Entrepreneurs. They’re the reason we have Facebook, AirBnb, LinkedIn, YouTube, and many other companies that dominate our daily life. They’re people who turn their ideas into small (or eventually big!) business ventures.
In recent years, Chile has established itself as a hub for entrepreneurship. Chile’s infrastructure, public policies, and positive government perspective on entrepreneurship have led to an excellent ecosystem for entrepreneurs.
If you’re an aspiring entrepreneur, you’re already an entrepreneur, or you just think entrepreneurship is awesome, today’s post is for you! Read on to learn 20 key entrepreneurship vocabulary words.
1. Entrepreneur/Entrepreneurship - a person who starts a business/the activity of starting businesses for profit
Example: The entrepreneur took a big risk when she quit her job and decided to pursue her idea of creating her own technology start-up.
Example: The Chilean government encourages entrepreneurship because it brings creative, excellent new business ventures into the country!
2. Venture - a risky project or business idea
Example: My latest venture is developing a new smart phone application. Even though it’s a risky venture, I’m hoping I’ll find some big investors!
3. Profit - financial gain
Example: Entrepreneurs take financial risks with the hopes of profiting from their business venture.
4. Start-Up - a newly established business
Example: When it first started, Dynamic English was a start-up language institute! The founders, Ted and Andrew, are both entrepreneurs.
5. Investor - a person that puts money into a project or small business, with the hope of eventually receiving profit
Example: When the entrepreneurs created their eco-friendly cleaning products business, they were fortunate to secure several investors to support their growth.
6. Accelerator - an organization or project that promotes or supports the fast growth of small businesses
Example: Start-Up Chile is one of the most successful start-up accelerators in Latin America. In eight years, Start-Up Chile has accelerated over 1,600 companies.
7. Incubator - an organization or space dedicated to supporting new business ventures
Example: Their start-up is housed at an incubator! The start-up incubator gives their small company the necessary office space and professional support to grow.
8. Networking - to increase your community of professional connections
Example: Networking is key for entrepreneurs. It’s a great way to develop relationships with potential investors and other entrepreneurs!
9. Copyright - the exclusive legal right to use and reproduce literary, artistic, or musical material
Example: The small photography business created a detailed guide to sell to photographers in training. They were sure to copyright the book so that wouldn’t be reproduced by a different business.
10. Patent - authorization or license granted to an inventor that prevents others from making, using, or selling their invention
Example: We got a patent for our artificial limb technology so that another company wouldn’t steal our invention.
11. Trademark - a symbol, words, or a phrase officially registered for a company
Example: An important part of developing a company’s brand is to be sure it has an official trademark.
12. Side hustle - slang for your side project or business
Example: I work full-time, but my side hustle is a little start-up that does graphic design and media work.
13. Take risks - to make choices with uncertain outcomes
Example: Taking risks is a huge part of entrepreneurship. When they started their own company, they invested large amounts and quit their jobs, even though they weren’t sure their business would succeed.
14. Launch - to initiate, start or release
Example: The start-up is launching its first product next week. Hopefully it will be successful!
15. Pitch - to propose a business idea, usually with the goal of obtaining a contract or funding
Example: We pitched our idea to the board of the company, and they gave us the funding we needed to begin the project!
16. Associate/partner - when two people start a business, they’re each other’s associates or partners
Example: My associate does client relations for our start-up, and I manage logistics and finances.
Example: My business partner and I met in college, and we’ve been working together on business ventures ever since!
17. Outsourcing - obtain goods or resources from a source outside your company
Example: We do all of our creative work in-house, but we outsource the production of our actual products.
18. Strategic alliance - a relationship between two companies that helps both companies reach their goals
Example: The architecture start-up and the landscaping start-up formed a strategic alliance to better support each other’s businesses.
19. Capital - wealth or assets available to invest in a project or business
Example: Capital is absolutely necessary to start a business! That’s why entrepreneurs spend so much time chatting with donors!
20. Venture capital - capital invested in a project where there is significant risk
Example: The venture capital firm invested in their project to create a new online storage system.
Interested in learning more about entrepreneurship in Chile? Check out these links!
Written by Mariah Wika