Business & Entrepreneurship
Business Models and Experiments flashcards
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- What is meant by “Business model” in this lesson?How Business Models Work
- A business model explains value creation, delivery, and the resources or revenue supporting it.
- What is meant by “Revenue stream” in this lesson?How Business Models Work
- A revenue stream is a defined source of business income.
- What is meant by “Cost structure” in this lesson?How Business Models Work
- A cost structure describes major expenses and how they respond to activity.
- What is meant by “Channel” in this lesson?How Business Models Work
- A channel connects an offering with customers through communication or delivery.
- What is meant by “Key resource” in this lesson?How Business Models Work
- A key resource is a necessary asset or capability supporting the model.
- What is meant by “Key partnership” in this lesson?How Business Models Work
- A partnership provides complementary resources or capabilities under an arrangement.
- What is meant by “Direct sale” in this lesson?Revenue Models
- A direct sale earns revenue through a product or service transaction.
- What is meant by “Subscription” in this lesson?Revenue Models
- A subscription provides agreed access or service through recurring payments under its terms.
- What is meant by “Commission” in this lesson?Revenue Models
- A commission is a fee linked to a transaction or activity under an agreement.
- What is meant by “Licensing” in this lesson?Revenue Models
- Licensing permits specified use of rights or assets under agreed conditions.
- What is meant by “Freemium” in this lesson?Revenue Models
- Freemium combines a free offering with optional paid features or access.
- What is meant by “Revenue recognition distinction” in this lesson?Revenue Models
- Revenue, invoices, and collected cash can occur at different times under applicable accounting methods.
- What is meant by “Prototype” in this lesson?Prototypes and Minimum Viable Products
- A prototype is a test version used to examine selected features or assumptions.
- What is meant by “Minimum viable product” in this lesson?Prototypes and Minimum Viable Products
- An MVP is a limited offering designed to test key assumptions with users.
- What is meant by “Experiment” in this lesson?Prototypes and Minimum Viable Products
- An experiment compares outcomes under defined conditions to test a question.
- What is meant by “Success criterion” in this lesson?Prototypes and Minimum Viable Products
- A criterion states in advance what outcome will count as useful evidence.
- What is meant by “Pivot” in this lesson?Prototypes and Minimum Viable Products
- A pivot makes a substantive strategic change based on learning.
- What is meant by “Validation limit” in this lesson?Prototypes and Minimum Viable Products
- A validation limit identifies what a test has not established.