you’re the entrepreneur lesson 11 slide 11a. what does that mean? termdefinition design engineera...
TRANSCRIPT
What Does That Mean?
Term Definition design engineer a person educated as an electrical,
mechanical, chemical, civil, structural, or architectural engineer, who develops engineering designs and specifications for a new product or process.
financial capital
money used by entrepreneurs and businesses to buy what they need to make their products or to provide their services.
venture capital VC; money used to fund startups.
state of the art the latest and most sophisticated or advanced stage of a technology or science.
Slide 11B
What Does That Mean?
Term Definition
business entity a group of people organized for some profitable purpose.
trade secret
financial, business, scientific, technical, economic, or engineering information that companies keep secret to give them an advantage over their competitors.
industrial espionage
also called corporate espionage; a form of spying conducted for commercial gain.
Slide 11C
What Does That Mean?
Slide 11D
Term Definition elicitation techniques
conversation techniques aimed at discreetly gathering confidential information.
social media marketing
SMM; the process of attracting traffic to a website through the use of social media sites.
U.S. Customs and Border Protection
CBP; Department of Homeland Security agency responsible for inspecting shipping containers for counterfeit products.
What Does That Mean?
Slide 11E
Term Definition
brand identity combination of visual, auditory, and other sensory components that create recognition of a product or service.
brick and mortar site physical location of a business.
Lesson 11 Objectives
Give three examples of businesses and government agencies interacting to promote commerce and innovation.
Navigate the path of a product from idea to consumer.
Summarize the impact of industrial espionage on innovation.
Identify techniques used by industrial spies to steal trade secrets.
5. Collaborate with a team on a mock R&D exercise.
Slide 11F
Path to Production (cont.)
Slide 11I
Financial Capital
Premarket approvals(if necessary)
Manufacturing and Supplies
Product Transportation
The Big PictureSlide 11K
It’s an exciting, but long and challenging journey from an idea to an actual, marketable product or service that’s reached the consumers’ hands (or feet). Innovators and entrepreneurs collaborate with others to design and develop their product or system. They form a business entity and comply with applicable laws and regulations. Government agencies have many responsibilities for facilitating commerce. They issue business licenses and permits, award patents or other IP protections, provide consumer safety approvals, monitor products for counterfeits, and ensure fast, safe, efficient, accessible and convenient transportation systems. Commerce requires a balance and cooperation between business and government interests. Entrepreneurs obtain venture capital to fund the development and marketing of their product. The innovator and entrepreneur keep the project on track and moving forward. Each step is critical to success.
Ponder and Predict
In the old days, when a business failed, the owner could languish for years in debtor’s prison or be forced into indentured servitude until its debts were repaid. No longer! How do business owners avoid personal responsibility for the debts of their company, and what effect has that had on commerce?
Slide 11L