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Glossary of Terms

Glossary of Key Terms

Entrepreneurship:   activities associated with applying, distributing, sharing creative work (as opposed to the creation, making, generation of creative work) (Bridgstock, 2012)

Enterprise: recognising and taking advantage of opportunities to add creative value


Does the venture do something new? Does it differentiate itself from its competitors in some way? If so, how?

To what extent does this give the venture an advantage?

4 Ps of innovation:

  • Product innovation: changes in the things (products/services) which a venture offers
  • Process innovation: changes in the ways in which these things are created and delivered
  • Position innovation: changes in the context in which the products/services are introduced (marketing)
  • Paradigm innovation: major changes in thinking which frame what the venture does

Value Add

What are the 'bottom lines' of the venture?

How is success measured?

How does it aim to add value?

Is it successful in doing so?


Value-add - quintuple bottom lines

  • Economic: profit
  • Social: social equity, justice, welfare, inclusion
  • Environmental: environmental sustainability, ecological balance
  • Cultural: cultural vitality, shared meaning, feeling and expression - often arts and heritage projects have this as their most important bottom line
  • Personal: personal, professional or career development

Opportunity recognition

The venture creates, discovers, or recognises an opportunity to meet a need or want. There is demand (or will be) for the creative product or service

Is there a need or a want for this creative product or service?

Is the product or service seen as valuable in some way?

How, and to whom?

  • opportunity recognition: supply is known, and demand is known - e.g., franchising
  • opportunity discovery: supply is known and demand is unknown or vice versa  - e.g., finding a new market for a product or service
  • opportunity creation: supply is unknown and demand is unknown - common in creative industries projects e.g., Virgin Galactic


Something that is useful to the venture

Does the venture have the required skills, financial resources, equipment, infrastructure, technology, networks to make it all happen?

If not, can it get hold of the required resources?

  • Physical: tangible items e.g., materials, equipment, infrastructure
  • Reputational: perceptions of the venture and brand
  • Organisational: the venture's structures and processes
  • Financial: money assets
  • Intellectual and Human: knowledge, skills, experience
  • Technological: technology-related knowledge and artefacts
  • e.g., software or designs "intellectual property"
  • + social networks can be resources as well.

Stakeholder Management

Who is important to the venture?

What do they want out of the venture?

How will you meet their needs?

stakeholder: someone with an interest in the venture 
stakes: something that can be gained or lost because of the venture

  • Examples of stakeholders: customers, suppliers, mentors, community, government, competitors, retailers, investors