Definitions

• Entrepreneur = An entrepreneur is an individual who, rather than

working as an employee, runs a small business and assumes all the
risks and rewards of a given business venture, idea, or good or
service offered for sale. The entrepreneur is commonly seen as a
business leader and innovator of new ideas and business processes.

• Example:
• After years of working to make his employers rich, Ken decided he
wanted to try his hand at being an entrepreneur.
 Definitions
• crowdfunding = the practice of funding a project or
venture by raising monetary contributions from a large
number of people.

• Example:
• Kickstarter is a crowdfunding platform, focused on helping
users raise funds for creative products.
 Definitions
• Angel investor = Also known as a business angel, informal investor, angel funder,
private investor, or seed investor is an affluent individual who provides capital for a
business start-up, usually in exchange for convertible debt or ownership equity. A small
but increasing number of angel investors invest online through equity crowdfunding or
organize themselves into angel groups or angel networks to share research and pool their
investment capital, as well as to provide advice to their portfolio companies. An angel
investor provides financial backing for small startups and entrepreneurs. Often, angel
investors are among an entrepreneur's family and friends. The capital angel investors
provide may be a one-time investment to help the business propel or an ongoing injection
of money to support and carry the company through its difficult early stages.

Example:
• They called him their angel investor because of how much he helped them in the early
days of their company.
 Definitions
• Marketing mix = set of actions, or tactics, that a company uses
to promote its brand or product in the market. The 4Ps make up
a typical marketing mix - Price, Product, Promotion (promotion
=activities undertaken to make the product known to the user,
e.g. advertising, incentives) and Place (the point of sale).

• Example:
• A good marketing mix helps companies gain more awareness
in their target market.
 Definitions
• Brand stretching= the process of using a successful brand
name to launch a completely new product or a modified
product in the same product market.

• Example:
• Tobacco companies use brand stretching to get their
names established in other areas, e.g. Camel watches.
 Definitions
• Market challenger =A firm that has a market share below that
of the market leader, but enough of a market presence that it
can exert upward pressure in its effort to gain more control. The
number two player in a market after the market leader.

Example :
• In a direct frontal attack, Pepsi launched a product in response to
its market challenger, Coke. So, Pepsi introduced Diet Pepsi when
Coke introduced Diet Coke.
 Definitions
• Market niche = A small but profitable segment of a market suitable for focused
attention by a marketer. Market niches do not exist by themselves, but are
created by identifying needs or wants that are not being addressed by
competitors, and by offering products that satisfy them. One of the booming
niche markets is the food industry: artisan foods (specialty chocolates, cheeses,
sausages, jams and jellies, coffee roasting), gluten-free products, organic food.

Example:
• Dark tourism remains a small niche market, driven by varied motivations, such
as mourning, remembrance, education, macabre curiosity or even entertainment.
 Definitions
• Elevator pitch = a brief speech that outlines an idea for a product, service or
project. The name comes from the notion that the speech should be delivered in
the short time period of an elevator ride, usually 20-60 seconds.
• In the financial world, the speech refers to an entrepreneur's attempt to convince
a venture capitalist that a business idea is worth investing in.

Example:
• If you want to convince venture capitalists to invest in your product you must
deliver a good elevator pitch.