Sep
21

20 Vocabulary Words Every (wanna’ be) Entrepreneur Should Know

Here is a list of 20 vocabulary words every (wanna’ be) entrepreneur should know- academic references included at no extra charge!

Academic Intellectual Entrepreneurship is a term coined by Bresler (2009) and stresses the cultivation of high impact research, teaching, and service, rich in creativity and education, unprecedented opportunities to expand the role of academics beyond traditional, often self-imposed boundaries, changing contents, evolving formats, expanding audiences (the role of academics plus entrepreneurism).

Corporate Entrepreneurship is defined as “the presence of innovation with the objective of rejuvenating or refining organizations, markets, or industries in order to create or sustain competitive superiority” (Covin & Miles, 1999).

Corporate Social Entrepreneurship is defined as “a process aimed at enabling business to develop more advanced and powerful forms of social responsibility(CSR)(Austin and Reficco 2009). It also infers a quest to forge a synergistic rather than competing blended value (Paine, 2003).

Creative Capital refers to the “combined assets of society that enable and stimulate its people and organizations to be innovative and creative” (Van Den Steenhoven et al. 2005 p. 11).

Creative Economy is defined as “the sum of economic activity arising from a highly educated segment of the workforce encompassing a wide variety of creative individuals– like artists, architects, computer programmers, university professors and writers from a diverse range of industries such as technology, entertainment, journalism, finance, high-end manufacturing and the arts” (Davis, 2006).

Creative Social Entrepreneurship aims to benefit the majority of society through the use of artistic know-how and methods (Sismanyazici-Navaie, 2009).

Impact Investing is defined as “actively placing capital in business and funds that generate social and/or environmental good and at least a nominal return to the investor” (Social Innovation Generation, n.d., p. 6).

Intellectual Entrepreneurship
is a term coined by Cherwitz (2000) and stresses the goal of education citizen scholars.“Intellectual entrepreneurs, both inside and outside universities, take risks and seize opportunities, discover and create knowledge, innovate, collaborate and solve problems in any number of social realms: corporate, non-profit, government, and education. The aim of IE is to educate ‘citizen-scholars’ — individuals who own and are accountable for their education and who utilize their intellectual assets to add to disciplinary knowledge and as a lever for social good.”

Intrapreneurship “refers to employee initiatives in organizations to undertake something new, without being asked to do so. Intrapreneurship is an example of motivation through job design” (Social Innovation Generation, n.d., p. 4).

Moral Entrepreneurship is a term used by Howard Becker in 1963 surrounding the sociology of deviance to explain social rule creation and enforcement within the relationship between law and morality (Pozen, 2008). Pozen used the term in 1997 as a force to change society’s moral intuitions (Pozen, 2008).

Nonprofit Organizations are those that have a revenue model that relies “primarily on charitable contributions, public funding and foundation grants to support their programs and cover their administrative overhead” (Green Marketing, 2011).

Norm Entrepreneurship is a term introduced by John Mueller in 1993, and refined by Cass Sustein in 1996, that refers to the catalyzation of “norm bandwagons” resulting in small shifts leading to larger shifts leading to “norm cascades” resulting in rapid revision of a society’s prevailing norms (Pozen, 2008).

Policy Entrepreneurship refers to the orchestration (by a political actor or policy entrepreneur) of strategically timed, innovative, diligent, political action which promotes the mobilization of support for a policy idea (Pozen, 2008).

Social Activism is defined as yielding influence rather than direct action to advance the changes sought after. Though successful activism can lead to substantial improvements to existing systems, no new venture or organization is created in the act (Martin & Osberg, 2007, pp. 37-38).

Social Entrepreneurship is defined as “innovative activity with a social purpose in either the private or nonprofit sector, or across both” (Dees, 1988)(See similar definitions by Bornstein, 2004; Nicholls, 2006; Martin & Osberg, 2007; Light, 2007; Elkington & Hartigan, 2008; Ashoka, n.d.). A Social Entrepreneur innovates through creative revenue-generating solutions that solve problems in a creative way.

Social Enterprises are those that have revenue models that rely ” primarily on their earned income stream, and like any other company, if needed, takes loans, invites capital investments, forms partnerships etc. in order to expand its business activities” (Green Marketing, 2011). They are revenue generating social ventures.

Social Impact Management is defined as “a field of inquiry at the intersection of business practice and wider societal concerns that reflects and respects the complex interdependency between the two, and that focuses on how to manage this complex interdependency to mutual benefit of both realms” (The Aspen Institute Business and Society Program, 2002, p. 2).

Social Impact Measurement is “the measurement and assessment of the effect of implemented activities on the social fabric of communities and the quality of life of individuals and families within communities” (Social Innovation Generation, n.d., p. 7).

Social Innovation “is an initiative, product or process or program that profoundly changes the basic routines, resource and authority flows or beliefs of any social system (e.g. individuals, organizations, neighborhoods, communities, wholes societies)” (Social Innovation Generation, n.d.).

Social Service is distinguished from social entrepreneurship based on the outcome. A single outcome is social service whereas a social entrepreneurship outcome creates a “permanent new equilibrium” (Martin & Osberg, 2007. p. 37).

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