(vocab and basic definitions for creative entrepreneurs)
Kindred-lex unpacks startup terms for aspiring creative entrepreneurs
- Business execution: Completing necessary tasks and responsibilities to specific standards within certain timeframes.
- Design studio: A workplace for designers and entrepreneurs to collaborate on thinking up, developing and growing new processes or products. These spaces are typically informal and focused on the encouragement of creative confidence.
- Design thinking: A formal method for creative problem solving based around empathetic questioning to examine parameters, alternative solutions, and varied prototypes.
- Doer: Starting a company requires immense effort. Doers thrive in the execution of ideas and the development of a business.
- Elevator pitch: A term used to describe an outline of an idea for a product, service or project which comes from the notion that the ‘pitch’ should be able to be delivered in the amount of time it takes to ride an elevator, usually 20-60 seconds.
- Entrepreneurship: The process of starting a business or related enterprise including concept development, business modeling, resource generation, and more.
- High-growth startup: An enterprise with a business model that is designed to be repeatable and scalable
- Ideation: In-depth brainstorming; idea generation and formation.
- Incubators: Environments with the necessary physical and conceptual tools to take early-stage startups and build them up to be market-ready. Incubation takes place after the foundations have been laid.
- Innovation: The creation of new methods, ideas, products, concepts, and more.
- Lean startup modeling: A business strategy that strives to eliminate waste in product and processes while discovering and addressing customer needs.
- Maker space: An environment customised for creation with the necessary physical and conceptual tools on hand to design and build new products.
- Minimum Viable Product (MVP): At the core of any startup is a hypothesis about a particular ‘problem’ and a solution to that problem. The MVP is the fastest way to test these hypotheses and show your ideas to potential customers and learn as much as possible from them during that process.
- Napkin-to-Prototype: Moving from the idea stage to product development, beginning with the simplest sketches to illustrate essential elements of the concept.
- Scalability: An attribute of a process, organisation or enterprise to grow and manage increased demand. Scalable businesses have an advantage because they are more adaptable to the changing needs or demands of users/clients/customers.
- Sharks: Professionals, such as venture capitalists and entrepreneurs, who provide feedback on product development and the future viability of a business.
- SMEs: Small and medium-sized enterprises
- Startup: An entrepreneurial venture typically newly emerged and fast-growing that aims to meet a marketplace need by developing a lean business model and innovative ‘minimum viable’ product, service, process or a platform.
- Startup culture: A workplace environment that values creative problem solving, open communication and a flat hierarchy.
- Venture capital: Financial resources invested in a project where there is a substantial element of risk, often because the business receiving the resources is new or rapidly expanding.
- Workshop: Intense discussion and dynamic activities on subjects related to entrepreneurship.