Entrepreneurship in Technology Week 1 Vocabulary
Entrepreneur:
A person who starts and runs a business, taking on financial risks in the hope of profit.
Startup:
A newly established business, typically in its early stages.
Profit:
The money a business earns after expenses are paid.
Revenue:
The total income generated from sales before any expenses are subtracted.
Cost:
The amount of money spent to produce a product or service.
Target Market:
A specific group of people a business aims to serve.
Branding:
Creating a unique name, image, and message to promote a product or business.
Marketing:
Activities a business does to promote and sell products or services.
Prototype:
An early model of a product used to test and improve the final design.
Innovation:
A new idea, method, or product that improves something.
Pitch:
A brief presentation to explain and persuade others about a business idea.
Profit Margin:
A monetary value assigned to a product or service.
Gig Economy:
Short-term contracts or freelance work instead of permanent employment.
Gigging:
Taking small “gigs” or individual jobs instead of traditional employment.
Diverse Income Stream:
Receiving income from multiple sources.
Niche:
a specialized segment of the market for a particular kind of product or service
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