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 bestselling 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.