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