Entrepreneurship Series - Glossary of Terms, Part 1 by gamsam

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entrepreneurship · @gamsam ·
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Entrepreneurship Series - Glossary of Terms, Part 1
![](https://d1vof77qrk4l5q.cloudfront.net/img/0f3800a0753b75b9c6aa24ca297e6bdf99aaa41d.jpg)

So I started an Entrepreneurship programme and I've been learning quite a lot. I decide to share as someone out there might be in need of such knowledge.

In this first article, we'll learn about the glossary of common terms used in the Entrepreneurship sphere.

### Glossary of Terms

#### Entrepreneur

An entrepreneur is someone who finds new ways to create and capture value in the world around them, creating a company in the process. Entrepreneurship is the process of starting businesses by identifying problems, figuring out solutions, acquiring resources to build the solutions, and managing the required activities. 

---

#### Problem

A problem is some issue that matters so much to a customer that they will spend money to deal with it.

---

#### Solution

A solution is anything that solves a customer’s problem. 

---

#### The Market

The market refers to customers in one of two ways. It could mean the total amount of money that customers spend on similar products or services. It could also mean the total number of customers for a product or service. Either way, a market represents a problem that needs to be solved. 

---

#### Value Proposition

A value proposition answers the question “Why does your customer give you money, and not someone else?” It is a simple description of the unique solution that you are providing, based on a customer with a problem.

---

#### Key Activities

Key activities are the most critical elements of your business’s operation that allow you to offer a compelling solution to your customer’s problem. They are the things the company absolutely must do for it to be successful. 


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