Name:_________________________________________ Strand/Section________________________ Date: ________

Give the practical situation of the following Entrepreneurial Terms

according to your personal perception.
60 Second Pitch
Also known as an elevator pitch. Is an overview of your business which will detail the following: the problem your
business is addressing, your solution to the problem, your target market, how you will make money and how you are
better than competitors. It's useful when pitching to investors or at a networking event.
See this site: https://www.teamly.com/blog/elevator-pitch-examples/
Example :
Pitch: “Hi, I’m [name], and I’m a [profession/industry]. I got into this line of work because of
my own experience with [related personal story]. Now, I help [target audience] by [solution]. In
fact, one of my recent clients saw [specific result] after working with me. If you’re interested in
learning more about how I can help your business, let’s connect.”

1. Angel
An angel is a type of investor, usually a wealthy individual, who will take a share of your business in return for financial
support. They invest money as an individual or in a group in early stage businesses and will typically invest between
£10,000 and £500,000. It is estimated there are around 18,000 angel investors in the U.K. Assets Things a business owns,
e.g. buildings, vehicles stock and money in the bank.

2. Assumptions
A statement that is assumed to be true but that is not backed up with concrete evidence.

3. Boot Camp
Boot Camp is a training camp for learning various type of skills and is designed to get you ahead in your start-up journey.

4. Brand
Refers to the words and symbols such as a name, logo and slogan that represent a business' identity.

5. Breakeven
The amount of sales a business needs to make to cover all its costs.

6. Business Idea
A successful company will begin with a compelling business idea. Typically, the idea will involve a product or service
being exchanged for money.

7. Business Model
Describes how a company will capture value from the business.

8. Business Model Canvas Is a template that is used to document new and existing business models and uses 9 building
blocks that allow you to communicate a business idea clearly.

9. Business Plan
A written document describing in detail how a business will assume to achieve its objectives and direct itself, both
operationally and financially. The document will be updated regularly.

10. Capital Expenditure

Money spent on buying or improving items that will be owned by a business for a long time, for example, buildings or
equipment.

11. Carbon Footprint

A measure of the impact that human activities have on the climate in terms of the total amount of greenhouse gases
produced.

12. Cashflow
Refers to the money flowing in and out of a business.

13. Cashflow Forecast

An estimate of the amount of money a business will spend and receive within a certain time period (usually one year).

14. Company
The legal entity that is used when people set up a business. The aim of a company is usually to make money. Some
examples include: sole trader, limited company, partnership and not-for-profit organizations.

15. Conversion
The number of customers that, after visiting a company's site or receiving its newsletter, turned into paying customers.

16. Crowdfunding
When a large number of individuals will each invest small amounts of money in a business or project using the internet
to collect the money. Examples include Kickstarter and Spacehive.

17. Crowdsourcing
Crowdsourcing engages a larger crowd for a common goal allowing the business to access a wide variety of skills and
experience.

18. Customer Acquisition Cost

The amount of money that companies need to spend to win one new customer.

19. Customer Pain Points

Relates to a particular emotion a prospective customer will feel when they think of a specific need, problem, weakness
or struggle. These prospective customers are still looking for a solution to their problem. The customer pain point is the
driving force behind the need for a new product or service.

20. Customer's Shoes

Understanding the problem your business is addressing from the customers perspective. The experience as described by
the customer.

21. Desk Research

Using existing written data to gain further understanding in a particular subject.

22. Discovery
Becoming aware of something that was not previously known.

23. Early Adopter

The very first customers who will use your product/service

24. EdTech
Refers to the software designed to enhance teacher and/or student educational outcomes.

25. Elevator Pitch

A concise, compelling and convincing presentation that outlines an idea for a particular product, service or project which
is delivered in short time period of an elevator ride, typically 20 - 60 seconds. It will include what your business does,
who your customers are and what makes your business from competition. A customer should have a clear
understanding of your business and its Unique Selling Point after hearing your elevator pitch.

26. Enterprise
Enterprise has two meanings. Firstly, it is another term for a business. Secondly, the term describes an individual who
takes the initiative and risk to set up a business.

27. Enterprising
When an individual or business displays an interest in new or unusual ways of doing or achieving and is characterized by
great imagination.

28. Entrepreneur
An individual who sets up a business, creates a new idea and who is willing to take a loss in order to make money.

29. Entrepreneurial
The adjective form of 'entrepreneur' referring to a person who takes a financial risk in hope of making profit.

30. Entrepreneurship
Refers to the execution of new ideas. Expenditure Money paid or cost.

31. Fail Fast Fail Cheap

Successful businesses will change depending on the market's reaction. Fail Fast, Fail Cheap refers to the extensive testing
to determine if a product or service has any value. The goal of testing is to quickly change the idea if something is not
working.

32. Fintech
Businesses that use modern technology to advance banking and financial services. Fixed Assets Things a business owns
or controls for a long time, such as premises or equipment.

33. Fixed Costs

Costs that stay the same, regardless of how many sales a business makes, for
example, rent.

34. Founder
The name given to the individual who starts a company.

35. Girls Hackathon

Please see definition below of hackathon. Women are typically underrepresented in the start-up sector; therefore, the
goal of Girls Hackathon is to focus on being inclusive to these underrepresented communities.

