Business Concepts 101 - Entrepreneur

Episode 1

Business Concepts 101 - awesome words & definitions for Enterprising Girls Entrepreneur - Someone who creates or runs their own business. Any kind of business! Successful entrepreneurs are curious, strategic and willing to make mistakes along the way.

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https://www.youtube.com/watch?v=zdgEBJpDzzM

Business Concepts 101 - Flearning

https://www.youtube.com/watch?v=b6fuzg5K4h0

Business Concepts 101 - awesome words & definitions for Enterprising Girls Flearning: Simultaneously failing and learning. Flearning means not taking criticism or defeats too personally. It’s about embracing your mistakes as a normal and necessary part of the learning and innovation process.

Business Concepts 101 - Mindset

https://www.youtube.com/watch?v=OVNNO8Q71mA

Business Concepts 101 - awesome words & definitions for Enterprising Girls Mindset: The thoughts, opinions and beliefs you have which shape your attitude towards entrepreneurship. By building a growth mindset - believing you can do something - you can learn new skills and take on challenges.

Business Concepts 101 - Empathy

https://www.youtube.com/watch?v=ADLJw8NkY-c

Business Concepts 101 - awesome words & definitions for Enterprising Girls Empathy: Understanding the feelings and emotions of somebody other than yourself. Empathy matters in entrepreneurship because it helps us to consider a product or service from the perspective of the consumer, whose needs might differ from our own.

Business Concepts 101 - Disruptor

https://www.youtube.com/watch?v=GVSkoBWfJ4s

Business Concepts 101 - awesome words & definitions for Enterprising Girls Disruptor: Disruptors create products that never existed before, or they might revolutionise something that’s been around forever. They are movers and shakers who look at problems from a new perspective, often changing the rules and upsetting the status quo.

Business Concepts 101 – Ideation

https://youtu.be/hUcsrtjmLQQ

Business Concepts 101 – awesome words & definitions for Enterprising Girls Ideation: Ideation is the formation of new concepts and ideas. You might also know this process as ‘brainstorming’. Ideation involves temporarily throwing out the rule book, ignoring established conventions and bringing all your creative energy to tackling a problem in a new way. There’s no wrong answer when you’re in ideation mode!

Business Concepts 101 – Value Creation

https://youtu.be/4vnncszvZws

Business Concepts 101 – awesome words & definitions for Enterprising Girls Value Creation: Value creation is about making yourself or your product valuable - either financially, socially or via some other way. This might involve creating a product or service people are simply willing to pay for, delivering a profit back to shareholders or stopping the environment from being polluted.

Business Concepts 101 – Marketing Mix

https://youtu.be/YHWK3qba41E

Business Concepts 101 – awesome words & definitions for Enterprising Girls Marketing Mix: a business formula of tactics to help your business appeal uniquely to your customers. The 'Mix' includes 4 original ingredients: "Product" "Price" "Place" and "Promotion," plus three newbies; "Process" "People" and "Physical Evidence. Often known as the 7Ps!

Business Concepts 101 – Brand

https://youtu.be/dyJI2H7iVGc

Business Concepts 101 – awesome words & definitions for Enterprising Girls Brand: the marketing practice of creating a name, symbol or design that identifies and differentiates your product from others. A business’s brand tells people who they are and how they want to be perceived, which is important because brand loyalty will often mean people choose your product over another one that might be similar.

Business Concepts 101 – Assumptions

https://youtu.be/booOp37dQ6I

Business Concepts 101 – awesome words & definitions for Enterprising Girls Assumptions: Something you expect will happen or believe to be true but without actual proof. Assumptions can sometimes be hard to recognise, and if we leave them unchallenged they can lead to poor decisions. By clearly identifying any assumptions you can focus much better on making your product or idea work.

Business Concepts 101 – Design Thinking

https://youtu.be/E5kR4pGET1Q

Business Concepts 101 – awesome words & definitions for Enterprising Girls Design thinking: A special process that helps us to solve problems based on the needs of people. It helps entrepreneurs carry out the right kind of research, create prototypes and test out products and services to uncover new ways to meet people’s needs.

Business Concepts 101 – Intrapreneur

https://youtu.be/BFRX-hPQqbg

Business Concepts 101 – awesome words & definitions for Enterprising Girls Intrapreneurs take an entrepreneurial approach when working inside someone else’s business. Intrapreneurs question the status quo and see opportunities beyond ‘how things have always been done’.

Business Concepts 101 – Iterative design

https://youtu.be/Y3jUjnRWfxM

Business Concepts 101 – awesome words & definitions for Enterprising Girls Iterative Design: A design methodology based on building a prototype, testing it, analysing the results, and refining the product accordingly – before beginning again. Based on the results of testing, and feedback from other people, the product can be improved at each iteration.

