Glossary of terms

assumption-based planning — a method of project management that begins with identifying and testing the biggest assumptions about a business and adjusting plans and decisions accordingly.

break-even analysis — a method of calculating how much a business needs to sell to cover costs.

business intelligence — the result of collecting, analysing, and evaluating data to produce actionable information to aid in decision-making; for example, identifying best selling products and poorly selling products.

business model — the plan a business has for its successful operation, which identifies sources of revenue, the intended customer base, products, and details of financing.

Business Model Canvas — a template used to develop new or evaluate existing business models and used to help a business align its strategies in a more effective and efficient way.

business plan — the plan a business uses to describe the strategies it will use to achieve its goals (usually identified in the business model).

corporate social responsibility (CSR) — an approach to business that aims to sustainably deliver economic, social, and environmental benefits to all stakeholders.

cost structure — the fixed and variable costs incurred by a business. 

crowd funding — the practice of raising money (usually small amounts) from a large number of people through social media platforms.

customer-focused approach — putting the perspectives and needs of customers at the centre of business decision-making.

design thinking — an iterative process that draws on logic and creativity in order to solve problems and identify, test, and refine actionable solutions.

digital and emerging technologies — new, innovative technologies that can change or influence business.

digital tools — software programs or web-based resources that make tasks more efficient.

financial awareness — the ability to recognise and develop an understanding of key financial information including revenue models, pricing strategies, cost structures, and cash flow requirements.

Get Keep Grow Strategy — marketing or customer relations strategies designed to attract, retain, and increase the number of customers.  

human-centred design — a creative approach to problem-solving that puts customer or stakeholder perspectives at the forefront of the process.

infographic — a visual representation of information and data designed to make concepts understandable at a glance.

key performance indicator (KPI) — a measurable value that demonstrates how effectively a business is achieving its goals and/or objectives.

Lean Start-up Process — a streamlined process for developing businesses and products using testing and validation of hypotheses. The process of receiving feedback from customers quickly and often reduces financial risk.

pain point — something that bothers or inconveniences a customer, a problem waiting for a solution; for example, it takes too long to order take away food

PESTLE/PEEST/STEEPLE — acronyms for factors that can impact a business and affect its decision-making processes: political, economic, environmental, social, technological, legal and ethical.

SWOT — an acronym for strengths, weaknesses, opportunities, and threats validation board — a tool to help entrepreneurs stay focused while undertaking a Lean Start-up Process.

value proposition — a proposition that articulates why customers will choose the product or service of a business instead of that of competitors.