36. Gold Dust

To be of great value and difficult to find. Can typically refer to a successful business idea.

37. Gross Profit

Total income from a business’ sales minus the direct costs of making the sales (this does not include a business'
overhead or running costs).

38. Hack
A shorter way to say hackathon - please see below.

39. Hackathon
A hackathon is an event where individuals come together to creatively solve problems.

40. Hire
The act of giving someone a job. The term can also be used to describe renting a piece of equipment.

41. Hot Desk

Rather than having your own desk in an office, you will rotate desk space when required.

42. Idea
In terms of business, an idea can relate to a new concept of product or service that will typically be exchanged for
money.

43. Idea Generation

Idea generation, also known as ideation, is the process of generating, developing and communicating new business
ideas.

44. Info Pack

A pack of documents providing information on a particular subject.

45. Innovate
The process of introducing change and new ideas

46. Innovation
Innovation is the development of new ideas or better solutions that meet new requirements.

47. IP
Intellectual property (IP) refers to creations of the mind used in buying and selling, for example, inventions, creative
work, names and images. IP is protected by law and enables people to earn recognition for their creativity.

48. Key Messages

The things you most want customers to remember about your business.

49. KPI
Key performance indicators (KPIs) are a set of different measures that a business decides to use to measure its success.
50. Landing Page
A simple webpage that is designed to lead the visitor to your website, normally linked to paid advertisement on google,
social media, etc. Launch Introducing a new product or service to market.

51. Lean
Identifying how to create more value for customers with less resources.

52. Margin
The difference between the selling price of a product or service and its costs. The higher the margin, the more profit that
is made.

53. Market Positioning

How a business presents its products/services in relation to its competitors; higher quality, cheaper etc.

54. Marketing
Any activity a business does to try and contact potential customers.

55. Mission Statement

A sentence that describes what your business aims to achieve in the long term.

56. Net Profit

A business' total income minus its total costs.

57. Networking
Developing new contacts and maintaining a network of connections that could be beneficial for your business.

58. Niche
Also called market niche, is a very specific segment of customers that you have selected for your product/service: for
example, young cat owners, home bakers, etc.

59. Objectives
Things a business wants to achieve.

60. Open Questioning

Questions that do not have suggested answers and the respondent will answer in their own words.

61. Operations
The day-to-day activities that take place within a business.

62. Opportunity
A chance for advancement progress or profit.

63. Pivot
When a business makes fundamental changes based on feedback from their customers.

64. Pop-Up
A flexible way to test a business idea, usually opening as a temporary store, that will provide direct feedback from
customers.
65. PR
Two-way communication between a business and anyone who is interested in it.

66. Product/ Market Fit

This term is used when a company is in a market where customers are buying its products/services at the right speed
and the right price.

67. Profit and Loss Account

Will show a business total income and expenditure for a given time period.

68. Profitable
A business that is described as profitable is money making.

69. Referral
A customer gained through a recommendation from someone else.

70. Resources
The money, people, time and equipment required to run a business.

71. Revenue
The money a business makes from the sales of the products or services of the business.

72. Scalability
The ability of a business to grow fast without increasing its production costs.

73. Series A
The name given to the first round of significant financing a start-up receives from a venture capital firm. This round of
funding is typically to cover salaries, additional market research and to finalize the product or service to be brought to
market. This is the riskiest funding round.

74. Series B
The name given to the second round of significant financing and will typically range between £1 million and £30 million.

75. Series C
This round of funding is for later staged and established start-ups and will typically be for more than £30 million.
Skill Set A range of skills a person has that enables them to perform a particular job.

76. Small and Medium Sized Enterprise (SME)

SMEs are businesses with less than 250 employees and turnover of less than £50 million.

77. Stock
All the raw materials and finished goods owned by a business.

78. Strapline/Slogan
A catchy phrase that sums up a business' message.

79. Sustainable
Being sustainable means having little or no impact on the environment and therefore enabling a positive effect for
future generations.

80. Target Market

A group of customers a business chooses to focus its marketing efforts on.

81. Team
A group of individuals that collaborate to achieve a common goal.

82. Traction
The interest or support that customers give to a product or service.

83. Traffic
The number of visitors a website receives.

84. Turnover
A business' total sales income for a year.

85. Unicorn
The term given to a privately-owned start-up that was formed after 2003 and is valued at over £1billion.

86. USP (Unique Selling Point)

A benefit that a business offers to its customers that its competitors do not.

87. Validation
The action of testing an idea prior to launch, allowing you to develop the business to reflect customer feedback.

88. Values
The principles and beliefs that guide what a business does and how it does it.

89. Variable Costs

Costs that vary in line with a business level of sales.

90. Venture Capital

Venture capital is financing that investors provide to start-ups and small businesses that are believed to have long-term
growth

91. Viable
If a business idea is viable, it means that the business should successful.

92. Video Pitch

A visually recorded version of the elevator pitch for the purpose of redistribution, usually online.

93. Vision
A business' long-term goal. A meeting of a group of people with the goal of engaging in discussion and activity
in a particular subject.

GOD BLESS EVERY ONE!