Business Concepts 101 – Potential Customers

https://youtu.be/ITErJQBleoc

Business Concepts 101 – awesome words & definitions for Enterprising Girls Potential Customers: A group of people or organisations who are likely to buy the product your company creates. Potentially your customers could include anyone in the world with capacity to pay. However, smart entrepreneurs identify segments of the population towards whom they target their marketing/promotion.

Business Concepts 101 – Problem Statement

https://youtu.be/YvDYFJDKp8A

Business Concepts 101 – awesome words & definitions for Enterprising Girls Problem Statement: A short description of the problem your idea will solve, or a condition it will improve. Problem statements explain the root cause of a problem: who it impacts, how it impacts them and how your idea is a successful solution.

Business Concepts 101 – Resilience

https://youtu.be/KApiEPxN-Kw

Business Concepts 101 – awesome words & definitions for Enterprising Girls Resilience: Being resilient means being able to recover from disappointments and set-backs. Taking risks is part of an entrepreneur’s job, which means failure is inevitable. Without failing, you can’t learn what won’t work. Resilience is about taking those failures in your stride, learning from them and bouncing back stronger than ever.

Business Concepts 101 – Skillset

https://youtu.be/rHOrRXKUjCw

Business Concepts 101 – awesome words & definitions for Enterprising Girls Skillset: The capacities and capabilities you have to create, develop, enhance or improve something. Your skillset includes what you’ve learned in formal education, or something outside your formal schooling such as the ability to code. Your skillset also includes qualities like having self-confidence or being a good listener.

Business Concepts 101 – Social Entrepreneurship

https://youtu.be/_ky1TzjlCgc

Business Concepts 101 – awesome words & definitions for Enterprising Girls Social Entrepreneurship: Building a business that pursues solutions to community-based problems. Social entrepreneurship is about making a product or offering a service that is aimed at making the world a better place.

Business Concepts 101 – Test and Learn

https://youtu.be/JQ9Qnk_-AsE

Business Concepts 101 - awesome words & definitions for Enterprising Girls Test and Learn: Rolling out a new business strategy in a limited way to identify and resolve potential errors. Test and learn is shorthand for describing an entrepreneurial experiment conducted on a small scale for the purpose of gaining knowledge.

Business Concepts 101 – Toolset

https://youtu.be/MxUSWRMjywY

Business Concepts 101 - awesome words & definitions for Enterprising Girls Toolset: The tools, aides and programs you use to be innovative, develop your ideas and build and manage your business. Your toolset might include the space you work in, a computer, software or the physical parts needed to make a product. It can also be the team of people around you!

Business Concepts 101 – User-centricity

https://youtu.be/Wb9gHv01kx8

Business Concepts 101 - awesome words & definitions for Enterprising Girls User-centricity is empathy in action; it puts your customer (sometimes in the biz called an ‘end user’) at the heart of your solution. As an entrepreneur, it requires putting yourself in the shoes of your customer - and asking them what they want and need. By listening to their preferences you can learn more about whether your idea will fly.

Business Concepts 101 – Validation

https://youtu.be/NVf_nHYnJ5c

Business Concepts 101 - awesome words & definitions for Enterprising Girls Validation: The part where you get to test your ideas and see if they work. In the design thinking process, we use validation to make sure our ideas or inventions are going to work in the real world. This can help you define your product and make it even better.

Business Concepts 101 – Bootstrapping

https://youtu.be/R-BiCVAYqt8

Business Concepts 101 - awesome words & definitions for Enterprising Girls Bootstrapping: When a business owner finances a start-up company out of their own pocket, without investment from outside. Bootstrappers often delay paying themselves, working towards a larger payday when the business up and running.

Business Concepts 101 – Costs

https://youtu.be/eQpnrgJjVo0

Business Concepts 101 - awesome words & definitions for Enterprising Girls Costs: The amount of money needed to produce an item for sale or to deliver a service. Your profit - the cash you can keep - comes by charging more than your costs.

Business Concepts 101 – Revenue

https://youtu.be/_IaGST93GA0

Business Concepts 101 - awesome words & definitions for Enterprising Girls Revenue: All the money you earned from providing services or selling products. Subtracting your costs from your revenue, gives you PROFIT, or the cash you can keep or invest!

Business Concepts 101 – Prototype

https://youtu.be/JDaU7498Un8

Business Concepts 101 - awesome words & definitions for Enterprising Girls Prototype: The first version of a new product. It forms the basis from which better variations can be developed and assumptions can be tested.

Business Concepts 101 – Enterprising Girls

https://youtu.be/uz68xmhU6R4

Business Concepts 101 - awesome words & definitions for Enterprising Girls

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Business Concepts 101 - Entrepreneur

Episode 1

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