Free Entrepreneur Type Assessment
Freed basic entrepreneurial assessment.
Glossary of Terms
- Scaling: Expanding your business operations to serve more customers, increase revenue, or grow the company’s footprint, such as adding new locations or hiring more staff.
- Innovation: The process of introducing new ideas, products, or services to improve or transform your business, often with the goal of gaining a competitive edge.
- Business Model: The strategy a company uses to generate revenue and make a profit from its operations, including how it creates and delivers value to customers.
- Operational Efficiency: The ability to deliver products or services in the most cost-effective manner without compromising quality, often through streamlined processes and effective resource management.
- Risk Management: The process of identifying, assessing, and controlling potential risks that could negatively impact the business.
- Customer Acquisition: The process of attracting and gaining new customers through various marketing and sales efforts.
- Market Differentiation: The process of making your business stand out from competitors by offering unique products, services, or experiences that meet the needs of your target market better than others.
- Technology Adoption: The use of technology to improve business processes, operations, and customer interactions, which can include software tools, automation, and digital marketing platforms.
- Growth Strategy: A plan for expanding your business, whether by increasing sales, entering new markets, or developing new products and services.
- Competitive Analysis: The practice of evaluating and understanding your competitors’ strengths, weaknesses, and strategies to help shape your own business decisions.
- Revenue Streams: The various sources from which a business earns money from its products or services, such as sales, subscriptions, or licensing fees.
- Customer Retention: The ability to keep existing customers returning for your products or services, which is often a sign of customer satisfaction and loyalty.
- Disruption: Introducing new products or services that significantly change the existing market, often displacing established companies or products.
- Entrepreneurial Type: A classification of your approach to business, which could range from highly innovative and risk-taking to more conservative and stability-focused.
- Minimum Viable Product (MVP): The most basic version of a new product or service that can be released to test the market, gather feedback, and make improvements before a full-scale launch.