Business Terms

• Needs

  Basic requirements or necessities that individuals or groups have in order to survive or thrive. In the context of products, needs refer to the problems or challenges that consumers face, which the products are designed to address.
• Competitive environment


  A market with a lot of competitors
• Large number


  Many businesses operating in this market, all trying to attract customers and make sales
• Innovation


  Developing new products or services that are not currently offered by competitors
• Quality


  Offering higher quality products or services than competitors
• Attributes


  Durability, reliability, performance, ease of use
• Loyalty


  Increased customer loyalty
• Reputation


  Build a strong reputation in the market
• Measurement


  Customer feedback, product testing, performance metrics
• Brand reputation


  High-quality products or services can help build a strong brand reputation
• Entrepreneurial venture


  A business or initiative started by an entrepreneur to make a profit or create a social impact
• Innovation and risk-taking


  The development and implementation of new ideas, products, or services that require a certain level of risk-taking
• Organization and management


  The process of arranging and coordinating resources, including people, finances, and technology, to achieve the enterprise's goals
• Value creation


  The process of generating benefits for customers, employees, and stakeholders through the entrepreneurial venture
• Legal and regulatory risk


  The risk of non-compliance with laws and regulations, leading to legal and financial consequences
• Personal risk


  The risk of burnout, stress, and strain on personal relationships due to the all-consuming nature of entrepreneurship
• Operational risk


  The risk of encountering challenges in managing operations, such as hiring, cash flow, and unexpected issues
• Gap in the market


  An area in the market where there is a demand for a product or service, but no existing solution is currently being offered. It's an opportunity for a business to introduce a new product or service to meet that demand.