Entrepreneurship has become an obsession among youth, promoted as one of the most important engines of the economy, and the entrepreneurs have turned into stars of hearing and sight, constantly publishing their success stories in the business world.
Whether you are a student interested in entrepreneurship, and one day dream that you can break into it, or even a novice entrepreneur who feels the way, you certainly need to know the meanings of some of the little specialized terms, which are considered the ABC field of entrepreneurship.
Apart from the complexity, we provide you with a very simple and simplified explanation of a set of pioneering terms that are widely used within the field so that you can adequately understand every term you hear from them within the entrepreneurial and entrepreneurial community:
- Entrepreneurship :
A method that provides a framework for transforming the great idea into a great business, through all stages of establishment, growth and financing in an efficient and unconventional manner, with a view to continuity; to gain profit and achieve financial independence, through the development of an emerging company that creates familiarity and positive impression among customers, suppliers and investors.
It can be likened to a person who jumps from the top of a mountain slope and on his way to fall makes a plane to fly high. He is skilled at conceiving and building ideas and great fantasies to find the means to achieve his goals. He pursues a culture of personal and financial freedom. It is characterized by creativity, innovation, risk tolerance, seeking, responding and exploiting opportunities. To change, with full awareness of his strengths and build on them to launch his company.
3. Virgin Entrepreneur
An entrepreneur at the beginning of his career, he establishes a private business for the first time, so he lacks experience and qualification, does not have a source of funding, and is in constant need of advice on how to turn the idea into a viable and viable company.
4. Social Entrepreneurship
But also with the aim of reaching a societal and not a commercial impact, by finding innovative and pioneering solutions to social and environmental problems, and traditional trade methods are often used to do so.
5. Social Entrepreneur
A person who is aware of a more immediate social, environmental or cultural problem in his environment has innovative solutions and uses the principles of entrepreneurship to organize, establish and manage a project for social change.
6. Startup Company
A newly established company, it is still growing, looking for its market and sources of financing, and seeking to build and consolidate the brand, while building a profitable model to survive and grow.
7. Unicorn Company
A description of start-ups, which are worth more than $ 1 billion, is miraculous and rare in the business world, just like the existence of an imaginary monophonic animal, often in the technology and software sector, notably AirBnB and Careem.
8. Decacorn Company
Bloomberg Business’s term for technology start-ups, which surpasses the $ 10 billion barrier, such as Xiaomi and Uber, is essentially a term that describes a mythical mythical animal of ten centuries.
9. Hectocorn Company
Also called Super Unicorn, as a recipe for fast-growing technology companies that exceed $ 100 billion, such as Apple and Microsoft
10. Get Big Fast
Abbreviated as GBF, and economists call on companies that are growing exponentially in a short time, depending on new technical innovations. As an Amazon company.
11. Lean Startup
A new methodology for starting startups with less money, time and effort than traditional methods, to reduce market risk and avoid the need for substantial initial funding.
12. Scale-up companies
Emerging companies that grow very fast, not less than 20% per annum, for three years.
13. FinTech Companies
Emerging companies using innovative digital technologies to provide simple, easy to use financial solutions at lower cost, such as e-payment platforms.
14. Business Model
For example, the profit model for Uber is that the company offers the driver a customer to deliver it, and gets its profit from commission on each passenger, while we find that Facebook’s profit model, based on the provision of many free services, attracts a wide audience, Then sell ads to this audience.
15. Business plan
The road map, a written document of a set of business objectives for the success of an emerging business, detailing a proposed project, covering the current situation, projected needs and estimated project results, helps the entrepreneur to transform his or her idea into reality, Help convince investors to invest with him.
16. Minimum Viable Product
Product / company in its basic form, with the simple minimalist applicable and the essential use and benefits it performs mainly for the target segment of customers to satisfy their needs. For example, if we apply the idea to Google, we will find that the search engine is the core product, although it offers many other products, Microsoft is running Windows.
Transforming the idea of any product, commodity, application, or site into an interactive prototype, to look like the final product when you review it, allowing the idea to be clearly communicated when you present it to potential investors during your investment rounds.
18. Startup financing
Financing is provided to an emerging company for use in product development and primary marketing. It is usually a financing for companies that have not yet sold their products in the commercial market.
Self-financing, self-savings and entrepreneurial income itself, called seed seed money, help the entrepreneur penetrate the entrepreneurial business without any outside help; to establish start-up companies with very limited resources.
20. Seed financing
The next financing is from close relatives, relatives and friends, and is called the seed capital – seed fund – seed capital, a relatively small amount of money to provide an idea, and may include product development and market research.
21. Angel investors
Individuals who provide finance and professional experience at an early stage of incorporation, either as a down payment or a continuous subsidy to help the company during difficult times, to support promising new projects for a small share of equity. The company was able to attract venture capital.
22. Venture investors
Professional investors, well versed in the ways of establishing companies, and swimming in the midst of the risk of investment, provide the necessary financing for the emerging company for a large share of ownership, so that they have the right to influence future management decisions.
23. Crowd Funding
A practical alternative to traditional financing methods such as bank financing or individual investors. The person submits the project online to the public in order to obtain sufficient funding, and may contribute to financing more than one person until reaching the required amount for a percentage of the project.
24. Startup Incubators
An organization that aims to embrace start-up companies in their early stage of activity and accelerate their release, mostly by providing support and services from the incubator, or sometimes through the network of relationships and partners, as a form of mentoring where the workplace is provided, To entrepreneurs, for a low cost or free of charge.
25. Accordion Management
A way of managing the teams in emerging companies by reducing / increasing the number of temporary employees who work hourly or part time, gives them great freedom under conditions, work schedules, incentives and incentives, depending on operating conditions, similar to the contraction and breadth of accordion work.
26. Co-working spaces
A club for group work, equipped with furniture, workshop tools, presentations, meetings and some technical tools for technical projects and the Internet, is rented out to those who want, either hourly, day or month to support the concept of entrepreneurship, allowing the entrepreneur to form a strong network of relationships, Through various events.
The goal of all economic projects, and to reach him is the entrepreneur is ready to make the effort and time and the use of funds necessary for investment and risk tolerance, it is the amount of trade gain, resulting from the difference between income and expenditure, if positive is a profit, if negative is a loss.
28. Sole Proprietorship
An expression of exclusive ownership is an economic project that is owned, managed and earned in exchange for the risk of investment associated with only one person. This is the simplest form of ownership if a project is to be started without a large amount of financial assets.
A legal company between two or more persons sharing a business ownership for profit, partners sharing profits or losses and usually sharing management responsibilities.
30. Limited partnership
A trade agreement under which daily operations are managed by one or more general partners, financed by limited partners or regulated partners who are legally liable for losses based on their contributions to the Company.