Trademark
Any symbol, word or combination thereof used to represent or identify a product. A service
mark means the same thing, but identifies a service.
On the other hand, "Ford" is that company's logo and trademark. A trademark is a corporate
symbol that contributes to the image the company is trying to build.

26- Venture
An entrepreneur is an individual who starts and runs a business with limited resources and
planning, and is responsible for all the risks and rewards of his or her business venture. The
business idea usually encompasses a new product or service rather than an existing business
model.

27- Windows of Opportunity

There is a window of opportunity for people to purchase these items before they're gone. As a
parallel, a window of opportunity in business is a narrowed period of time in which a brief or
temporary opportunity must be taken advantage of before it expires, or the window closes.