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Business Idea
A business idea is a concept that can be used for financial gain that is usually centered on a product or service that can be offered for money. An idea is the first milestone in the process of building a successful business. The characteristics of a promising business idea are: * Innovative * Unique * Problem solving * Profitable *understandable A business idea is often linked to its creator who needs to identify the business's value proposition in order to launch to market and establish competitive advantage. A business idea is the first spark of Entrepreneurship. Meaning of innovation For businesses, this could mean: creating new ideas, new product development through research and development, or improving existing services. Innovation can be the central focus of a business and this can help them to grow and become a market leader if they execute their ideas properly. Businesses that are focused on innovation are usually more efficient, cost-effective, and productive. Successfu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Proposition
In marketing, a company’s value proposition is the full mix of benefits or economic value which it promises to deliver to the current and future customers (i.e., a market segment) who will buy their products and/or services. It is part of a company's overall marketing strategy which differentiates its brand and fully positions it in the market. A value proposition can apply to an entire organization, or parts thereof, or customer accounts, or products or services. A value proposition can be written as a business or marketing statement (called a "positioning statement") which summarizes why a consumer should buy a product or use a service. A compellingly worded positioning statement has the potential to convince a prospective consumer that a particular product or service the company offers will add more value or better solve a problem (i.e. the "pain-point") for them than other similar offerings will, thus turning them into a paying client. The positioning statement usually co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxicab
A taxi, also known as a taxicab or simply a cab, is a type of vehicle for hire with a driver, used by a single passenger or small group of passengers, often for a non-shared ride. A taxicab conveys passengers between locations of their choice. This differs from public transport where the pick-up and drop-off locations are decided by the service provider, not by the customers, although demand responsive transport and share taxis provide a hybrid bus/taxi mode. There are four distinct forms of taxicab, which can be identified by slightly differing terms in different countries: * Hackney carriages, also known as public hire, hailed or street taxis, licensed for hailing throughout communities * Private hire vehicles, also known as minicabs or private hire taxis, licensed for pre-booking only * Taxibuses, also come in many variations throughout the developing countries as jitneys or jeepney, operating on pre-set routes typified by multiple stops and multiple independent passenger ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minimum Viable Product
A minimum viable product (MVP) is a version of a product with just enough features to be usable by early customers who can then provide feedback for future product development. A focus on releasing an MVP means that developers potentially avoid lengthy and (possibly) unnecessary work. Instead, they iterate on working versions and respond to feedback, challenging and validating assumptions about a product's requirements. The term was coined and defined in 2001 by Frank Robinson and then popularized by Steve Blank and Eric Ries.W. S. Junk,The Dynamic Balance Between Cost, Schedule, Features, and Quality in Software Development Projects, Computer Science Dept., University of Idaho, SEPM-001, April 2000. It may also involve carrying out market analysis beforehand. The MVP is analogous to experimentation in the scientific method applied in the context of validating business hypotheses. It is utilized so that prospective entrepreneurs would know whether a given business idea would actu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Opportunity
A business opportunity (or bizopp) involves sale or lease of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a business. The licensor or seller of a business opportunity usually declares that it will secure or assist the buyer in finding a suitable location or provide the product to the purchaser-licensee. This is different from the sale of an independent business, in which there is no continued relationship required by the seller. Eckhardt and Shane (2003) argue that when taking the path of entrepreneurship, one of the most important indicators for future entrepreneurship is the skill of finding the business opportunity. This is seen as the lynchpin around which the promise of entrepreneurial venture is to be built. Shane and state that individuals must possess prior knowledge and the cognitive properties necessary to value such knowledge in order to identify the new opportunity. This normally allows a triggering of the opportunity which c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Investor
An investor is a person who allocates financial capital with the expectation of a future Return on capital, return (profit) or to gain an advantage (interest). Through this allocated capital most of the time the investor purchases some species of property. Types of investments include Stock, equity, Bond (finance), debt, Security (finance), securities, real estate, infrastructure, currency, commodity, Exonumia, token, derivatives such as put and call Option (finance), options, Futures contract, futures, Forward contract, forwards, etc. This definition makes no distinction between the investors in the primary and secondary markets. That is, someone who provides a business with capital and someone who buys a stock are both investors. An investor who owns stock is a shareholder. Types of investors There are two types of investors: retail investors and institutional investors. Retail investor * Individual investors (including Trust law, trusts on behalf of individuals, and umbr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Stream
A revenue stream is a source (or category of sources) of revenue of a company, other organization, or regional or national economy. In business, a revenue stream is generally made up of either recurring revenue, transaction-based revenue, project revenue, or service revenue. In government, the term revenue stream often refers to different types of taxes. Recurring revenue Recurring revenue is revenue that is likely to continue to be generated regularly for a significant period of time. It is typically used by companies that sell subscriptions or services. It could take the form of bills paid monthly by consumers, or commercial contracts lasting several years. An example of this is monthly phone contracts. Unless the contract is broken or the customer does not pay, the phone business is guaranteed monthly revenue for the duration of the contract, often 2 years. Recurring revenue is often tracked on either a monthly basis, as monthly recurring revenue (MRR), or an annual basis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Profitability
