Business Vocab

2. A word for rapid expansion that is enabled by specialization. It was used by Al Capone and is core to international trade, as demonstrated by the island trade example. It is also a term used for startups when they grow.
6. This can be social, financial, human, intellectual. It is anything which can be used to generate wealth, including mineral-mining rights.
7. A organization where there is a pooling of resources and capital to generate profit and a ROI return on investment.
8. This acronym stands for a type of environment of rapid unpredictable change, unclear and uncertain outcomes, and lack of simplicity. Having an entrepreneurial mindset helps us to deal with this type of environment.
10. To divide a market into distinct groups of buyers with different needs or behaviors.
13. This technique to incentivize participation, especially on digital apps and platforms and in this class, is rooted in neuroscience, behavioral economics, and self-determination theory.
16. Being this type of market structure with no competition, places a bulls-eye on that one seller.
17. This word sounds sophisticated, but it is essentially a hypothesis about actions to achieve a goal in an uncertain and unknown future.
18. A type of intellectual property right that gives an inventor exclusive rights to their invention for a long, but not infinite, amount of time
19. Mazlow’s pyramid is described as a “Hierarchy of” this word.
20. Your network is your “net -----”

1. This type of integration denotes end to end control of your supply chain, for example, owning the cows for the leather for your handbags that you sell in your stores.
3. An entrepreneurial mindset always finds this when faced with an obstacle; it’s a positive , resourceful way to look at the same situation.
4. This is THE base word in business, without it, there is no incentive for a transaction. It is paired with -- proposition, -- creation, -- capture, -- stick, and – chain
5. A checklist of how to think and analyze business situations and dilemmas.
9. This type of market has many small sellers, none of them controlling the market. While competition can be considered high because of the quantity, it is easier to compete against this type of market than a concentrated market.
11. This technique involves asking this question five times in succession to deduce the root cause of a problem.
12. A synonym for intelligent. The acronym describes the attributes of a successful plan: specific, measurable, actionable, relevant, and timely.
14. The Business Model ___ is a 1-page strategic template with 9 building blocks, developed by Osterwalder, to evaluate the strength of businesses.
15. A symbol, word, or phrase legally registered to represent a company or product. One does not always need to register it, but one should use it consistently.