In our dictionary of entrepreneurial terms, you’ll find a list of entrepreneur-related words, phrases, acronyms, and other vocabulary defined in a plain-English manner.
Here are the 15+ entrepreneur dictionary terms you should know:
Angel – A type of investor, often a wealthy individual, who provides capital and financial support to a fledgling startup in return for an ownership percentage.
Business Model – A description of how an existing business or business idea plans to achieve success, make a profit, and create value. Michael Lewis in his book, The New, New Thing, puts it succinctly as “how you planned to make money.”
Crowdfunding – The practice of raising money online through many small donations from regular people, rather than one larger amount from an investor. The popular website Kickstarter is a crowdfunding platform.
Elevator Pitch – A short, to-the-point message from one person to another to propose an idea, often business-related. A startup founder might deliver an elevator pitch to a potential investor seeking funding, for example. Read more on our guide on how to make an elevator pitch.
Entrepreneurship – The process of business creation, from ideation and design through to execution and managing it. A person who starts their own business is called an entrepreneur, and they can be described as entrepreneurial.
Fintech – A portmanteau word meaning “financial technology,” referring to businesses and startups in the financial sector who use modern technology to facilitate their business. Think Robinhood, Revolut, or Betterment.
Fledgling – A company or startup that is young, lacking experience, and still struggling with their business ideas, business model, market, and products or services.
Innovation – New, creative, unique ideas and a way to turn those ideas into actionable solutions.
Launch – The event where a product or service is released to the public market.
Pivot – A recalibration or shift in business focus or the business model based on innovation, customer feedback, or to seek better return on investment.
Scale – To grow a company while maintaining or improving upon its performance, effectiveness, or efficiency as it grows.
Unicorn – A startup company, usually privately-held, which reaches a valuation of over $1 billion.
Unique Selling Point – The thing that stands out about your product or service over that of another company.
USP – See “Unique Selling Point.”
Video Pitch – See “Virtual Elevator Pitch.”
Virtual Elevator Pitch – A 30- to 60-second video alternative to the traditional elevator pitch, used to pitch ideas, whether to business investors or a community like Goodwall to find climate change solutions. Read our guide on why to use one and how to make your own virtual elevator pitch.
Workshop – An event where multiple people gather to receive training and education on a particular topic. A workshop can be anywhere from a few hours to weeks in length. Often, one or more instructors lead a workshopping event to guide the participants.
Well, there you have it, all the important vocabulary entrepreneurs need to know to survive and thrive.
Got any entrepreneurship terms we missed? Let us know in the comments below, and we’ll add it to our glossary of entrepreneur words. Thanks for reading!