In economics, profit is the difference between the revenue that an economic entity has received from its outputs and the total cost of its inputs. It is equal to total revenue minus total cost, including both explicit and implicit costs. It is different from accounting profit, which only relates to the explicit costs that appear on a firm's financial statements. An accountant measures the firm's accounting profit as the firm's total revenue minus only the firm's explicit costs. An economist includes all costs, both explicit and implicit costs, when analyzing a firm. Therefore, economic profit is smaller than accounting profit. ''Normal profit'' is often viewed in conjunction with economic profit. Normal profits in business refer to a situation where a company generates revenue that is equal to the total costs incurred in its operation, thus allowing it to remain operational in a competitive industry. It is the minimum profit level that a company can achieve to justify its cont ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Model
A business model describes how an organization creates, delivers, and captures value,''Business Model Generation'', Alexander Osterwalder, Yves Pigneur, Alan Smith, and 470 practitioners from 45 countries, self-published, 2010 in economic, social, cultural or other contexts. The process of business model construction and modification is also called ''business model innovation'' and forms a part of business strategy. In theory and practice, the term ''business model'' is used for a broad range of informal and formal descriptions to represent core aspects of an organization or business, including purpose, business process, target customers, offerings, strategies, infrastructure, organizational structures, sourcing, trading practices, and operational processes and policies including culture. Context The literature has provided very diverse interpretations and definitions of a business model. A systematic review and analysis of manager responses to a survey defines business models ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mobile App
A mobile application or app is a computer program or software application designed to run on a mobile device such as a phone, tablet, or watch. Mobile applications often stand in contrast to desktop applications which are designed to run on desktop computers, and web applications which run in mobile web browsers rather than directly on the mobile device. Apps were originally intended for productivity assistance such as email, calendar, and contact databases, but the public demand for apps caused rapid expansion into other areas such as mobile games, factory automation, GPS and location-based services, order-tracking, and ticket purchases, so that there are now millions of apps available. Many apps require Internet access. Apps are generally downloaded from app stores, which are a type of digital distribution platforms. The term "app", short for " application", has since become very popular; in 2010, it was listed as "Word of the Year" by the American Dialect Society. Apps a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uber
Uber Technologies, Inc. (Uber), based in San Francisco, provides mobility as a service, ride-hailing (allowing users to book a car and driver to transport them in a way similar to a taxi), food delivery (Uber Eats and Postmates), package delivery, couriers, and freight transportation. Via partnerships with other operators such as Thames Clippers (boats) and Lime (electric bicycles and motorized scooters), users are also able to book other modes of transport through the Uber platform in some locations. Uber sets fares, which vary using a dynamic pricing model based on local supply and demand at the time of the booking and are quoted to the customer in advance, and receives a commission from each booking. It had operations in approximately 72 countries and 10,500 cities as of December 31, 2021. Uber offers many different types of ride options. UberX is the most popular and the standard service of the company. UberXL, Uber Comfort, and Uber Black are other options offered ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Competitive Advantage
In business, a competitive advantage is an attribute that allows an organization to outperform its competitors. A competitive advantage may include access to natural resources, such as high-grade ores or a low-cost power source, highly skilled labor, geographic location, high entry barriers, and access to new technology and to proprietary information. Overview The term ''competitive advantage'' refers to the ability gained through attributes and resources to perform at a higher level than others in the same industry or market (Christensen and Fahey 1984, Kay 1994, Porter 1980 cited by Chacarbaghi and Lynch 1999, p. 45). The study of this advantage has attracted profound research interest due to contemporary issues regarding superior performance levels of firms in today's competitive market. "A firm is said to have a competitive advantage when it is implementing a value creating strategy not simultaneously being implemented by any current or potential player" (Barney 1991 cited b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unique Selling Proposition
In marketing, the unique selling proposition (USP), also called the unique selling point, or the unique value proposition (UVP) in the business model canvas, is the marketing strategy of informing customers about how one's own brand or product is superior to its competitors (in addition to its other values). It was used in successful advertising campaigns of the early 1940s. The term was coined by television advertising pioneer Rosser Reeves of Ted Bates & Company. Theodore Levitt, a professor at Harvard Business School, suggested that, "Differentiation is one of the most important strategic and tactical activities in which companies must constantly engage." The term has been extended to cover one's " personal brand". Definition A unique selling proposition (USP) refers to the unique benefit exhibited by a company, service, product or brand that enables it to stand out from competitors. The unique selling proposition must be a feature that highlights product benefits that are me ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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