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Glossary

A Explore Potential Ideas for a Micro-Business Start-Up

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Micro-business - An organisation with less than five employees

Start-up - a newly formed business that is usually small

Idea generation - The creative process used to identify potential new products, processes or improvements to existing

New markets - Groups of customers that a business has not sold to before

Business opportunities - Potential new markets, products or processes that a business can explore

Decision matrix - A tool used to compare different options by ranking different factors in columns

Selection criteria - The factors used to judge different business opportunities such as potential costs and scalability scoring for business

Opportunities - The points awarded to each selection criteria to support an overall decision

Business model canvas - A visual tool used to communicate the strategies planned to bring a product to market

Key activities - The tasks that are planned in the business model canvas in order to launch the product

Customer relationships - Part of the business model canvas that focuses on the strategies to encourage buyers

Customer segments - The categories of customer who the product is aimed at

Key partners - Other businesses and individuals identified in the business model canvas that will be part of the development of the product

Value proposition - The statement in the business model canvas that identifies how the product improves lives of customer

Resources - Items and equipment identified in the business model canvas that are needed to bring the product to market

Cost structure - The amount of money required to produce and bring the product to market including manufacturing, distribution and marketing

Channels - The methods of getting the product to the customer, e.g. directly or through a retailer

Revenue streams - a description of how a firm makes money from the sale of a product

Business activity - The process of producing goods and services to satisfy consumer demand

Primary sector - The portion of the economy concerned with the direct extraction of materials from Earth's surface, e.g. through agriculture, mining, fishing, and forestry.

Secondary sector - The portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials.

Tertiary sector - the part of the economy that involves services rather than goods

Processes - Tasks that a business performs to achieve their goals

Manufacturing - The process of making a raw material into a finished product; especially in large quantities.

Outsourcing - A decision by a corporation to turn over much of the responsibility for production to independent suppliers.

Sourcing - selection of suppliers that will deliver the goods and services needed to create the firm's product

Organisational structure - The way in which the staff within a business are arranged to carry out its activities

Roles and Responsibilities - The definition of who does what on a project and the hierarchy for decision making

Business capability - What the business does and what it is capable of doing core competencies - Things a company does extremely well, which sometimes give it an advantage over its competition

Time constraints - The limitations of the outcome that result from having finite time available

Financial constraints - The limitations of the outcome that result from having finite money available

Stakeholder influences - The impact that groups affected by a business can have on the actions of that business Access to

Physical resources - The availability of equipment and materials needed to produce a product and bring it to market

Availability of IT - The availability of computers, software and network connections needed to produce a product and bring it to market

Environmental influences - The impact of external factors on the actions of a business

Internal risks - Issues that may have a negative impact on the business that arise from within the organisation, e.g. health and safety and communication issues

External risks - Issues that may have a negative impact on the business that arise from outside of the organisation, e.g. the economy and political unrest

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